Need Advice.

[JohnCA.]

Heres my story:I bought the my house in Feb. 2006 $505,000. I have 80/20 loan with Suntrust, soon after 1st loan was sold to Wamu. Just like everyone else I was expecting to refi and get out of the 80/20 loan, but the market crashed (Value of house went down 37%). On top of that I had to collect unemployment for the first time in my life for 4 months at the end of 2007.Went back to work in 2008. Throughout the year I was a payment or 2 behind on both loans. At the end 2008 I found this forum and started doing some research on modifying my loans. Jan. 2009 I did my HUD counseling session, submitted my finances, and hardship letters to both lenders. After submitting everything I called both lenders every couple weeks to keep up on things. I'm glad I called , because Wamu lost my paperwork somehow. After talking to 2 supervisors, and being on hold for hours and days the paperwork somehow was found. May 2009 Wamu excepted me on the Trial Period Payment Plan(Trial payment $1953.00/ loan amount $433,000). The new payment was great, i was able to start getting on top of things again. I then called Suntrust, and told them my situation with Wamu. June 2009 Suntrust sent me a modification notice. 4.0% for 40 years on $103,000. I signed it and sent it off, and made my new payment of $431.00 July1st. So my second loan is finalized!!!!! Aug.1st2009 is my last trial payment to Wamu, but before they finalize they want to see updated financial info.Originally when i was accepted on the trial payment plan I submitted my roommate as income. The negotiator for Wamu said i wouldnt qualify for MHARP if I claim my roommate as income, for i will make too much qualify. So I took him off as rental income, and was eligible.
Heres were I need advice.My situation has changed since. I had to to leave my job of 12 years in April because they couldn't give me enough hours. I started working for a different company temporarily, and took another pay cut.I did get another roommate though. So right now its me and 2 Roommates. I'm just wondering should i claim both of my roomates as rental income or just use 1 of them wich puts me right about were i was financially when I was accepted for MHARP. I feel like Im going down the home stretch here, and I just dont want to screw it up. Any suggestions??????

[Hodgini66]

Tough one...

If your bank statements (deposits) don't match what you claim, you might get into a sticky situation, explanation-wise with your bank.

Depends on whether the roommates paying you with cash or by check you deposit.

Refer to all your old submitted financial information and think "backwards" from there.

Think in terms of.... "How can I make the numbers match the old data?"

Best of luck!

[AACPA]

I'm just wondering should i claim both of my roomates as rental income or just use 1 of them wich puts me right about were i was financially when I was accepted for MHARP

If you claim both of them than they might increase your payment since it "appears" that you have more income. I wouldn't even mention the roommates and see what offer they come back with. Who knows...maybe they will reduce your payment even more now that your income is less. If they come back and deny saying you have too little income, then I would add one of the roommates as rental income to bring it back to where you were when your started (income wise).

[JohnCA.]

Originally Posted by AACPA

If you claim both of them than they might increase your payment since it "appears" that you have more income. I wouldn't even mention the roommates and see what offer they come back with. Who knows...maybe they will reduce your payment even more now that your income is less. If they come back and deny saying you have too little income, then I would add one of the roommates as rental income to bring it back to where you were when your started (income wise).

By myself,if they go off what I gross each month, after all my bills I have about $50.00. If they off my net each month, theres about an $800.00 deficit

[JohnCA.]

Originally Posted by Hodgini66

Tough one...

If your bank statements (deposits) don't match what you claim, you might get into a sticky situation, explanation-wise with your bank.

Depends on whether the roommates paying you with cash or by check you deposit.

Refer to all your old submitted financial information and think "backwards" from there.

Think in terms of.... "How can I make the numbers match the old data?"

Best of luck!

Thats not a problem, everything matches pretty close with the roomate added. Bankstatements are close too.
Also I have $4,000 in my savings because of my tax return. Should I even mention i have any kind of savings?Also in my updated hardship Im writing that my second loan was modified ,and with the new trial payment and roomate that I've been able to manage to pay all my bills. Should I even tell them that??? I am doing better, but I still took a 7dollar an hour paycut, that they will see on my updated paystubs.

[Hodgini66]

Should I even tell them that??? Yes and no... The W-2 Stubs tells most of the story for them. The danger of not disclosing is you may not "qualify". The flipside is the worse you look, the better your chances of more favorable terms.

Lose the cash in savings for now do an ATM withdrawl. You "went to Vegas" or "paid back loans from friends/family" when asked. The cash doesn't matter THAT much but WHEN they demand you make up the two late months, ask to have it tacked on @ the end of the loan (forbearance).

[JohnCA.]

Originally Posted by Hodgini66

Should I even tell them that??? Yes and no... The W-2 Stubs tells most of the story for them. The danger of not disclosing is you may not "qualify". The flipside is the worse you look, the better your chances of more favorable terms.

Lose the cash in savings for now do an ATM withdrawl. You "went to Vegas" or "paid back loans from friends/family" when asked. The cash doesn't matter THAT much but WHEN they demand you make up the two late months, ask to have it tacked on @ the end of the loan (forbearance).

I printed all my bank statements online to submit. Its probably a good idea to only show them my checking statement and say I have no savings.I'll go tomorrow and and pull everything out of my savings though. Like you said if it does come up, i just say I owed money to a family member. Thanks for your help I'll keep yah posted.