For those of you on unemployment trying to get a loan modification

[shade]

I am in this situation and Chase asked that I verify I will get unemployment for 9 months to qualify. I am in the late stages of getting a permanent mod. The underwriter asked for this today. In my state its not easy getting 'proof' that you will continue to get unemployment for X months. Just an FYI

[shade]

Can anyone verify AZ extended unemployment?
https://egov.azdes.gov/cmsinternet/m...enu=234&id=922

I read it as

July 2008 13 weeks (State)
11/21/2008 7 weeks (Federal)
11/21/2008 13 weeks (Federal)
April 24 2009 legislation enacted for additional 13 weeks (state)

Total 46 weeks.

Anyone else agree or disagree?

[Moe Bedard]

Based on what I read, I agree.

[shade]

Man - thats all the proof I can offer to the underwriter unemployment will continue for over 9 months. I assume the underwriter will accept this?
I sure hope so

[briknope]

Wow, Shade you really musthave got ahold of the right people getting a permanent mod while getting 265 a month in Arizona unemployment. I have been trying for months!

[ugh_2009]

I hope it goes through - keep us posted.

Part of the problem is that (at least for the federal programs) the last day to file is December 09. Now, they most likely extend those dates sometime in September but how do you "prove" that..

[shade]

Actually the unemployment is $265 a week not a month.
We also have other income so total a month is around 4800 that is what Chase is working on with the mod.

Now as far as proving extended unemployment that is what I am very nervous about. All I could show the underwriter is I have not exhausted my initial 26 weeks and in AZ the total extended is 46 weeks which passes the 9 month requirement.
The underwriter wanted this is writing but the state isnt going to give me crap in writing. The best I could do is have my executive team rep send the AZ link to her so she can look it up on the website for herself.
I should hear back in a few hours if she is going to accept it. I dont see why not as its there in black and white....

I think if she doesnt accept it - it will because 'you havent been approved for all 46 weeks right now' or something along those lines.
Keeping my fingers crossed!

[shade]

OK underwriter accepted the unemployment.
I was originally given a 2 month forbearance with the 'opportunity to go into a trial mod'
The underwriter approved the trial mod and is sending the info to freddie mac.
From speaking to my executive team rep he said the hardest thing is to get into a trial mod. He said once your into the trial mod the approvals will be coming hot and heavy. His reasoning was because you have to qualify up front to be in the trial mod and as long as the financials stay the same at the end you will be fine.
I did make mention many people were getting booned at the end and he said with govt backed entities they arent playing around and no getting f'd over at the end. (we will see)
I aksed about my credit sicne it is being reported late and he said thats a tricky issue and there are strong rumors of credit amnesty for those that are getting shafted.

[briknope]

I live in AZ also, I'm told my investor is Ginnie Mae. I got the trial mod, but it only lowered my payment by 140 dollars, so after 2 trial payments I said forget it. Can't afford the trial payment really either (about 39% of my income) I asked about the Making Home Affordable program and they told me to call next week. Sorry about the 256/month vs. week, that was a typo.

[ugh_2009]

Update.

Found out today that we have a "banked own mortgage". Wells Fargo is our servicer/investor and according to their internal HAMP guidelines they do not except Unemployment Benefits as Permanent Source of Income.

[shade]

If they are participating in HAMP - HAMP states that unemployment can be used as income. This should get the ball rolling then when the time comes to perm modifiy you need to have stable income

[briknope]

Shade- any updates or news on that perm. mod that was proposed in your situation? I remember somewhere on this forum about Aug 13th?

[shade]

When I first talked to my executive team rep he said my 2 forbearance payments would be considered for a perm mod. I said great lets do it.
A few days later he came back and said you need to prove you can get unemployment for 9 months so we can start you on the trial period...I said what?? You just told me something different.
He said he messed up and he meant the trial period. At any rate I got approved for an official trial period and not a forbearance so I am now in the same boat as the rest of us. Hopefully by the time my 3 months are up perm mods will become more common.

[ugh_2009]

Another update -

I've basically given up on trying to use my wife's unemployment income. I've made a final push yesterday and Wells Fargo just refuses to use it in order to qualify us for HAMP. Their claim is that my loan is Non-GSE, Wells Fargo is my investor and they have their own set of guidelines approved by the Obama Administration. Their guidelines state that they do not use unemployment as qualifying income.

I basically have to wait for my salary to come back to 100% and then apply again with higher income.

[GailCorr]

Originally Posted by Moe Bedard

Based on what I read, I agree.

Does this apply to Fannie Mae loans ?-- after being strung along by Chase for months , I finally lost my job . They made me fax the ue statement letter to them. Then, they denied my mod because ue is not income . NOt a permanent hardship.

[ugh_2009]

As far as I know, this is incorrect; Fannie and Freddie do except unemployment as income and there are people here that were able to use it. If you just lost your job you should be able to prove that you have the required 9 months. Review what Shade told his servicer.

[GailCorr]

Thank you . I will try again w/ the Executive Resolution Group , unless you think I should go directly to FannieMae?

[andreac]

i live in nevada which is one of the hardest hit states in the nation. chase kept asking for proof of continuation (which i couldn't provide because i hadn't exhausted my initial 26 wks). finally, i called the unemployment office and they faxed me a letter (on official letterhead w/my personal info) stating what extensions are available. that's it! they were very understanding and they said they are doing it left and right. good-luck!

[GailCorr]

Thank you . I appreciate all of the help I am getting from everyone. As if this entire experience hadn't been insane enough , it has now become Bizzaroland--- this afternoon I received a message on my cell phone(9/25) fom Chase stating that I was close to getting my modification and that it was resubmitted to underwriting and that I should be hearing postive news very soon . This after they sent me a deniel letter on the 15th----

[shade]

Chase probably didnt even send it to your investor whcih I think is Fannie?
I have been told by the Executive team the following -
Once your trial period is over and Freddie or Fannie is your investor they will send your file directly to them for final approval. They will not send your file if you are on unemployment as both freddie and fannie require you (according to Chase)to have 'stable' income. Now I now the guidelines state that you can be on unemployment to qualify for the trial period but there is nothing I have found to prove or disprove if you can be on unemployment for a perm mod.
Chase seems to have told me that Freddie will not accept UE for a perm mod.
Chase did say it doesnt matter if only one person is employed as long as it is stable, ie a paycheck.

[GailCorr]

I never rec'd a trial period --- mod was denied 9/15 , then I rec'd a phone message 9/25 by Chase rep - saying it was being resubmitted--"postive movement - extremely promising- the mod will be offered to you".
I am alone on the loan --- no other person.

Not sure what to make of this new development....

[shade]

I was denied today because of not permanent hardship - Chase submitted my paperwork to Freddie after my second trial period. I was under the assumption that they would do so after the 3rd payment.

I emailed my exec rep and explained that my wife gained employment and they are to resubmit my paperwork with this new information. I aslo drilled him why I wasnt asked if things changed)maybe its my job to present this) I did state I was going to send in the new documentation before my 3rd payment since I was under that assumption.
We'll see if they will resubmit or give me a huge runaround because of this....

My thoughts are it shouldnt be a big deal to say hey stuff changed reevaluate to Freddie....Thoughts?

[rachel_p]

Sorry to hear that Shade.

It seems like you can submit things as many times as you want. I haven't ever heard of anyone being told they can't submit anymore. So, if you still want the mod, I say go for it.

Still amazed at all of you that can email back and forth with you "person". Our person doesn't return calls OR emails. In fact, she told us that their email system only accepts in house emails and not emails from customers. (LIE)

[shade]

I assume Chase can resubmit for approval to my investor...not have to start the whole proces over again after a denial? I fully understand I can submit documents over and over again to my executive team person.

[ugh_2009]

Sorry to hear about your denial Shade.