WAMU Loan Mod DENIED (Backed by Fannie Mae)

[SingleMomNCA]

Yes Folks, the title says it all....

I just found out yesterday that my Loan Mod was denied yesterday. The reason I was given was that I was "due to make more money this year than the previous year".

Oh, they must be referring to the 3% cost of living increase that I get on my anniversary day each year.... they're joking right!

For those whose have not followed my post, I started the process in April 09 and stayed current with my payments during theprocess. I thought I was a good canidate because my payments way exceeds 31% of my gross income but apparently, this was not taken into account (Current monthly intrest only payment $1526.85 ..... Gross annual income $46,571.20).

My suggestion to all - DEFAULT DEFAULT DEFAULT - Do not attempt to go through the loan modifacation if you are current on you mortgage. If your current, then the bank has no intrest in you... Your making your payment which is what your suppose to do. They don't care how your doing it just as long as they get their money. It's only when you default is when your now a risk to them....

Don't go through the months of stress like I did just to be denied for such a ridicolous reason!!!!

Good deeds are never rewarded..... I'm going to default and try the process again.... ARGH.... at least I know what to expect this time!

[Evan Bedard]

Hi singlemomNCA,

Sorry to hear that your loan modification request has been denied. But don't give up I have seen homeowners get denied multiple times before achieving a modification. You are very right though it does seem much harder to get a mod if you are current on your payments but it is not impossible. There have been a few people here recently who have came out on top while not missing a payment...

[Mountain life]

SinglemomNCA:
So sorry about the denial.....maybe also try Naca? Did your mortgage payment include taxes and insurance?

[SingleMomNCA]

What's Naca???? No, my payment is interest only... no taxes or insurance.... I pay that seperately but was hoping to have it included as part of the loan mod.

[Evan Bedard]

Hi singlemom,

NACA is a non profit organization that has helped many homowners here achieve modifications:

Here is the link to the site.

https://www.naca.com/index_main.jsp?language=null

[SingleMomNCA]

Thanks! I'll check them out!