Any hope for WF Mod for unemployed?

[LaidOff28]

Hi, I'm a newbie. I've read several of the threads and am thankful for this site. Here's my situation:

I was laid off in April 2009 and my severance ended at the end of May 2009. I purchased my condo in SF as a 1st & 2nd 100%. 1st is current loan amount of $435k and is a 5/1IO at 5.25%; 2nd is 30/15 at $95k at 7.125% P+I. I applied for the loan mod on the day my severance ended and was advised when I called today that it has been assigned to a negotiator/processor and to allow for another 30-45 days.

Does anyone know if they will consider my unemployment and savings in calculating ratios? Anyone else out there that has a similar situation with results? I'll continue to update as I hear more from Wells.

[Moe Bedard]

Hello and thanks for joining LoanSafe.org!

They will definitely look at your unemployment and use that to qualify you. It will depend on the length of the unemployment and also the investor who holds the mortgage on whether they will approve you. There is no rhyme or reason here and I have seen a lot approvals and denials for situations that were exactly the same with the same lender.

Maybe some other members can share their unemployment stories.

Please do keep us posted and let us kn pow if you have any questions. You can download the ebook in my signature for free and that will help tremendously!

Have a great night!

[chazkeepahoma]

I've been unemployed since Dec. 08. BofA offered me a mod on my 1st and 2nd. As I considered the offers I also receive a 3mo. payment trial offer from the Obama plan. People at BofA were amazed and told me I'm lucky! Has anyone out there made the 3mos. payments and got a final offer?

[Moe Bedard]

I haven't heard of one yet.

[chazkeepahoma]

Thanks Moe for the quickly responding. I've noticed a lot of people here are starting to get these. Maybe we need a sub-forum for the Obama plan?

[LaidOff28]

As an update to my quest for a Loan Mod from WF, I received a financial worksheet with financials that were different than what I provided in the initial call in the mail. I phoned the executive # (800-853-8516) and was advised the following:

-Name of the processor/negotiater assigned to my loan
-Addl information was needed - Contribution letter from husband (he's not on the loan currently) and Lease agreements from my rental properties
-Eligibility is determined based upon NET income
-Unemployment income is allowed

Upon working my numbers I advised him that I'm currently at approx $100 surplus monthly based on NET income. He advised me to get this info in ASAP as the system reflected I had $1500 in surplus and was likely the delay for the review on the file as it did not look like I was having a hardship...

My current front end ratios are at 50% using gross income. Even if they lower my rate to 2% P+I, I would be at 44%...I read that 31% would be the target for investors - but I wouldn't be able to reach that unless a principle reduction was allowed & modification (Yes - I think I'm dreamin'). I hope this doesn't put me out of the running altogether. I'll update as I know more.

Upon requesting for information on who my investor was - I was told to fax my request to 866-453-6315 with my loan #, address, signed & dated w/ the last 4 digits of my SS#. Hope this helps for anyone that needs investor info from Wells.

[Murray12]

Is this a Fannie/Freddie loan?

[LaidOff28]

No, it's not Fannie/Freddie. I was advised it was a private investor.

[orchard]

My investor is Freddie Mac and WF is telling me WF will not accept unemployment as income for determining a loan mod. From the above comments it sounds like WF does, but perhaps it depends on the investor to approve? How do I work with Freddie on getting this approved or do I need to give up? I have a temporary forbearance but I've been told Freddie is tightening up and not granting back to back forbearances -- which sounds like I will have to make a balloon payment in October or lose my house.

[MichiganBlues]

We tried to modify our loan and after 6 months, Saxon told us we were denied because unemployment couldn't be counted as income.

But magically, they had just started the HAMP plan and it would solve all of our problems completely! Yessiree.

Now, having completed 4 of 3 HAMP trial payments, we're told that since unemployment is no longer our sole income, guess what!!! We might have to get off the HAMP-go-round and try a different ride.

Problem is, the layoffs are seasonal and by the time they get around to another modification, we'll be back on unemployment.

So, yeah. Good times.

[ugh_2009]

Originally Posted by LaidOff28

My current front end ratios are at 50% using gross income. Even if they lower my rate to 2% P+I, I would be at 44%...I read that 31% would be the target for investors - but I wouldn't be able to reach that unless a principle reduction was allowed & modification (Yes - I think I'm dreamin'). I hope this doesn't put me out of the running altogether. I'll update as I know more.

LaidOff, are you at 50% with PITI? it should be much better than 44% if they lower it to 2%