NVP modified payment does NOT include Tax & Insurance

[art4ari]

Maybe I did not read other postings correctly or the "bulb just lit up", but the modified payment I got using the NVP does not include taxes and insurance!!!!!(cell E-14). This amount considers only the loan terms.

The tax and insurance are only considered or deducted in the "Affordable DTI Level" if you manipulate the "borrower status" cell. I had to add taxes and insurance (and HOA) to the amount in the "borrower payment after months"! (cells E 35-47) to come up with the right full payment amount.

This means my income is not depicting 31-38% of the final "corrected" modified payment!!! If this correct and if I add taxes and insurance to cell E-14, I am short 1300dlls from my original income submmital! How come I was aproved for a trial if I dont qualify????

Would be this the reason no mods are being modified???

Please somebody clarify mi mind today!? I didnt sleep last night and all these numbers are dancing in front of me! I am about to send the updated docs today. I am done with the 3 month trial, all they asked is updated stubs and bank statements. I am afraid I am out of the game.

[ugh_2009]

E5 is the modified payment not E14 and yes it is a fully amortized payment without taxes and insurance (E27). When you add them both you should get to 31% of gross income.

E14 is just there to calculate how much principle forbearance is needed (if any).

[art4ari]

Ok got it. I got confused because they gave me a trial period with the exact 31% of my income and Chase told me not to worry about my mod, that it was a done deal and I should expect the packet at the end of the month. Now I know I dont qualify.. Thanks for your prompt response.

[ugh_2009]

Why do you say you don't qualify? The test fails?

[art4ari]

Originally Posted by ugh_2009

Why do you say you don't qualify? The test fails?

No I pass at 2%.( Future interest and escrow: 10k Benefit from mod:70k)

But my my final payment with taxes and insurance will be 41% of my income. I also read that chase is not doing 2% to anyone, maybe.

I am assuming I will not get the mod. What do you think?

If I add my daughter's income (she is not included in the loan) I make the target. Should I? Or should I wait until I am denied and reapply? ugh! thanks

[ugh_2009]

when you add E5 and E27 you don't get to 31%? Not sure why you are saying that you'll be at 41%. That is not how the HAMP program works, it has to be 31% or you are not approved.

If you are already approved for the trial they cannot just change their mind. Unless there is a change in your income after 3 month and you made your payments on time it should move forward.

[art4ari]

You mean B27?

At 2%: If I add E5 and B27 = 1051PI+460TI=1511.00/4875 (income)=31%

My concern is: if my unpaid loan is 343,239. I am late 10 months and escrow 20,845= 364,914. No forbearance. What my payment would be?

Well...

At 2% to finance 364,914. My actual payment will be 1808.00.

1808-1511= A difference of -297.00.

Am I doing this right?

I had an excellent credit before this.
I submitted lay off letter. Car accident claim with total loss.
Delinquency on credit: mortgage and hospital only.
One credit card in good standing making minimum payments
And everything I have said to them matches my situation.

On the other hand my debt ratio is at 38%.

A have a surplus of 1000.00 dolars a month since I started working 4 months ago after my accident. My savings show 3700.00.

BUT, I am expecting more debt coming: hospital bills, cable, internet ( I am using my daughters to use this website). Land line at home. My own cell. A car ( I am riding the bus) gas, health insurance, new clothing, a vacation in the next 30 years?, retirement money...etc ( I am a person with basic needs right?) I can live with this sooo basic lifestyle for the rest of my life to cover a mortgage.

and I still dont have a permanent job, just temps.What do you think.?

[ugh_2009]

I see what you mean about being late 10 months. So what do you have on the UPB B30 field? Did you put anything in B16 for months late?

[art4ari]

Originally Posted by ugh_2009

I see what you mean about being late 10 months. So what do you have on the UPB B30 field? Did you put anything in B16 for months late?

yes I put the 10 months past due in the B16 cell and it adjusted by itself. I only changed the gray areas and the interest rate.

I am assuming they will include the late months B22 (interest only, no principal).

If the create a ballon payment for the 20k + the difference from the trial payments (about 765x3months), then I qualify, but I dont know if I want that... do I?

[art4ari]

Do they use the actual taxes of the full amount to be amortized? or do they use the adjuste to current value amount? my house dropped from 350k to 210k at the assesors. Chase has it valued at 250k according to their website.

Thanks a lot for your help!