 Denied - Too MUCH INCOME?
We suffered a company closure and bankruptcy. We lost all of our savings and we were behind on our mortgate. We are trying to get back on our feet after suffering through a real hardship.
We were accepted into the HAMP trial plan, We made our 3 trial payments timely. I am pretty sure this was with the HAMP program because it had the seal and making home affordable language. We tried following up every couple of weeks and always submitted our documents timely. Oct 1 came and we tried to make our 4th payment and they said that our modification was denied due to lack of income. I dug into the phone calls and found that the underwriter couldn't verify our income from our bank statements to match our profit and loss (corporation). We told them that our profit and loss had cash transactions that didn't show in the bank statements and WAMU CHASE never requested we deposit. So the underwriter told us to deposit the cash, update our profit and loss and documents to the date of the cash deposit. We did so, then they denied us again stating we don't make enough - I talked with chase again and the underwriter told me that I made TOO MUCH for the Making Home Affordable and TOO LITTLE for the Chase plan. I didn't apply for the chase plan and I didn't see anywhere that you could MAKE TOO MUCH for the HAMP program, all I saw was the loan had to be under 700 something thousand, experienced hardship, and the 31% number. Our front end AND back end ratios are good - So I asked the guy where in the HAMP documentation does it specify a cap on income? No Answer.
I guess I will have to find a way to appeal to the HAMP people directly or Chase Executive team.
Here is our story from the beginning (on my profile):
We have a home that we bought in 1999, we have made payments on the home for the last 10 years. Our business started to suffer, we pulled out money out of our home equity to keep the business going, thinking that it was just a slow period. We finally had to shut down the company and go bankrupt personally at the beginning of 2009. The mortgage on our home is $630K and it is now valued at $585K. Our loan was with WAMU (now it's Chase because they bought WAMU), and we applied for the Making home affordable in April, since we are now getting back on our feet. By that time we were behind by about 6 months. We have shown them through our newly started company profit and loss that we gross 10K/month and that we net 8500/month, and we have backed it up with bank statements for the last 7 months. We completed our third on-time payment, it went to underwriting, then We were DENIED!!!! The underwriter said we don't qualify for the Making Home Affordable Plan because we make too much (can't find anywhere an income limit documented), and for Wamu/Chase we make too little. HUH? WTF? Why have us go through this process for 7 months of back and forth and loosing our paperwork and not getting faxes, and needing more information, and all the crap that they put us through because they can't get their act together - just to Deny us and not figure out how to come up with a win-win scenario. Meanwhile - I see that all of the WAMU branches near me are getting a fresh new coat of paint, new furniture, new employees, new laptops, nice new lighting fixtures, new signs (etc, etc) with all that free tax money they got! We should fit the profile of someone who needs this modification - we experienced a hardship, we didn't buy into the market and live above our means, we can afford our house now that we are getting back on our feet but we just need a little assistance to get current and such.
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