Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? - Loan Modification Forum

minknmelissa · 08-02-2009, 01:31 PM

I was just wondering when they are making there decision to modify your loan or not how much of a surplus do they want to see with new mortgage amount?? Just rattling my mind

rlhoneydew · 08-02-2009, 08:25 PM

With our HAMP Mod. we had $540.00 net after expenses.....

We just made our final trial payment on 8/1, and our rep. indicated that we have been approved... just waiting for underwriting to finish up.

GOOD LUCK TO YOU!

SillyWorld · 08-02-2009, 08:56 PM

Before a MOD I would be -700.00 and if they approve me after a mod I would be +200.00, as of now I have been keeping current on all bills

~Jess~ · 08-02-2009, 08:58 PM

Before mod, we were around -$400 or so. After mod, we'll have a surplus of approx $200. We were just approved for the 3-month-trial period thru the obama plan with GMAC.

minknmelissa · 08-03-2009, 07:26 PM

Thank you I am waiting in active processing been turned down two times and I am very nervous we are two hundred surplus on gross without mod and 400- with gross pre mod don't know what we would be with it. I'm praying how long does it take usually

Evan Bedard · 08-03-2009, 07:32 PM

Hi minkmelissa,

All cases are different and Iv'e seen the process take anyhere from 1-6 months. Make sure you keep in contact often with your lender at least once or twice a week to make sure nothing falls through the cracks.

Stay strong and keep us posted!

SillyWorld · 08-03-2009, 07:48 PM

But if your with Citimortgage forget about calling them they say anything and even lie just to get you off the phone...

minknmelissa · 08-03-2009, 07:53 PM

I have bank of america and there liars too. But my investor is citibank. I just read that you only have one chance to apply for mha program but when i called over phone they said i wasn't recomended for program so does that can't as my one time. Right now my account is processing again because i contacted office of pres but i thought she said they would look at mha does anyone know if you really only have one shot

SillyWorld · 08-03-2009, 08:03 PM

No way theres Loansafe Number to call, theres NACAS.com that can help you as long as mortgage is more than 31% of Gross pay it will start the process

minknmelissa · 08-03-2009, 08:08 PM

Well mines definately over until i found this website i was getting know where. Actually i kind of still am because i haven't heard anything back from my negotiator. I just started things with naca but they keep loosing my faxes. This is starting to drive me crazy the whole process.

art4ari · 08-12-2009, 04:15 PM

Hi.
I am on trial period...these are my numbers.

Income 4500
expenses including trial payment 2963
4500-1263=1537/4500=34%

mel239 · 08-16-2009, 09:12 PM

what about credit cards? I pay who I can when I can but they are maxed and always late.How does that factor into getting a mod? I ran my numbers thru NPV test and I passed,but the rest of my bills keep me at a 76% back end DTI. Ive tried for a year for a loan mod-before I was behind on anything,now Im in foreclosure and not once have i been offered a trial period Ive had one return phone call from citi since April and I call,fax,email every contact number for citi EVERYDAY

lucky4me · 08-18-2009, 08:10 AM

when they are figuring out your dti, since you give them gross, do the lenders take into account that your expenses should really come off net, not gross,

do they allow for that, because if you look at our gross vs net and subtract expenses, it looks like we have a positive cash flow, when in reality it really is negative.

can anyone help with this,

mod thru b of a with bony as investor

08-02-2009, 01:31 PM	#1 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? I was just wondering when they are making there decision to modify your loan or not how much of a surplus do they want to see with new mortgage amount?? Just rattling my mind

08-02-2009, 08:25 PM	#2 (permalink)
rlhoneydew Senior Member Join Date: Jun 2009 Posts: 61 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? With our HAMP Mod. we had $540.00 net after expenses..... We just made our final trial payment on 8/1, and our rep. indicated that we have been approved... just waiting for underwriting to finish up. GOOD LUCK TO YOU!

08-02-2009, 08:56 PM	#3 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,144 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? Before a MOD I would be -700.00 and if they approve me after a mod I would be +200.00, as of now I have been keeping current on all bills __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

08-02-2009, 08:58 PM	#4 (permalink)
~Jess~ Senior Member Join Date: Dec 2008 Posts: 84 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? Before mod, we were around -$400 or so. After mod, we'll have a surplus of approx $200. We were just approved for the 3-month-trial period thru the obama plan with GMAC.

08-03-2009, 07:26 PM	#5 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? Thank you I am waiting in active processing been turned down two times and I am very nervous we are two hundred surplus on gross without mod and 400- with gross pre mod don't know what we would be with it. I'm praying how long does it take usually

08-03-2009, 07:32 PM	#6 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,212 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? Hi minkmelissa, All cases are different and Iv'e seen the process take anyhere from 1-6 months. Make sure you keep in contact often with your lender at least once or twice a week to make sure nothing falls through the cracks. Stay strong and keep us posted! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-03-2009, 07:48 PM	#7 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,144 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? But if your with Citimortgage forget about calling them they say anything and even lie just to get you off the phone... __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

08-03-2009, 07:53 PM	#8 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? I have bank of america and there liars too. But my investor is citibank. I just read that you only have one chance to apply for mha program but when i called over phone they said i wasn't recomended for program so does that can't as my one time. Right now my account is processing again because i contacted office of pres but i thought she said they would look at mha does anyone know if you really only have one shot

08-03-2009, 08:03 PM	#9 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,144 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? No way theres Loansafe Number to call, theres NACAS.com that can help you as long as mortgage is more than 31% of Gross pay it will start the process __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

08-03-2009, 08:08 PM	#10 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? Well mines definately over until i found this website i was getting know where. Actually i kind of still am because i haven't heard anything back from my negotiator. I just started things with naca but they keep loosing my faxes. This is starting to drive me crazy the whole process.

08-12-2009, 04:15 PM	#11 (permalink)
art4ari Senior Member Join Date: Aug 2009 Posts: 209 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? Hi. I am on trial period...these are my numbers. Income 4500 expenses including trial payment 2963 4500-1263=1537/4500=34%

08-16-2009, 09:12 PM	#12 (permalink)
mel239 Senior Member Join Date: Jul 2009 Posts: 83 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? what about credit cards? I pay who I can when I can but they are maxed and always late.How does that factor into getting a mod? I ran my numbers thru NPV test and I passed,but the rest of my bills keep me at a 76% back end DTI. Ive tried for a year for a loan mod-before I was behind on anything,now Im in foreclosure and not once have i been offered a trial period Ive had one return phone call from citi since April and I call,fax,email every contact number for citi EVERYDAY

08-18-2009, 08:10 AM	#13 (permalink)
lucky4me Senior Member Join Date: Aug 2009 Posts: 64 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone know how much of a surplus they want you to have when they work the modified mortgage numbers in?? when they are figuring out your dti, since you give them gross, do the lenders take into account that your expenses should really come off net, not gross, do they allow for that, because if you look at our gross vs net and subtract expenses, it looks like we have a positive cash flow, when in reality it really is negative. can anyone help with this, mod thru b of a with bony as investor

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