Got new job during trial, income increased slightly, Do I report it now?

art4ari · 08-23-2009, 09:38 AM

I reported two jobs when I applied for HAMP. I am on my second and third payment due on Tuesday.

I got hired by another company last month with an incresed of 11% total income. One employer is the same with same salary but the second is different with a slight increased in income. I just got my second paycheck yesterday.

Its a new job and I dont want my new employer to know I am in trouble with my home, not yet.

Should I report the new job with the las trial payment or should I wait until they ask for more docs?...

jakelabry · 08-23-2009, 10:06 AM

I don't see any reason to do anything until they ask for it.

shade · 08-23-2009, 10:15 AM

They will ask for it - at least bank statements and possibly paycheck stubs. What you give them is up to you.

CHANLY · 08-23-2009, 11:04 AM

I thought someone said they asked for the last 2 paystubs after the last trial payment to re verify income, I say wait until then

art4ari · 08-23-2009, 04:38 PM

Thanks for your answer. I will report it when they ask for it then. I suppose they will request everything again as it hits 90 days since trial aproval.

I am concerned they will try to contact my new employer for any reason, this job is important: is located in the area I live where the unemployment rate is almost 18% and VERY difficult to find work around here. It would not look good if somebody requests info at my office about this mod during my 3 month work review..

On the other hand, Chase told me I was aproved for a permanent mod and I should celebrate because it was a "donde deal" and all I had to do is make my 3-4 payments and wait.

I am underwater 150k. I owe 360k and then some for 11 months behind. One loan. The house is in an area flooded with forclosures (job losses and inflated values). The NVP shows a 60k in value if they modify at 3.25%. and I pass at this rate without principal forbearance.

thanks again...I will keep you posted as soon as I hear from them.

My investor is BOFA

How do I find out if its fannie mae backed loan or not?

shade · 08-23-2009, 07:50 PM

Investor and 'backed' really mean the same thing.
You can go to freddie or fannies website to see if they own your loan.
They will ask for paystubs at the 90 day mark.

whatsinaname · 08-26-2009, 07:22 PM

Interesting. What would happen if the client got laid off or lost their job while they were in the midst of negotiating a loan mod?

art4ari · 08-26-2009, 07:50 PM

I read that as long as the income does not increase or decrease more than 25% its ok.
Also, I am concerned because I will show different employers for the final papersork, and some have pay stubs and some dont. I am still struggling getting a permanent job.
I was hired permanently three months ago, but (just my luck) the place got flooded and has to be remodeled, leaving me dry. So, now I am doing independent contracts and some give me 1099 stubs. My bank account shows no expenses like cable restaurants or trivial stuff. But show deposits according to my financial statements. I will have a surplus of about 500dlls once I deposit new checks this month.