denied!

[emerge]

Well, after tons of calls and months of waiting. I’ve been denied for a loan modification

They said it was because my hardship explanation did not describe a permanent hardship But everything else that I sent was ok and the lady told me to reapply and make sure to explain in the letter the hardship (permanent)

So does anyone have any examples of a permanent hardship? She said me losing my room mate to help pay would be acceptable. Is there a list that shows what’s acceptable and what isn’t? Also any examples of a hardship letter would be great as well. I just went through this for 8 months for them to tell me in one day that I’m denied! I’m a little bummed to say the least. All my other criteria is good, my payment is 61% of my income and she said if I did get this in and accepted they would bring it down to 34%. so im trying again because I cant afford to live like this any longer


Thanks in advance for your help!!
MJ

[salvega530]

what dept did you speak with? Are you current on your morgage?

[sniglet WA]

Emerge,

What Bank are you dealing with? I can send you some helpful links once I see who the lender is.
Chin Up!

Sniglet in WA

[emerge]

I spoke with the loss mitigation department 888-708-3336. Honestly in the last couple of calls they have been very helpful and seem like they are able to work with us now. is it just me. even though i did get denied im hoping for the best when I re apply.

And yes I am current on my mortgage payments. never been late once!

[emerge]

Chase (freddie mac)

[chasepmt2hot-firefighter]

34 not 31%???

[Chased around and around]

Originally Posted by chasepmt2hot-firefighter

34 not 31%???

34% just happened to be the number they pulled from the hat today...

[NohelpfromEMC]

I was told 37% by EMC. I guess it just depends on the day and how they feel at the time.

I even scanned the HAMP guidelines to the ERT person I was dealing with and they still did not budge.

[emerge]

lol...yea not sure where they get their numbers from...i just want it lower. ill settle for 34 over 61%

Can anyone help with the following?

"So does anyone have any examples of a permanent hardship? She said me losing my room mate to help pay would be acceptable. Is there a list that shows what’s acceptable and what isn’t? Also any examples of a hardship letter would be great as well. I just went through this for 8 months for them to tell me in one day that I’m denied! I’m a little bummed to say the least. All my other criteria is good, my payment is 61% of my income and she said if I did get this in and accepted they would bring it down to 34%. so im trying again because I cant afford to live like this any longer"


thanks!

[babbles]

After 9 months of sending updated financials to EMC finally today that said I am over the income guidelines!! They said if I were unable to afford the payments any longer, consider a short sale which I had just started putting together or a DIL which I can't do because I have junior liens. I am current on my payments but do have a financial hardship that cause me here very shortly not to be able to afford the adjusting rate. Can anyone tell me what their experience is with EMC and short sales.

[babbles]

Sorry for the previous post, this was my reply from EMC who after 9 months denied me for a modification:


lease be advised that your modification was denied due to your income exceeding the maximum amount for our lending program. If you are unable to continue to make your mortgage payments you may wish to consider a short sale or a deed in lieu of foreclosure.

EMC Mortgage may be willing to approve a short sale and accept less than the total payoff amount if you owe more than your house is worth. A Deed-in-Lieu allows the home to be deeded (or given) back to the mortgage company. This option is available when a borrower is no longer able to afford the home, it has been on the market for at least 2 months, and no offer to purchase has been made. This program will allow the mortgage company to take possession of the home and prevent the lengthy and negative foreclosure process. The property must be vacant and have no other liens or judgments against it. We are not able to offer the Deed-in-Lieu program in all states.

If you feel that you can no longer afford your home, please advise us through Secured Messaging and we will mail you the packages for your consideration.

If you have any further questions, please do not hesitate to contact our Customer Care Department at 1-800-723-3004, Monday through Thursday between the hours of 7:00 a.m. and 11:00 p.m. and Friday from 7:00 a.m. to 9:00 p.m. Central Time.