My monthly deficit too high to get a mod? - Page 2 - Loan Modification Forum

nathanb · 06-10-2009, 11:06 PM

Hi Terie,

WF pulled the same flipping crap on me. At first they said I was denied because I “may” qualify for a refi. I pushed the issue got 5 different answers until I found out my back end DTI was over 40% and they want it to be under. The numbers they used were totally wrong. My monthly credit cards they decided were $200 per mo higher than what I said and double dipped on my health benefits that are already taken out of my check. Of course no one will tell you or even think-“hmmmm, I am denying this person, maybe I should go over the numbers to make sure I have it correct”. My rep in executive office said we still needed for wait for the decline on the Refi, and I was declined. I send in my credit card statements proving my real cc debt and she resubmitted for HAMP. However, something I did not bring up (mostly because I am back in the running for the program with my situation fitting in the tiny window parameters) is the HAMP plan that the banks are supposed to go by says nothing about back end DTI being under 40%. It even said if OVER 55% then you have to do credit counseling….leading you to believe people over 55% are still eligible. Also, the guidelines say if you pas the NPV test (you can get the excel sheet to run for yourself in an old post) they MUST modify. Press them to find out if you passed this. I have asked in my situation and I have yet to find someone who even knows what that is, so It may be a bit of a challenge. Call the executive team if not already…they will pick you up if loss mitigation made an error or dropped the ball. Without them I would have been lost in the shuffle after the initial HAMP decline. Now my app for the HAMP is being reviewed on the executive side.

I have heard 100-200 surplus on your monthly expenses are what they want to see. At first I was -50 each month, have few things changed since then and when I sent in the credit card stuff I redid my expenses and I am around $150 surplus….and they have not told me that was the reason. I really think it is something else. You may want to press the issue and see if the back end DTI was the issue.

I asked before and did not get a response-does anyone one what authority we can go to when the participating banks are not complying with the terms of the program???

ZAP09 · 06-11-2009, 06:27 AM

An update from Zap09. As I posted earlier, I was pulled off of my forebearance/repayment agreement by Wells Fargo (just about to make my 2nd timely payment) Out of blue, they sent me a letter stating my request for loan mod. was denied because my request was outside the investors guidelines. I was told that if my Income/Expenses have changed I can resubmit- as stated above......
What is new is I called the exec. offices back yesterday to find out who my investor was. It is Wells Fargo themselves! All these weeks/months they have been talking to me as if there is some unknown 3rd party keeping me from being approved for a modification, when it's them! Does anyone out there know what guidelines Wells Fargo is using to test for modifications? I also spoke to law office (...& Molinaro?) the paralegal was great, they'll work with you should you need to go this path. I just don't know that if submitting my next go around of income/expense info. and request for loan mod. coming from the attorney will hurt or help my chances. My husband and friends seem to think it will help and it may be taken more seriously. Again, if anyone out there knows what standard/guidelines WF is looking for on the income/expenses it would be really helpful as I try this again.
p.s. isn't this forum fantastic! and quite therapeutic for those of us that feel as if we were at our wits end!

ZAP09 · 06-11-2009, 06:42 PM

Just an update, since pulled off 3month forebearance agreement 2 days ago by Wells Fargo and told they are proceeding with foreclosure, due to my request for modification being denied because my request was outside the investors guidelines.

I actually spent quite a bit of time today filling out the NACA documents online and at the end of it I set up a phone conversation for Monday, June 17, 7am. Like to give those details so others know that if they are working and can't get the time to talk, they have phone calls scheduled as early as 5am. I also prepared all my documentation to support my "newest" expense/income form. You see the bank is looking at a credit bureau report as well as our documents provided, well this leaves for a lot of error of interpretation, because my credit bureau report certainly isn't going to have the latest modification information on other debts, so it just looks like I have these enormous monthly debts. I hope to those of you it is revelant you have called your credit cards and car loans and HELOCs/2nds etc. let them know you are experiencing a hardship and need some help- I had tremendous success over the phone with each one---just not the most important one, my mortgage! I will not be giving up easily and will keep you posted as to the NACA conversation and my experience. I would greatly welcome some expert help with my next attempt at submitting my financials for reconsideration.

ZAP09 · 06-11-2009, 06:46 PM

Nathanb-
forgive my ignorance, but I have no pride left- what is "back end DTI" (debt to income). Can you explain in very simple terms? I really appreciate, maybe this is me?
thanks.

chens380 · 06-11-2009, 08:40 PM

hi
I have similer case that my monthly deficit is too high to get a mod. I applied the HAMP in March. And i have been contecting them since. Last week WF finally offer me 3month forebearance agreement. I was very upset because after three months they want me to pay $11,000 which are 3 months payment with late fee at once. of course i can not pay all at ONCE. i dont even have the money to pay monthly.
can someone tell me how should i response to wells fargo if i cant not afford to pay $11,000 on Sept, 1
what will they do after the special forbearance?

nbtapia1 · 06-11-2009, 08:49 PM

Quote:

Originally Posted by chens380

hi
I have similer case that my monthly deficit is too high to get a mod. I applied the HAMP in March. And i have been contecting them since. Last week WF finally offer me 3month forebearance agreement. I was very upset because after three months they want me to pay $11,000 which are 3 months payment with late fee at once. of course i can not pay all at ONCE. i dont even have the money to pay monthly.
can someone tell me how should i response to wells fargo if i cant not afford to pay $11,000 on Sept, 1
what will they do after the special forbearance?

What is the surplus they need to approve a loan Modifc? !

B Stevens · 06-11-2009, 10:09 PM

ZAP09 - Back end DTI is your debts (car, credit cards, HOA Dues) other than 1st Mort, Property Taxes, and Homeowners Insurance

nbtapia1 · 06-11-2009, 10:44 PM

Quote:

Originally Posted by B Stevens

ZAP09 - Back end DTI is your debts (car, credit cards, HOA Dues) other than 1st Mort, Property Taxes, and Homeowners Insurance

Hi B Stevens,
Beside primary Home I have a rental property, so do you know Will rental property mortgage count as a expense to calculate back end DTI, or since it's a mortgage it is a debt that should not be included to calculate back end DTI

ZAP09 · 06-12-2009, 06:16 AM

Thanks, B Stevens.

ZAP09 · 06-12-2009, 06:24 AM

Chen-
You can read about these forebearance agreements a number of times on this forum. As I understand it, there is always a large sum due at the end of the 3 months, it's basically a 3 month loan with all due at the end of 3 month period. This sounds just dreadful, however, your payment per month should be significantly lower for that time frame. The 3 month forebearance (although it did not work out for me if you read my story) is like a trial run the bank puts you through, the want to see you make these payments on time. Before you make your final payment either you will contact them or they you to "update your financial information" so you can be considered for a modification. Your numbers have to have changed since the last time you submitted (so may want to contact other debts to modify) then depending on your investor they will see if you meet the guidelines for a modification. The tricky part seems to be that no one can for sure tell you the "guidelines", basically it is not a cut and dry formula- at least not for me. Hope that helps.

B Stevens · 06-12-2009, 07:42 AM

ZAP09 I would have to guess if you are counting the rent as income and the renatal as debt, and the income covers the debt, it would be already factored in. Otherwise, debt is debt and the modifications only cover your primary residence.
I am not 100% sure though.

terie · 06-12-2009, 07:59 AM

*update... I spoke with a HUD approved counselor thru HOPE. She was great and said she was going to advise the WF people that a mod was necessary and that she thinks we should get it after reviewing our finances. She said they quite often listen to them and if they don't, start skipping payments or making them late. She agreed that since we haven't even been late, they see no reason to change anything. The fact that we ran though almost $10,000 in savings to stay current should be a factor. She said to give them 10 days and then call them if they haven't contacted us. SO...we'll see.
I wish my sister had called these people before she had our dad pay $3000 to some people who did nothing for her. Her house was due to be auctioned on May 22 when she called me. I had her get an attorney and file BK real fast. The sale has been stopped, for now. The "mod experts" she hired told her to IGNORE anything that Ditech sent her!!!! Doesn't this girl watch TV? At least in Vegas those stories are on almost daily. Wish me luck...as I wish all of you good luck and hopes that the banks come to their senses and realize working with us is better than having another house sitting there unsold. I don't understand their position in this.

ZAP09 · 06-12-2009, 08:14 AM

Terie-
I don't understand the thinking either, there are 3 bank owned in our neighborhood, just sitting there empty and delapitating (bad for all). Since this doesn't make sense, cause the bank could've probably at least got something from previous resident, I can't help but think we're not seeing something, not to sound too out there. The banks are not stupid, nothing they do doesn't benefit them. Perhaps they are gathering up all the foreclosures (while holding onto the billions in tax payers money they have received) and plan on sitting a bit, the market will eventually turn around and think of the % of American real estate they will own- they will at that point be even be more powerful. As we all know real estate is always what the wealthiest of the wealthiest want. This economy is a season and they know this at the end of it they will control a huge part of our economy/real estate market. The power, the control- by the banks! I can't wait to read some others thoughts on this. I haven't had a chance quite yet, but I have heard Moe b. has a lot of ideas of his own.

terie · 06-12-2009, 08:27 AM

I understand the logic in Vegas, having lost more value than most, and it will rebound in time because, well.. this is Vegas. I found the numbers on what my house is worth...$207,000. Exactly two years ago we thought we'd found a good deal from a builder...at $343,000. Cars are supposed to depreciate, NOT houses! I just kick myself for putting 20% down. I can't walk or I just might otherwise.
Greedy builders have ruined the market in Vegas. They own little mortgage brokerage companies and they aprroved anyone who was breathing, and they knew they couldn't pay!! I was told so when we got our house, that is was nice to write a loan for someone they knew could afford it!!!! Geez!! But, KARMA prevails!! Kimbal Hill Homes is bankrupt and almost out of business completely!!!

nspire · 06-12-2009, 08:34 AM

I had the same problem as far as DTI and was wondering what the magic numbers were in order to get a mod. I was originally denied a mod because I was in the negative. I spoke with a CW rep who said they like to see you in the positive about $300. I'm redoing my loan mod because the first one they offered, I still can't afford.

nathanb · 06-12-2009, 02:30 PM

ZAP09, sorry for the late reply, but looks likey Bank end DTI question got covered. nspire, that is just so idiotic. They decline you for the loan you CAN afford because you are too upside down, but the approve you for one you CAN NOT afford. thy are just nuts! ffice

ffice" />>>

Harasboa · 06-15-2009, 06:07 PM

Quote:

Originally Posted by nspire

I had the same problem as far as DTI and was wondering what the magic numbers were in order to get a mod. I was originally denied a mod because I was in the negative. I spoke with a CW rep who said they like to see you in the positive about $300. I'm redoing my loan mod because the first one they offered, I still can't afford.

What was your Front DTI percentage? What is your back DTI percentage? Did you get denied through BOA/ CW? How long did your loan modification take from application to denial?

auroran25 · 06-30-2009, 09:08 PM

Testing testing

terie · 07-02-2009, 03:43 PM

Ok, I went to a conference sponsored by HUD with reps from Fannie Mae, CCCS and others. I used their formula, sames as online, and guess what? We are well within the limits of the programs guidelines.
Yesterday we got a letter from WF turning us down flat. They added things into our income statement that we don't spend that makes us look like we are negative each month.They won't let us use my part time income either. They use our CURRENT mortgage payment to qualify NOT what 31% would be. WTF?? If they lower our rate to 3.2%, not even to the 2% they can use, we have a surplus each month even without my income!!!!!!!!
We were using a credit counseling company that Hope for Homeowners sent us to that is located in MN. USELESS!!! We have an appointment with the local Consumer Credit Counseling Service office Tuesday. They will not just "suggest" to WF but will take this directly to Fannie Mae!!
BTW. Wells Fargo charged $85 for an appraisal of the property, and sent us a copy when we requested it. It was 2 yrs old, the original from when we bought the house! If my house is worth $343,000 then I want a home equity loan NOW to get my 20% down back and then I'm giving them the keys! I want to know what kind of drugs they put in the water in the WF offices?? These people are out of touch with reality. AND they said we qualify for one of their refi's again...with $8000 closing costs. HMMM something isn't right here.

ZAP09 · 07-03-2009, 07:16 AM

Hi Terie,
WF is a nightmare! I have been trying for a mod. for over 6 mos. if you read my thread history. Just recently I have changed my tactics. I have contacted NACA (www.naca.com) and am feeling a bit hopeful. They are a very successful grassroots non-profit organization that helps homeowners who are losing their homes. I woudl strongly encourage you to go throught the process, while a bit painful, go through the "home save" pull down and get through the intake information (definitely will need to set some time aside). As you submit the documents, then set a phone counseling appt. (because all face to face meetings are full or not in your area) they WILL call you and attempt to complete your file. This part for me took a couple of calls, faxes, etc. But as of this week it is complete and they then take their proposal on your behalf to WF and attempt to negotiate new terms for the life of your loan (not a temp. fix). Like I said, they are very reputable and successful. Check out this forum for success stories with NACA and you can read a lot on their website- the HOMESAVE pulldown is the only section that is completely free and applies to folks in our situation.

terie · 07-03-2009, 08:00 AM

Thanks for the info. Our Las Vegas CCCS office will do the same but take it a step further, go to Fannie Mae if they think WF is out of line. Fannie Mae is the one that WF blames for not doing the mod. Personally I think WF isn't even taking it past their office. I truly believe WF is making their own decisions. I haven't figured out what their motivation is at this point, but I know I will. Part of is that they are now also Wachovia..the most evil employer I ever worked for!!
Good luck to all of us!

QuayzyCrazy · 07-03-2009, 08:17 AM

I checked NACA's website and I don't qualify for NACA Homesave program because I have a rental property. They even claim that you need to "dispose" that property and then talk to them. I've been trying to sell it with no luck for the last 3 years. I'm current on that loan. I want the bank to let us have a short sale on the rental property. I hear so many stories about stopping payments and that way they will be "motivated" to talk to you. What do I need to do? If I stop paying that rental property, the effects on my credit score will affect the chances to refinance my residence under the MHA Refinance program. I was told to chose one property to save and I choose my residence (larger loan). Please, I just don't know where to start....

nathanb · 07-03-2009, 11:58 AM

Terie: i hear you on the WF issues. I have been dealing with them since March, and they just seem to make up a new random rule at every corner. Problem is no one is overseeing the banks who “say” they are participating to make sure everyone is in compliance. I have been declined for HAMP 2 times and am pending the outcome of my 3^rd review. ffice

ffice" />>>
> >
Good luck! >>

rockraider3 · 07-03-2009, 01:16 PM

Quote:

Originally Posted by nbtapia1

Thanks ***.

The investor for the loan of the rental property with W/F is Fredie Mac... Dos anyone have heard Fredie Mac willing to negotiate loan modf on rental property... income of rental property is paying P&I but not escrow.
wanted some advice from anyone who has tried a loan modification for rental property.

Any advice is appreciated!

I don't know the answer to this, but I also have a rental home with a Wells loan where the investor is Freddie Mac. I asked a phone rep recently, not that I expect a good answer out of them, but she indicated that they do modifications on rental homes sometimes.

If you have had any success since you last posted, I'd love to hear it.

WHATNEXTforme · 07-08-2009, 07:37 PM

WF called tonight and told me I was declined for the HAMP program because my deficit is too high! I went over the #'s I had submitted with her and it she told me that with my $2000. CURRENT mortgage payment I have a deficit. I couldn't believe that this was why they declined me -- This is why I applied in the first place!! She couldn't put me through to the loss mit people because they were too busy ( had calls backed up) I have been waiting since early May ..and I have a Foreclosure sale dat of July 23 rd !!! Two weeks from tomorrow. I was so comforted to read some of your similar stories ..What should I do next?? I'd really appreciate any advice !

06-10-2009, 11:06 PM	#26 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100	Re: My monthly deficit too high to get a mod? Hi Terie, WF pulled the same flipping crap on me. At first they said I was denied because I “may” qualify for a refi. I pushed the issue got 5 different answers until I found out my back end DTI was over 40% and they want it to be under. The numbers they used were totally wrong. My monthly credit cards they decided were $200 per mo higher than what I said and double dipped on my health benefits that are already taken out of my check. Of course no one will tell you or even think-“hmmmm, I am denying this person, maybe I should go over the numbers to make sure I have it correct”. My rep in executive office said we still needed for wait for the decline on the Refi, and I was declined. I send in my credit card statements proving my real cc debt and she resubmitted for HAMP. However, something I did not bring up (mostly because I am back in the running for the program with my situation fitting in the tiny window parameters) is the HAMP plan that the banks are supposed to go by says nothing about back end DTI being under 40%. It even said if OVER 55% then you have to do credit counseling….leading you to believe people over 55% are still eligible. Also, the guidelines say if you pas the NPV test (you can get the excel sheet to run for yourself in an old post) they MUST modify. Press them to find out if you passed this. I have asked in my situation and I have yet to find someone who even knows what that is, so It may be a bit of a challenge. Call the executive team if not already…they will pick you up if loss mitigation made an error or dropped the ball. Without them I would have been lost in the shuffle after the initial HAMP decline. Now my app for the HAMP is being reviewed on the executive side. I have heard 100-200 surplus on your monthly expenses are what they want to see. At first I was -50 each month, have few things changed since then and when I sent in the credit card stuff I redid my expenses and I am around $150 surplus….and they have not told me that was the reason. I really think it is something else. You may want to press the issue and see if the back end DTI was the issue. I asked before and did not get a response-does anyone one what authority we can go to when the participating banks are not complying with the terms of the program???

06-11-2009, 06:27 AM	#27 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? An update from Zap09. As I posted earlier, I was pulled off of my forebearance/repayment agreement by Wells Fargo (just about to make my 2nd timely payment) Out of blue, they sent me a letter stating my request for loan mod. was denied because my request was outside the investors guidelines. I was told that if my Income/Expenses have changed I can resubmit- as stated above...... What is new is I called the exec. offices back yesterday to find out who my investor was. It is Wells Fargo themselves! All these weeks/months they have been talking to me as if there is some unknown 3rd party keeping me from being approved for a modification, when it's them! Does anyone out there know what guidelines Wells Fargo is using to test for modifications? I also spoke to law office (...& Molinaro?) the paralegal was great, they'll work with you should you need to go this path. I just don't know that if submitting my next go around of income/expense info. and request for loan mod. coming from the attorney will hurt or help my chances. My husband and friends seem to think it will help and it may be taken more seriously. Again, if anyone out there knows what standard/guidelines WF is looking for on the income/expenses it would be really helpful as I try this again. p.s. isn't this forum fantastic! and quite therapeutic for those of us that feel as if we were at our wits end!

06-11-2009, 06:42 PM	#28 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? Just an update, since pulled off 3month forebearance agreement 2 days ago by Wells Fargo and told they are proceeding with foreclosure, due to my request for modification being denied because my request was outside the investors guidelines. I actually spent quite a bit of time today filling out the NACA documents online and at the end of it I set up a phone conversation for Monday, June 17, 7am. Like to give those details so others know that if they are working and can't get the time to talk, they have phone calls scheduled as early as 5am. I also prepared all my documentation to support my "newest" expense/income form. You see the bank is looking at a credit bureau report as well as our documents provided, well this leaves for a lot of error of interpretation, because my credit bureau report certainly isn't going to have the latest modification information on other debts, so it just looks like I have these enormous monthly debts. I hope to those of you it is revelant you have called your credit cards and car loans and HELOCs/2nds etc. let them know you are experiencing a hardship and need some help- I had tremendous success over the phone with each one---just not the most important one, my mortgage! I will not be giving up easily and will keep you posted as to the NACA conversation and my experience. I would greatly welcome some expert help with my next attempt at submitting my financials for reconsideration.

06-11-2009, 06:46 PM	#29 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? Nathanb- forgive my ignorance, but I have no pride left- what is "back end DTI" (debt to income). Can you explain in very simple terms? I really appreciate, maybe this is me? thanks.

06-11-2009, 08:40 PM	#30 (permalink)
chens380 Junior Member Join Date: Jun 2009 Posts: 1	Re: My monthly deficit too high to get a mod? hi I have similer case that my monthly deficit is too high to get a mod. I applied the HAMP in March. And i have been contecting them since. Last week WF finally offer me 3month forebearance agreement. I was very upset because after three months they want me to pay $11,000 which are 3 months payment with late fee at once. of course i can not pay all at ONCE. i dont even have the money to pay monthly. can someone tell me how should i response to wells fargo if i cant not afford to pay $11,000 on Sept, 1 what will they do after the special forbearance?

06-11-2009, 10:09 PM	#32 (permalink)
B Stevens Senior Member Join Date: May 2009 Posts: 121	Re: My monthly deficit too high to get a mod? ZAP09 - Back end DTI is your debts (car, credit cards, HOA Dues) other than 1st Mort, Property Taxes, and Homeowners Insurance

06-12-2009, 06:16 AM	#34 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? Thanks, B Stevens.

06-12-2009, 06:24 AM	#35 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? Chen- You can read about these forebearance agreements a number of times on this forum. As I understand it, there is always a large sum due at the end of the 3 months, it's basically a 3 month loan with all due at the end of 3 month period. This sounds just dreadful, however, your payment per month should be significantly lower for that time frame. The 3 month forebearance (although it did not work out for me if you read my story) is like a trial run the bank puts you through, the want to see you make these payments on time. Before you make your final payment either you will contact them or they you to "update your financial information" so you can be considered for a modification. Your numbers have to have changed since the last time you submitted (so may want to contact other debts to modify) then depending on your investor they will see if you meet the guidelines for a modification. The tricky part seems to be that no one can for sure tell you the "guidelines", basically it is not a cut and dry formula- at least not for me. Hope that helps.

06-12-2009, 07:42 AM	#36 (permalink)
B Stevens Senior Member Join Date: May 2009 Posts: 121	Re: My monthly deficit too high to get a mod? ZAP09 I would have to guess if you are counting the rent as income and the renatal as debt, and the income covers the debt, it would be already factored in. Otherwise, debt is debt and the modifications only cover your primary residence. I am not 100% sure though.

06-12-2009, 07:59 AM	#37 (permalink)
terie Member Join Date: Jun 2009 Posts: 13	Re: My monthly deficit too high to get a mod? *update... I spoke with a HUD approved counselor thru HOPE. She was great and said she was going to advise the WF people that a mod was necessary and that she thinks we should get it after reviewing our finances. She said they quite often listen to them and if they don't, start skipping payments or making them late. She agreed that since we haven't even been late, they see no reason to change anything. The fact that we ran though almost $10,000 in savings to stay current should be a factor. She said to give them 10 days and then call them if they haven't contacted us. SO...we'll see. I wish my sister had called these people before she had our dad pay $3000 to some people who did nothing for her. Her house was due to be auctioned on May 22 when she called me. I had her get an attorney and file BK real fast. The sale has been stopped, for now. The "mod experts" she hired told her to IGNORE anything that Ditech sent her!!!! Doesn't this girl watch TV? At least in Vegas those stories are on almost daily. Wish me luck...as I wish all of you good luck and hopes that the banks come to their senses and realize working with us is better than having another house sitting there unsold. I don't understand their position in this.

06-12-2009, 08:14 AM	#38 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? Terie- I don't understand the thinking either, there are 3 bank owned in our neighborhood, just sitting there empty and delapitating (bad for all). Since this doesn't make sense, cause the bank could've probably at least got something from previous resident, I can't help but think we're not seeing something, not to sound too out there. The banks are not stupid, nothing they do doesn't benefit them. Perhaps they are gathering up all the foreclosures (while holding onto the billions in tax payers money they have received) and plan on sitting a bit, the market will eventually turn around and think of the % of American real estate they will own- they will at that point be even be more powerful. As we all know real estate is always what the wealthiest of the wealthiest want. This economy is a season and they know this at the end of it they will control a huge part of our economy/real estate market. The power, the control- by the banks! I can't wait to read some others thoughts on this. I haven't had a chance quite yet, but I have heard Moe b. has a lot of ideas of his own.

06-12-2009, 08:27 AM	#39 (permalink)
terie Member Join Date: Jun 2009 Posts: 13	Re: My monthly deficit too high to get a mod? I understand the logic in Vegas, having lost more value than most, and it will rebound in time because, well.. this is Vegas. I found the numbers on what my house is worth...$207,000. Exactly two years ago we thought we'd found a good deal from a builder...at $343,000. Cars are supposed to depreciate, NOT houses! I just kick myself for putting 20% down. I can't walk or I just might otherwise. Greedy builders have ruined the market in Vegas. They own little mortgage brokerage companies and they aprroved anyone who was breathing, and they knew they couldn't pay!! I was told so when we got our house, that is was nice to write a loan for someone they knew could afford it!!!! Geez!! But, KARMA prevails!! Kimbal Hill Homes is bankrupt and almost out of business completely!!!

06-12-2009, 08:34 AM	#40 (permalink)
nspire Member Join Date: May 2009 Posts: 16	Re: My monthly deficit too high to get a mod? I had the same problem as far as DTI and was wondering what the magic numbers were in order to get a mod. I was originally denied a mod because I was in the negative. I spoke with a CW rep who said they like to see you in the positive about $300. I'm redoing my loan mod because the first one they offered, I still can't afford.

06-12-2009, 02:30 PM	#41 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100	Re: My monthly deficit too high to get a mod? ZAP09, sorry for the late reply, but looks likey Bank end DTI question got covered. nspire, that is just so idiotic. They decline you for the loan you CAN afford because you are too upside down, but the approve you for one you CAN NOT afford. thy are just nuts! fficeffice" />>>

06-30-2009, 09:08 PM	#43 (permalink)
auroran25 Junior Member Join Date: Jun 2009 Posts: 3	Re: My monthly deficit too high to get a mod? Testing testing

07-02-2009, 03:43 PM	#44 (permalink)
terie Member Join Date: Jun 2009 Posts: 13	Re: My monthly deficit too high to get a mod? Ok, I went to a conference sponsored by HUD with reps from Fannie Mae, CCCS and others. I used their formula, sames as online, and guess what? We are well within the limits of the programs guidelines. Yesterday we got a letter from WF turning us down flat. They added things into our income statement that we don't spend that makes us look like we are negative each month.They won't let us use my part time income either. They use our CURRENT mortgage payment to qualify NOT what 31% would be. WTF?? If they lower our rate to 3.2%, not even to the 2% they can use, we have a surplus each month even without my income!!!!!!!! We were using a credit counseling company that Hope for Homeowners sent us to that is located in MN. USELESS!!! We have an appointment with the local Consumer Credit Counseling Service office Tuesday. They will not just "suggest" to WF but will take this directly to Fannie Mae!! BTW. Wells Fargo charged $85 for an appraisal of the property, and sent us a copy when we requested it. It was 2 yrs old, the original from when we bought the house! If my house is worth $343,000 then I want a home equity loan NOW to get my 20% down back and then I'm giving them the keys! I want to know what kind of drugs they put in the water in the WF offices?? These people are out of touch with reality. AND they said we qualify for one of their refi's again...with $8000 closing costs. HMMM something isn't right here.

07-03-2009, 07:16 AM	#45 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30	Re: My monthly deficit too high to get a mod? Hi Terie, WF is a nightmare! I have been trying for a mod. for over 6 mos. if you read my thread history. Just recently I have changed my tactics. I have contacted NACA (www.naca.com) and am feeling a bit hopeful. They are a very successful grassroots non-profit organization that helps homeowners who are losing their homes. I woudl strongly encourage you to go throught the process, while a bit painful, go through the "home save" pull down and get through the intake information (definitely will need to set some time aside). As you submit the documents, then set a phone counseling appt. (because all face to face meetings are full or not in your area) they WILL call you and attempt to complete your file. This part for me took a couple of calls, faxes, etc. But as of this week it is complete and they then take their proposal on your behalf to WF and attempt to negotiate new terms for the life of your loan (not a temp. fix). Like I said, they are very reputable and successful. Check out this forum for success stories with NACA and you can read a lot on their website- the HOMESAVE pulldown is the only section that is completely free and applies to folks in our situation.

07-03-2009, 08:00 AM	#46 (permalink)
terie Member Join Date: Jun 2009 Posts: 13	Re: My monthly deficit too high to get a mod? Thanks for the info. Our Las Vegas CCCS office will do the same but take it a step further, go to Fannie Mae if they think WF is out of line. Fannie Mae is the one that WF blames for not doing the mod. Personally I think WF isn't even taking it past their office. I truly believe WF is making their own decisions. I haven't figured out what their motivation is at this point, but I know I will. Part of is that they are now also Wachovia..the most evil employer I ever worked for!! Good luck to all of us!

07-03-2009, 08:17 AM	#47 (permalink)
QuayzyCrazy Senior Member Join Date: Jul 2009 Location: Miami Posts: 105	Re: My monthly deficit too high to get a mod? I checked NACA's website and I don't qualify for NACA Homesave program because I have a rental property. They even claim that you need to "dispose" that property and then talk to them. I've been trying to sell it with no luck for the last 3 years. I'm current on that loan. I want the bank to let us have a short sale on the rental property. I hear so many stories about stopping payments and that way they will be "motivated" to talk to you. What do I need to do? If I stop paying that rental property, the effects on my credit score will affect the chances to refinance my residence under the MHA Refinance program. I was told to chose one property to save and I choose my residence (larger loan). Please, I just don't know where to start....

07-03-2009, 11:58 AM	#48 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100	Re: My monthly deficit too high to get a mod? Terie: i hear you on the WF issues. I have been dealing with them since March, and they just seem to make up a new random rule at every corner. Problem is no one is overseeing the banks who “say” they are participating to make sure everyone is in compliance. I have been declined for HAMP 2 times and am pending the outcome of my 3^rd review. fficeffice" />>> > > Good luck! >>

07-08-2009, 07:37 PM	#50 (permalink)
WHATNEXTforme Junior Member Join Date: Jul 2009 Posts: 2	Re: My monthly deficit too high to get a mod? WF called tonight and told me I was declined for the HAMP program because my deficit is too high! I went over the #'s I had submitted with her and it she told me that with my $2000. CURRENT mortgage payment I have a deficit. I couldn't believe that this was why they declined me -- This is why I applied in the first place!! She couldn't put me through to the loss mit people because they were too busy ( had calls backed up) I have been waiting since early May ..and I have a Foreclosure sale dat of July 23 rd !!! Two weeks from tomorrow. I was so comforted to read some of your similar stories ..What should I do next?? I'd really appreciate any advice !

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