loan mod deny if I have 6 figure retirement fund ??

[tomser]

Anyone out there help me please and please

I am going to send loan mod paper but here is my holding back

I think I meet all the criterias that the loan mod requires, HAMP or .HAP ( retired, new reset of higher payment interest only payment , reduced income and PITI 31% so on ,,,)

My income comes from social security and monthly withdrawal from retirement fund which has high 6 figure( bond,mutual fund,and stocks .

Does lender disqualify loan mod If they see I have high 6 figure retirement fund ???

thank you

i need help

tomser

[jakelabry]

I don't think anybody in these forums has been in quite the same position so it would difficult for anybody to give you an answer. You're just going to have to submit for the mod and see.

If I had to guess - any lender that sees that you have a substantial cash reserve is going to say "no." I also seem to remember that one of the qualifications of the gov't programs was that the applicatant DID NOT have cash reserves to handle the short fall. In fact, one of the eligibility requirements is: "The borrower documents a financial hardship and represents that (s)he does not have sufficient liquid assets to make the monthly mortgage payments by completing a Home Affordable Modification Program Hardship Affidavit and provides the required income documentation." See the following link:

Determining Eligibility for Making Home Affordable (MHA) | Lawfirms.com

[so-cal-gal]

I also believe they will respond that you have access to a form of liquid asset to take care of the full payment. I don't believe there is any requirement that they consider the long-term effect or even tax consequences of the source you would be utilizing.

Many people here have already dipped deeply into any retirement fund they had.

If your payment remains high and the housing market recovers enough for you to sell your property, you might consider doing that. Or, you might investigate selling now if you do not want to touch more of that retirement account.