changing jobs, maybe I shouldn't?

[kieran2230]

I'm struggling, but I have been paying my $1556 a month payment on my Chase FHA loan. I am making $841 a week so 31%, what the payment should be under mhap, is $1110. I haven't heard a thing in a little over a month. I filled out the paperwork in early August. I confirmed they got everything.

My question is I am seriously considering changing jobs. Does this screw up the whole loan modification process? There is nothing out there paying better than $841 week like I'm making now, but was recently offered a job that may pay $1000-$1300 a week. If that is the case how will that effect me in this process? I'd really like to have my payments lowered regardless. Maybe I should hold off and not do the job change?

[peggyinfl]

If you have the chance to make more money than why would you need a mod?? Why would you put yourself through a nightmare of a mod. If in fact you would make more money then you would be able to afford your mortgage. Yes? You could then refinace. Not sure how much your underwater or your current rate. Sounds like your trying to work the system instead of making a better life for yourself.

[rachel_p]

Originally Posted by peggyinfl

If you have the chance to make more money than why would you need a mod?? Why would you put yourself through a nightmare of a mod. If in fact you would make more money then you would be able to afford your mortgage. Yes? You could then refinace. Not sure how much your underwater or your current rate. Sounds like your trying to work the system instead of making a better life for yourself.

Sorry, but I have to agree with this. I would take the job and be grateful that you can now afford the payment. That is GREAT news!!!! Congratulations on the new job. Take it and move on. It's not worth dealing with all of this heartache if you HAVE to, let alone if you do it voluntarily.
Plus, it could take months and months to get approved/denied by Chase. Most likely in the end, it will be denied anyway and you will have missed out on a great job offer.

[art4ari]

I did get another offer and I did take it... I dont know if I will get the mod, but I rather have a better job a this point, it has been very difficult to find work...there are many other homes to live in, but we have to be able to afford them

As for your aplication.. as long as it does not exceed 25% of salary increment. Should not be a problem. If its more than than, they will restart another 3 months. ugh

good luck

[kieran2230]

Originally Posted by art4ari

I did get another offer and I did take it... I dont know if I will get the mod, but I rather have a better job a this point, it has been very difficult to find work...there are many other homes to live in, but we have to be able to afford them

As for your aplication.. as long as it does not exceed 25% of salary increment. Should not be a problem. If its more than than, they will restart another 3 months. ugh

good luck

NO I am not trying to work the system to whoever suggested that in a couple of posts above. I am trying to survive. I've been paying my payments, but only so I don't lose everything. I'm seriously behind on everything else and not paying most things I owe money to. Luckily I own both my vehicles and I can manage, but barely. Rent is no cheaper in my area, so that is not an option imo. I would save maybe $100 mo. I am looking for relief in any form. I am just another workking stiff with a moderate salary.

What is the 25% increment? I'm am just trying to be prepared for what will happen when I take this job and I still want the modification. The cutoff for 31% would be around $60,000 in yearly salary or $1200 a week pay. I don't even know if I will exceed that. I may make close to $1000 a week and will still want the modification to get down to 31% at a payment of $1330 or so. Can anyone see what I'm talking about and have some real experience?

My FHA rate is 6% and I my home is supposedly worth more than I owe. I owe $139k and the home appraises for $147k.

[rachel_p]

If you still meet the criteria, then I don't see why it would mess anything up if you are still paying over 31%.

[art4ari]

HI again.. I undersand what are you saying...

about the 25% increment. It only means (in the MHA guidelines) that if your income increases or decreases 25% of the income stated in your application when your were aproved for the trial period. IF you are still elegible with the increment, you will be required to restart the trial mod. It seems like your are still within the requirements.

I you stated, for example, 1000 a week as gross inome in your application. You maximum increment in salary when they review your case after the 3 month trial is 1250.00. Its in the HAMP guideline.. I hope this helps..

[kieran2230]

Originally Posted by art4ari

HI again.. I undersand what are you saying...

about the 25% increment. It only means (in the MHA guidelines) that if your income increases or decreases 25% of the income stated in your application when your were aproved for the trial period. IF you are still elegible with the increment, you will be required to restart the trial mod. It seems like your are still within the requirements.

I you stated, for example, 1000 a week as gross inome in your application. You maximum increment in salary when they review your case after the 3 month trial is 1250.00. Its in the HAMP guideline.. I hope this helps..

Yeah, that totally helps. I just didn't understand what the 25% means. Has anyone been one of the 45,000 that are expected to get a home loan modification under the FHA MHA program? What I was reading here Low expectations for mortgage help program - Mortgage Mess- msnbc.com doesn't sound too promising.

[kieran2230]

I found out the real deal on my job. They lied to me. Go figure. It still is better than what I had, but I'm wondering if it will effect my loan modification.

I get $21.00 hr x 55 hours. 40 hours of health and welfare are paid @ $4.16 an hour. A certain percentage of my $21.00 hr are per diem. This is maybe 20%.

What I am wondering is how this is calculate when the calculate your gross income. I basically have to buy my own health insurance with this new company. My real wages are $21.00 hr. I am wondering if they will count the $4.16hr towards my wages since I have to purchase my own health insurance? This is very complicated to me. I wonder if anyone knows?