Declined again. My income is enough to sustain the loan ??

[priv8pilot]

OK so Tuesday I called the executive team and was declined by chase again. They never call us. We give them time and then when we call we are told we were declined.No mail or anything. Just some B.S. excuse over the phone. This time they say my my income is enough to sustain the loan, Just what the heck does that mean?

Lets see, I get my check, pay THERE stinkin house payment, minimum on credit cards, utilities, car payment, HOA and all of a sudden I am out of money. Check the savings.... Nope nothing there. Drained that trying to keep up with there payments (which they raised $195.00 this year due to a 'miss calculation' in the escrow) My house payment is over 55% of my pay. not including the HOA's. So now I need gas in the car to go to work. Credit card. Oh yea, I suppose I should try to feed my family this month. Credit card. Girls need school supplies? Credit cards and the list goes on.

Yesterday while talking to my boss I was informed that to hold off on layoffs the company is lowering my pay scale by 1280.00 a month starting January 1st. So it just gets better.

I was wondering if there was any recourse against the mortgage broker? This jerk we had gave us a 'good faith estimate' on our payments, We made the offer and were accepted on the house. When the loan was set up at the interest rate quoted our good faith estimate was low by $350.00 a month. At that point we were at the point of no return on the house purchase.

Thanks for letting me rant! I feel better already. Any advise for someone who is ready to give up. The NACA cannot help me as I am stuck with my old house that I could not sell and am now renting at a $150.00 loss. (another story.)


I am thinking of just paying the other bills food and other items and see if anything is left over. If so then I can make a house payment. I am current now but do not know if my next check will be enough to cover the payment.
Steve

[caldwellb02]

Sometimes you have to figure out if you really want the house that badly. Are you saying you have a rental you cannot sell? Have you tried asking that servicer for a short sale or deed in lieu of foreclosure? You are right that getting a mod on your home is even tougher if you have a rental.

On another note, you may have a predatory loan. Try writing a Quallified Written REquest.

[AACPA]

Have you considered bankruptcy to get out from under those credit card payments? That would be the day that I would pay a cc payment before feeding my kids.

[joleslaurent]

caldwllb02,

How did the QWE worked for you?

[kjenkins7]

PRV8Pilot,

I have a rental too. Which kills me when the investor declines you b.c of a rental, hello if the tenent stops paying me guess who has 2 mortgages to pay. I personally think with 2 properties your in more iniment danger of defaulting on the primary home.
My advice is stop using the credit cards, dont touch 401k, things you can use later if you end up going short sale or foreclosure direction. My thing is by the end of the day if you dont have it you dont have it (mortgage payment). Comes down to quality of life for you and your family. Dont believe me just search in your local area for rentals and i bet they are several hundred dollars cheaper then what your paying to own. Again quality of life. If your upside down like me (over 150K) the big question is do you think u will get that back in say 5 years? There is no way.

[BadBobMo]

I will give you my personal take here, No NOD no help why it's called "leveraged" look once you are behind then they know your credit has been hit with at least (3) 30 days late on your credit report. Now you are trapped just like many of us that got caught in the bubble. Your purchasing power is gone.
So now you have to all most do things the way they laid it out.
It’s All Greed
Fight On!

[donnac]

Can I ask you are you behind? What is your interest rate? Is it a fixed rate

[exhausted girlfriend]

They will tell you to let go of the rental property. i know i would before i lose the home i live in.

[kjenkins7]

Cant see how they can go after a rental that is worth what i owe. The bigger question of which we faced last year was if the tenent stops payment we now have 2 mortgages which ends up depleting our savings/checking. Flip side all goes well you make a few hundred extra to help slow the negative cash for the primary and your overall household net income. Not sure how they look to the rental. So arbitrary.
We make it every year thanks to a bonus i get every year and it bridges us to our next tax day. We collect and burn through that (not intentionally but due to a high DTI) but this year no bonus and I also received a furlough of 1 week which equals to a 10% decrease in my overall salary. So I added to the hardship letter.

[ChaseVictim]

Short Sale the rental. Unless you think you can fight it for an inhouse mod which will be a long shot I would get the house on the market right away and work with an experienced real-estate agent who deals with short sales also, a good attorney as well who can do some serious negotiating on your part. I was in the same boat with you but I ended up Short Selling because I tried to breakeven but the offers were not coming in as I expected.

Short Sale and focus on your primary home. There is plenty of time to rebuild or purchase a rental down the road if that's what you really want.

Good luck and Godbless!

[kjenkins7]

Why would they ask for my rental to go into a short sale 1st? There is no equity in it, no advantage to collect money. When the tenent doesnt pay it can be a nemus to us but so far so good this year. It actually gives us an extra $200 a month to tackle our negative (-1500) cash burn i have going on with our overall family income. They do an in-house mod we can keep up and not be in inement danger of defaulting.

[ChaseVictim]

That would be a reason for a short sale because you have no equity and the rental is a financial burdent on you. Unless you feel that you can sustain until the market pickups up and sell normally. Good Luck!

[priv8pilot]

Originally Posted by donnac

Can I ask you are you behind? What is your interest rate? Is it a fixed rate

Not yet but it is getting close.

[priv8pilot]

Originally Posted by ChaseVictim

Short Sale the rental. Unless you think you can fight it for an inhouse mod which will be a long shot I would get the house on the market right away and work with an experienced real-estate agent who deals with short sales also, a good attorney as well who can do some serious negotiating on your part. I was in the same boat with you but I ended up Short Selling because I tried to breakeven but the offers were not coming in as I expected.

Short Sale and focus on your primary home. There is plenty of time to rebuild or purchase a rental down the road if that's what you really want.

Good luck and Godbless!

See that's the problem, The rental was not something I purchased. It is my old house that we refinanced to get the down to move into our new house. Did this right as things started to fall apart in the real estate market out here. Took a month to fix up and paint the old place and listed it for sale just as everything started going bad out here. Sat on the market for 6 months with not a single bite. Took it off the market and rented it out for $150.00 lower than the house payment. Talked to that bank (on the rental) and was basically told they are not interested in a short sale. (they are upset cause the loan was sold over and over again until they ended up with it.) They said it was listed as my primary home not a rental. This is where I think the broker did some hinky financing on it. He knew we were refinancing to purchase the new home. And knew if it did not sell we would have to rent it out.

That is one problem, The other is the way the broker's 'good faith ' estimate was off by $350.00 and then there is the Chase's $195.00 a month "miss calculation" on my new place. The $125.00 shortage on the rental and to now top it off the lowering my pay scale by 1280.00 a month

This is why I asked about recourse against the mortgage broker. $545.00 addition each month on the new place. $545.00 ABOVE the good faith estimate we were given. It was not until we were locked in did I get the real cost of the new home, And then about 6 months later hit with Chase's Miscalculation.

And it is also why I asked how in the hell chase can say my income is enough to sustain the loan. Sure it will pay the loan, as long as nothing else needs to be paid. The rental is a problem I got stuck with. Not a big problem. It is a small loss compare to the new home where I am trying to get a modification. And honestly I have been thinking that if Chase refuses to modify and I can hang on the the old place if something were to happen and I decided to walk from this place I have the old place to move back into. The payment is way lower than this place as it is a much smaller house.

Steve

[priv8pilot]

Originally Posted by donnac

Can I ask you are you behind? What is your interest rate? Is it a fixed rate

Sorry, Did not answer you fully before. Not behind but real close, interest is 5.99 fixed.