Back to Square One in regards to HOA Fees and MHA Modified Payment

[ciscokidinsf]

Dude, I am totally pissed off. This morning I called my negotiator to inquire about the HOA payments (I am in month 2 of the 3 month 'qualifying' period) and now my negotiator says that HOA is NOT going to be paid from the modified payment, not now, not going forwards either!

I explained that I do NOT have a separate property insurance policy, that my insurance gets paid through HOA. She says that my adjusted payment takes into consideration that I would pay the HOA. In that case, I said, I need a re-calculated payment because modified payment + HOA is more than 31% of gross income.

So now, I am not sure what the deal is with HOA anymore. Does anyone have an update on HOA fees and whether they get paid from the modified payment? I was TOLD they would, now I was told otherwise. I know I cannot stay at my house if I have to pay HOA out of my own pocket.

[Evan Bedard]

Hi ciscokid,


HOA fees are usually not included in the loan modifications. They will most likely have you pay out of you own pocket...

[ciscokidinsf]

Originally Posted by Evan Bedard

Hi ciscokid,


HOA fees are usually not included in the loan modifications. They will most likely have you pay out of you own pocket...

Well, the MHA modified payment is supposed to include Insurance and Taxes, right? In my case, the HOA monthly payment covers the property insurance as well. (I cannot pay for my own insurance, I belong to a condo)

When I set up my 3 month qualifying plan, I was told that if HOA covered insurance, then EMC would create escrows to do the HOA payments. I was even told that they would NOT pay if you were behind on HOA payments, but would pay going forwards.

If that is the case, then I would need my 'trial' payment to come down another $300 or so to fit back unto the 31% rule for MHA mortgage payments.

[fromdabay]

We have the same situation. I was reading the guidelines of MHA and it clearly states that hoa must be included in the calculation from the front dti. I asked my analyst about this and he said he will make a note of it but the trial payment was not adjusted. He said that the payment is not permanent and not final but no promises. We'll see what will happen in the third payment, I am currently in the second month.

[debianni]

I was given a loan modification back in December '08 which took my monthly payment down about $225.00 a month. Interest rate went from 8.5% to 7.125%. Now my husband has taken a pay cut of approximately $200 per month. I went on MHA site and it says that I qualify for a loan mod because of mortgage being over 31% of my current mortgage. What do you think the chances of them doing another mod is? I really hate to go through this again, but I'm basically back to square one.

[ciscokidinsf]

EMC called back and asked to see my Condo's insurance policy. I hope this means they will include HOA and pay the last 2 months where I have not been making payments. More to come.... sigh.