Anyone get a mod with Unemployment Income?

[Murray12]

The Making Home affordable mod documents clearly state that unemployment income can be used, but is it a farce?

If the borrower receives public assistance or collects unemployment:>>
Acceptable documentation includes letters, exhibits or a benefits statement from the provider that states the amount, frequency, and duration of the benefit. The servicer must determine that the income will continue for at least nine months.>>

I have just become unemployed and my unemployment benefits will continue well past 9 months. However SunTrust is saying that Fannie Mae does not accept extended benefits? WHAT!?!?!!? What a joke, it is clear that it is a federal law that extends unemployment benefits and this extension is not going anywhere.

It is my understanding that no state has unemployment benefits that last over 9 months, well before extended benefits kick in that is.

So has anyone been offered a mod while receiving unemployment? (I also receive rental income since I live in a three family)

I am not giving up!

[Evan Bedard]

Hi Murray12 do not give up. I know there are homeowners who have achieved there mod in the past on unemployment. Suntrust is also a really hard lender to deal with...

[Murray12]

I am not giving up. I am sick of this.

Does anyone have particular cases where they qualified for a MHA mod with regular and extended benefits. It is just so stupid that this income won't be used because they say the extension is not guaranteed. What a crock, it is federal law!

I am sending my complaint to the Attorney General and Division of Banks today. If you are in Mass. and you have issues do the same.

I have emailed my congressman and a local State Senator who has been helpful in helping get me proof on unemployment.

[Murray12]

So I called the unemployment office today through a contact and was told that I could not get a letter showing that I will get extended benefits. This amazes me, as I have said many times before, the extended benefits is a federal law. I am not giving up on getting this letter.

So then Fannie Mae called back from a call last week. They said they are qualifying people with unemployment benefits. WHAT?!?!?! There is no state that has unemployment benefts for 9 months, so they must be using extended benefits. So since they got someone to say that they will qualify for 9 months, VOILA you get the modification. But because I am from New England where getting someone to help you in a state office is virtually impossible, I don't get the mod.

It just doesn't make any sense to me.

[Moe Bedard]

Thats cool that your documenting your story on your blog. I started blogging about loan modifications and now look at this forum and my blogs. Now I work from home and make an OK living. (the best part is being home with the family )

You are right on the law, I just feel that they are running out of money like every other entity in the country, Esopecially with 1/2 million jobs being lost every report.

Have you tried a non-profit to help you?

[Murray12]

Thanks Moe! We'll see it helps. Still looking for answers on the unemployment thing. Received the following email from suport at hmpadmin.com, now I just have to get SunTrust on board.

This came from management:

If the servicer makes a reasonable determination based on documented evidence that the borrower is eligible to file an extension for unemployment benefits - and the extension would extend to or beyond nine months - the borrower is considered eligible as long as all other eligibility criteria is met.

[kdtran08]

Originally Posted by Moe Bedard

Thats cool that your documenting your story on your blog. I started blogging about loan modifications and now look at this forum and my blogs. Now I work from home and make an OK living. (the best part is being home with the family )

You are right on the law, I just feel that they are running out of money like every other entity in the country, Esopecially with 1/2 million jobs being lost every report.

Have you tried a non-profit to help you?

Hi Moe, I just downloaded your e-book and found it very informative. Do you know how to approach with a second mortgages of the same lender (Bank of America)? I want to negotiate to pay them $5,000 for a loan of $40,000 at 8.99% interest rate for 15 years fixed. I heard about Obama's Home Affordable Second Lien program but I called Bank of America and they kept telling me they don't know anything about it. Any tip?

[Murray12]

You would get more help if you start your own thread. Not that I mind the bump

Anyone else get a mod with unemployment income?