after 10 months of waiting- DENIED! HELP! - Loan Modification Forum

sadness · 10-07-2009, 12:00 PM

Hi everyone-

So my husband and I started the loan modification process on our 1st mortgage with Wamu/Chase back in January 09. My company cut everyone's salary 20% as of Feb 09. We waited 90 days and then we were told to resend everything since they were going to try to modify the loan under the government requirements. Every time I called to check up on the status, there was always something missing (which i was never told to send). Finally on 8/21/09, the full packet went into review. I called twice a week to make sure they were keeping on top of it since there were all these mistakes throughout the year.

On 9/30/09, we were denied the loan modification. We were told that we had a income/debt ratio of 36% and needed to be at 40%. Turns out when we used the numbers they told us they used, they didn't account for the property taxes and HOA. We are way over the 40%.

I called and called and another person told me that even if we met the 40%, we still didn't qualify because our net income was over 120% of the mortgage. They said that our income was more than 120% of our PDF (??).

Does anyone know about this 120% ratio?
It seems to me that they are basically saying if your mortgage,taxes, HOA is $2000, then your net income can only be up to $2400. That seems a bit ridiculous.

Anyways, we are current customers. We have exhausted almost all of our money to keep our place (we now carry balances on our credit cards in order to make payments, we've cancelled cable, home phone...i even took a supplemental part time job (which only can give me about 8 hours max per week if i'm lucky).

At this point I don't know what to do. Refi doesn't look like an option since we lost about $150k of our value (based off the bank's rough appraisal).

The loan is only in my husband's name...so we might consider defaulting as our last resort.

Any advice? I'm so frustrated.

mom_of_two · 10-07-2009, 12:37 PM

Hi
I am so sorry to hear your story. Though I dont know the answer of your question, but I want to say that dont give up. Its a good place to find help, hope someone who has knowledge/info may give some helpful advice. Good luck

MyHAMP · 10-07-2009, 02:45 PM

These two denial reasons don't sound like HAMP-requirements to me. Did you ever receive the starter-package from the HAMP? Smells fishy..

sadness · 10-07-2009, 02:55 PM

MyHamp-

When we first started the process, I don't think HAMP existed. After waiting for about 3 months, we got a package via fedex that said we were missing all these documents. That was about March. So we kept faxing things in and calling every week. In June, they told us to complete a whole new packet since the government came out with new guidelines (i'm assuming the HAMP stuff). So we faxed yet again and again. The last official complete packet of info was accepted on 8/21/09.

At this point I don't know anymore what they are looking at. I feel like every time I call, they come up with something new. But from the few I spoke to last, they stated that what we were submitting for was the Obama plan and that our only choice now is to try to refi or go into loss mitigation for some in-house temp. loan mods(they said loss mitigation is usually for people who are in default).

Yesterday I decided to call the local Chase Homeownership Centers to get general info. The lady told me that the whole process is under loss mitigation.

I'm sooooooooooo confused and frustrated!!!!!!

MyHAMP · 10-07-2009, 03:12 PM

sadness,

You're right, In January, the HAMP wasn't set up.
The standard procedure is that EVERYBODY who wants to participate in HAMP receives an official package including the required documents and general information.

Here are some documents they should have sent you IF you were under HAMP consideration:

http://https://www.efanniemae.com/sf...rrowersolicit/

If you never saw any of these documents, I doubt they were even trying to get you into the HAMP.

I never heard of this 120% - especially not in regards to income. That sounds like THEIR program - and ONLY theirs'.

Under the HAMP, they take 31% of the borrower's (NOT household) gross income and calculate your new payment based on that. If you are already paying less than that, HAMP is not for you because you can easily pay your mortgage (well, you should..

).

Under HAMP, they start "First, we check what you have and see what you can pay". What your lender did sounds like "Here's what you need to pay and that's what you have to earn".

Nope, that's NOT HAMP!

minknmelissa · 10-07-2009, 06:22 PM

I am so sorry that u are going through there rollercoaster too i guess your doing it on your own maybe you should try naca since there in house mods are usually not that great from my experience at least

itladyintexas · 10-08-2009, 06:08 PM

I am likewise sorry to hear about your situation. My scenario is almost the same. We have been working with the what has to be the worst loan servicing organization in American (Select Portfolio Servicing). They have strung us along for months as we continued to pay what started as a 3 Month Trial and is now a 5 Month Trial. They told us to quickly get in all of our documents and I have in writing where they committed to a modification plan. They assured us that our new modified mortgage would be perhaps a little more that what we are paying in the Trail because of taxes. Well, we were advised via email 2 days ago that our "package of loans" did not qualify for a loan modification under the HAMP program. They did not explain what this meant. Does anyone know? We put together a well written hardship letter and all supporting documents following the advise from this wonderful website and I know for a fact our ducks were lined up. We were always nervous because of the history of SPS and the fact that they have lied to us repeatedly. The end result is that they advised us that after review of our principle and interest which is $3600 and then adding the escrow items which add an additional $900 that our mortgage payment is $4500. They indicated that our income does not support that amount therefore we are not a candidate for loan modification. They also advised us that since our tax statements indicated an income of over 100K that we needed to make this kind of money to even qualify to pay the $4500. Keep in mind that our hardship was based on sizeable loss of income, medical (Parkinsons Disease), and huge losses due to Hurricane Ike. Well, our mortgage under HAMP is suppose to take 31% of the borrowers gross income . The Trail payment we have been making is based on this calculation. I am at a loss. Does anyone have advise for us? They offered us a short sale, time to stay in the house while it is being sold. I guess our whole concern is that we put over 100K down and added many features out of our pockets to this home which was going to be our retirement nest egg. We lost everything with Enron and then recouped reserves only to lose our jobs a couple of years ago. We can manage, but just need to understand how to navigate through these wolves. We checked with several Realtors who told us that comparable homes in our area have been on the market for over 20 months and that the owners are trying to lease them or foreclose. Please provide us with any advise. Thanks so much.

MyHAMP · 10-08-2009, 06:28 PM

We are with SPS as well and so far, everything is working smoothly.

HAMP itself has MANY factors. Now were you on a forbearance plan or on a trial period plan under HAMP? I'm asking because many people who are under a forbearance plan with their lender often think they are already in the HAMP. We were on a forbearance with SPS as well ($2600/month) BEFORE we started the HAMP-trial ($1300/month).

Did you receive the official HAMP-package including the letterhead and list of required documents? Before they can put you on the HAMP, they have to check some figures (like the NPV-test). What is your loan-amount? If it's too high (I think above $729K), you don't qualify for HAMP either.

Maybe you can provide some additional information because you stated that you were making HAMP trial payments (31%) AND were told you don't qualify for HAMP?!

dan m · 10-08-2009, 06:40 PM

dont spend everything trying to keep up on a mortgage you cant afford.

itladyintexas · 10-09-2009, 06:38 AM

We were not in a forebearance plan, but received all of the HAMP documents. We submitted them all back as instructed. We can absolutely afford the home if allowed some payment concessions due to the hardship. After checking with rentals in the area I found that they cost just a much or more than the mortgage we are now paying. There is no equity in the home, but am confident there will be in the long haul. This was our primary reason for building this home. This home is a track home in a custom neighborhood and as we were preparing to close escrow we found out from the lender that the custom community would not allow us to use its comparables because the home was not comparable to the others in this section. This was a total shock to us. By that time we had spent our own personal money having the home wired and everything else. Comps were pulled from another section were all the track homes are the same. This has affected of course the values and our direct next door neighborhood has had his home on the market for 2 plus years and not a bite. He was fooled as well. The salesman told us that he could get these larger lots and we could put a track home on it and save money. He told us that all the homes would be the same value as long as they were comparable sq. footage. This same salesman got about 4 of us to do this and we found that the Developer was sued by the custom homeowners for allowing us to come into the neighborhood with our tract homes and that the builder was not allowed to purchase anymore of these lots. We are truly upside down with this all, but felt like since we were staying for many years it would not be a problem.

darkdays · 10-11-2009, 07:47 PM

Quote:

Originally Posted by sadness

Hi everyone-

So my husband and I started the loan modification process on our 1st mortgage with Wamu/Chase back in January 09. My company cut everyone's salary 20% as of Feb 09. We waited 90 days and then we were told to resend everything since they were going to try to modify the loan under the government requirements. Every time I called to check up on the status, there was always something missing (which i was never told to send). Finally on 8/21/09, the full packet went into review. I called twice a week to make sure they were keeping on top of it since there were all these mistakes throughout the year.

On 9/30/09, we were denied the loan modification. We were told that we had a income/debt ratio of 36% and needed to be at 40%. Turns out when we used the numbers they told us they used, they didn't account for the property taxes and HOA. We are way over the 40%.

I called and called and another person told me that even if we met the 40%, we still didn't qualify because our net income was over 120% of the mortgage. They said that our income was more than 120% of our PDF (??).

Does anyone know about this 120% ratio?
It seems to me that they are basically saying if your mortgage,taxes, HOA is $2000, then your net income can only be up to $2400. That seems a bit ridiculous.

Anyways, we are current customers. We have exhausted almost all of our money to keep our place (we now carry balances on our credit cards in order to make payments, we've cancelled cable, home phone...i even took a supplemental part time job (which only can give me about 8 hours max per week if i'm lucky).

At this point I don't know what to do. Refi doesn't look like an option since we lost about $150k of our value (based off the bank's rough appraisal).

The loan is only in my husband's name...so we might consider defaulting as our last resort.

Any advice? I'm so frustrated.

Those two reasons are not true. Go to makinghomeaffordable.com and you will find the criteria.

sadness · 10-13-2009, 08:05 PM

Sigh...

I got the official denied letter today from Chase (dated 10/2/09). Here is what it says:

Washington Mutual is writing in response to your recent request regarding a loan modification on the above referenced account through the Making Home Affordable (MHA) program...bleh bleh....you do not qualify for a modification under the MHA program or any other modification program we offer for the following reason(s):

Your income exceeds the maximum for our lending program.

Too bad they couldn't have told me this 5 months ago instead of making me wait 10 months to find this out.

MyHAMP · 10-13-2009, 08:37 PM

Quote:

Originally Posted by sadness

....you do not qualify for a modification under the MHA program or any other modification program we offer for the following reason(s):

Your income exceeds the maximum for our lending program.

Hmm...has Chase its own MHA? That sounds odd..

1markdeviny · 10-14-2009, 06:47 AM

Sorry to hear about your frustration.

Unfortunately, homeowners in this forum are discovering how these banks work (or don't work). Everyone in this forum needs to realize that their lender IS NOT REQUIRED TO MODIFY YOUR LOAN. Even if their Lender "signed" up for the Government program. So what they do is tell you to continue to pay your mortgage (which you can't afford) while they "consider" you for a mod. Then they drag the process out for months until you have no more money. Then deny you.

This reminds me of the movie "Erin Brockovich." You remember seeing that movie? Remember what the Insurance companies "policy" was when claims were submitted? That's right, DENY DENY DENY. Out of the first 100 people who submitted claims, only 50% of those will submit a second time. When they resubmit, then they DENY you again. Then only a fraction of the people are left who resubmit a 3rd time and they throw those folks a bone. THIS is what you are up against. This might not make sense for some of you for why wouldn't the bank want to help someone in trouble? Well, keep in mind one important thing that you WON'T hear on the news or read in the newspaper: BANKS AND LENDING INSTITUTIONS ARE CONTRACTUALLY OBLIGATED TO PROTECT THE INTEREST OF THEIR INVESTORS...NOT THE HOMEOWNER. And banks are only interested in two things: 1) YOUR money and 2) YOUR money.

[jumping off soap box]

Sorry, these Banks really piss me off with the shady stuff that they are doing...and NO ONE is holding them accountable!

Couple of questions for you:

Are you a W2 or are you self employed? Do you file Joint returns?

Do not want to lose it · 10-14-2009, 08:04 AM

I am curious why you asked about W2s etc. Do you think those of us that are self employed do not stand a chance?
EMC put me on and in house trail payment and the payments are not even $200. less than my normal payment. I cannot afford it and pay my other bills. I stopped paying credit cards months ago so I am talking about the basics. I am sure they are just going to deny me anyway but I want to buy as much time as possible so I send in a payment of 31% of my income.
I am underwater by only $1000. with the value they gave my house in Jan.
So they will probably shoot me through foreclosure so fast my head will be spinning.

MyHAMP · 10-14-2009, 08:26 AM

Quote:

Originally Posted by Do not want to lose it

I am underwater by only $1000. with the value they gave my house in Jan.

That might be an issue with the NPV. I'm still keeping my fingers crossed that we pass it - with a balance of $550K and a value of the house of about $300K.

flagirl4444 · 10-14-2009, 09:45 AM

Quote:

Originally Posted by 1markdeviny

Sorry to hear about your frustration.

Unfortunately, homeowners in this forum are discovering how these banks work (or don't work). Everyone in this forum needs to realize that their lender IS NOT REQUIRED TO MODIFY YOUR LOAN. Even if their Lender "signed" up for the Government program. So what they do is tell you to continue to pay your mortgage (which you can't afford) while they "consider" you for a mod. Then they drag the process out for months until you have no more money. Then deny you.

This reminds me of the movie "Erin Brockovich." You remember seeing that movie? Remember what the Insurance companies "policy" was when claims were submitted? That's right, DENY DENY DENY. Out of the first 100 people who submitted claims, only 50% of those will submit a second time. When they resubmit, then they DENY you again. Then only a fraction of the people are left who resubmit a 3rd time and they throw those folks a bone. THIS is what you are up against. This might not make sense for some of you for why wouldn't the bank want to help someone in trouble? Well, keep in mind one important thing that you WON'T hear on the news or read in the newspaper: BANKS AND LENDING INSTITUTIONS ARE CONTRACTUALLY OBLIGATED TO PROTECT THE INTEREST OF THEIR INVESTORS...NOT THE HOMEOWNER. And banks are only interested in two things: 1) YOUR money and 2) YOUR money.

[jumping off soap box]

Sorry, these Banks really piss me off with the shady stuff that they are doing...and NO ONE is holding them accountable!

Couple of questions for you:

Are you a W2 or are you self employed? Do you file Joint returns?

Very true. The servicers are also looking out for themselves. They forward the monthly payments to the loan's investor. When a borrower doesn't make the payment, the servicer still pays the investor each month. They usually recoup that money plus late fees when the borrower cures. If the borrower does not cure, they foreclose and the servicer receives the payments they made and all their fees off the top of the foreclosure sale, then the investor gets the rest. If a loan is modified, the servicer isn't likely to recoup that money so they would rather a foreclosure occur so they can get their cash and move on. How convenient that they lose documents and drag their feet on these modifications.

sadness · 10-15-2009, 05:13 PM

Quote:

Originally Posted by 1markdeviny

Sorry to hear about your frustration.

Couple of questions for you:

Are you a W2 or are you self employed? Do you file Joint returns?

We filed joint returns and we aren't self employed. Sigh. The madness of it all!

1markdeviny · 10-15-2009, 05:32 PM

When you take your monthly mortgage payment (including your Principle, Interest, Taxes and Insurance) and divide it into your GROSS monthly income (YTD), what is the number you come up with?

darkdays · 10-15-2009, 06:11 PM

Quote:

Originally Posted by sadness

Sigh...

I got the official denied letter today from Chase (dated 10/2/09). Here is what it says:

Washington Mutual is writing in response to your recent request regarding a loan modification on the above referenced account through the Making Home Affordable (MHA) program...bleh bleh....you do not qualify for a modification under the MHA program or any other modification program we offer for the following reason(s):

Your income exceeds the maximum for our lending program.

Too bad they couldn't have told me this 5 months ago instead of making me wait 10 months to find this out.

What is the so-called maximum to qualify for a modification? Anybody know?

nmwadam · 10-15-2009, 06:47 PM

OK, here is some Advice. I sent in my paperwork for the HAMP program about 2 weeks ago and heard nothing. I found this site and it led me to some great information such as, email addresses, names, phone numbers etc. After waiting a week and hearing nothing, I begean an all out assault through email to every top Bank of America exec I could, when I still got no response I immediately did some research and got all the news channels email addresses, I got the Attorney Generals email address, I got the HUD admins email address, the housing council in my area, I also copied in the fannie mae and freddie mack emails, bbb. I recieved about 8 phone calls yesterday and today I recieved my 3 month trial mod. REMEMBER THAT BAD PUBLICITY FOR A BANK RIGHT NOW IS NOT IN THERE BEST INTEREST!!! ALSO remember that the SQUEAKY WHEEL gets the GREASE!!!

10-07-2009, 12:00 PM	#1 (permalink)
sadness Member Join Date: Oct 2009 Posts: 16 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	after 10 months of waiting- DENIED! HELP! Hi everyone- So my husband and I started the loan modification process on our 1st mortgage with Wamu/Chase back in January 09. My company cut everyone's salary 20% as of Feb 09. We waited 90 days and then we were told to resend everything since they were going to try to modify the loan under the government requirements. Every time I called to check up on the status, there was always something missing (which i was never told to send). Finally on 8/21/09, the full packet went into review. I called twice a week to make sure they were keeping on top of it since there were all these mistakes throughout the year. On 9/30/09, we were denied the loan modification. We were told that we had a income/debt ratio of 36% and needed to be at 40%. Turns out when we used the numbers they told us they used, they didn't account for the property taxes and HOA. We are way over the 40%. I called and called and another person told me that even if we met the 40%, we still didn't qualify because our net income was over 120% of the mortgage. They said that our income was more than 120% of our PDF (??). Does anyone know about this 120% ratio? It seems to me that they are basically saying if your mortgage,taxes, HOA is $2000, then your net income can only be up to $2400. That seems a bit ridiculous. Anyways, we are current customers. We have exhausted almost all of our money to keep our place (we now carry balances on our credit cards in order to make payments, we've cancelled cable, home phone...i even took a supplemental part time job (which only can give me about 8 hours max per week if i'm lucky). At this point I don't know what to do. Refi doesn't look like an option since we lost about $150k of our value (based off the bank's rough appraisal). The loan is only in my husband's name...so we might consider defaulting as our last resort. Any advice? I'm so frustrated.

10-07-2009, 12:37 PM	#2 (permalink)
mom_of_two Senior Member Join Date: Sep 2009 Posts: 46 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! Hi I am so sorry to hear your story. Though I dont know the answer of your question, but I want to say that dont give up. Its a good place to find help, hope someone who has knowledge/info may give some helpful advice. Good luck

10-07-2009, 02:45 PM	#3 (permalink)
MyHAMP Senior Member Join Date: Oct 2009 Location: Florida Posts: 724 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! These two denial reasons don't sound like HAMP-requirements to me. Did you ever receive the starter-package from the HAMP? Smells fishy..

10-07-2009, 02:55 PM	#4 (permalink)
sadness Member Join Date: Oct 2009 Posts: 16 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! MyHamp- When we first started the process, I don't think HAMP existed. After waiting for about 3 months, we got a package via fedex that said we were missing all these documents. That was about March. So we kept faxing things in and calling every week. In June, they told us to complete a whole new packet since the government came out with new guidelines (i'm assuming the HAMP stuff). So we faxed yet again and again. The last official complete packet of info was accepted on 8/21/09. At this point I don't know anymore what they are looking at. I feel like every time I call, they come up with something new. But from the few I spoke to last, they stated that what we were submitting for was the Obama plan and that our only choice now is to try to refi or go into loss mitigation for some in-house temp. loan mods(they said loss mitigation is usually for people who are in default). Yesterday I decided to call the local Chase Homeownership Centers to get general info. The lady told me that the whole process is under loss mitigation. I'm sooooooooooo confused and frustrated!!!!!!

10-07-2009, 03:12 PM	#5 (permalink)
MyHAMP Senior Member Join Date: Oct 2009 Location: Florida Posts: 724 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! sadness, You're right, In January, the HAMP wasn't set up. The standard procedure is that EVERYBODY who wants to participate in HAMP receives an official package including the required documents and general information. Here are some documents they should have sent you IF you were under HAMP consideration: http://https://www.efanniemae.com/sf...rrowersolicit/ If you never saw any of these documents, I doubt they were even trying to get you into the HAMP. I never heard of this 120% - especially not in regards to income. That sounds like THEIR program - and ONLY theirs'. Under the HAMP, they take 31% of the borrower's (NOT household) gross income and calculate your new payment based on that. If you are already paying less than that, HAMP is not for you because you can easily pay your mortgage (well, you should..). Under HAMP, they start "First, we check what you have and see what you can pay". What your lender did sounds like "Here's what you need to pay and that's what you have to earn". Nope, that's NOT HAMP!

10-07-2009, 06:22 PM	#6 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! I am so sorry that u are going through there rollercoaster too i guess your doing it on your own maybe you should try naca since there in house mods are usually not that great from my experience at least

10-08-2009, 06:08 PM	#7 (permalink)
itladyintexas Member Join Date: Aug 2008 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! I am likewise sorry to hear about your situation. My scenario is almost the same. We have been working with the what has to be the worst loan servicing organization in American (Select Portfolio Servicing). They have strung us along for months as we continued to pay what started as a 3 Month Trial and is now a 5 Month Trial. They told us to quickly get in all of our documents and I have in writing where they committed to a modification plan. They assured us that our new modified mortgage would be perhaps a little more that what we are paying in the Trail because of taxes. Well, we were advised via email 2 days ago that our "package of loans" did not qualify for a loan modification under the HAMP program. They did not explain what this meant. Does anyone know? We put together a well written hardship letter and all supporting documents following the advise from this wonderful website and I know for a fact our ducks were lined up. We were always nervous because of the history of SPS and the fact that they have lied to us repeatedly. The end result is that they advised us that after review of our principle and interest which is $3600 and then adding the escrow items which add an additional $900 that our mortgage payment is $4500. They indicated that our income does not support that amount therefore we are not a candidate for loan modification. They also advised us that since our tax statements indicated an income of over 100K that we needed to make this kind of money to even qualify to pay the $4500. Keep in mind that our hardship was based on sizeable loss of income, medical (Parkinsons Disease), and huge losses due to Hurricane Ike. Well, our mortgage under HAMP is suppose to take 31% of the borrowers gross income . The Trail payment we have been making is based on this calculation. I am at a loss. Does anyone have advise for us? They offered us a short sale, time to stay in the house while it is being sold. I guess our whole concern is that we put over 100K down and added many features out of our pockets to this home which was going to be our retirement nest egg. We lost everything with Enron and then recouped reserves only to lose our jobs a couple of years ago. We can manage, but just need to understand how to navigate through these wolves. We checked with several Realtors who told us that comparable homes in our area have been on the market for over 20 months and that the owners are trying to lease them or foreclose. Please provide us with any advise. Thanks so much.

10-08-2009, 06:28 PM	#8 (permalink)
MyHAMP Senior Member Join Date: Oct 2009 Location: Florida Posts: 724 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! We are with SPS as well and so far, everything is working smoothly. HAMP itself has MANY factors. Now were you on a forbearance plan or on a trial period plan under HAMP? I'm asking because many people who are under a forbearance plan with their lender often think they are already in the HAMP. We were on a forbearance with SPS as well ($2600/month) BEFORE we started the HAMP-trial ($1300/month). Did you receive the official HAMP-package including the letterhead and list of required documents? Before they can put you on the HAMP, they have to check some figures (like the NPV-test). What is your loan-amount? If it's too high (I think above $729K), you don't qualify for HAMP either. Maybe you can provide some additional information because you stated that you were making HAMP trial payments (31%) AND were told you don't qualify for HAMP?!

10-08-2009, 06:40 PM	#9 (permalink)
dan m Senior Member Join Date: Aug 2009 Location: Manteca- California Posts: 134 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! dont spend everything trying to keep up on a mortgage you cant afford. __________________ A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government. — George Washington

10-09-2009, 06:38 AM	#10 (permalink)
itladyintexas Member Join Date: Aug 2008 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! We were not in a forebearance plan, but received all of the HAMP documents. We submitted them all back as instructed. We can absolutely afford the home if allowed some payment concessions due to the hardship. After checking with rentals in the area I found that they cost just a much or more than the mortgage we are now paying. There is no equity in the home, but am confident there will be in the long haul. This was our primary reason for building this home. This home is a track home in a custom neighborhood and as we were preparing to close escrow we found out from the lender that the custom community would not allow us to use its comparables because the home was not comparable to the others in this section. This was a total shock to us. By that time we had spent our own personal money having the home wired and everything else. Comps were pulled from another section were all the track homes are the same. This has affected of course the values and our direct next door neighborhood has had his home on the market for 2 plus years and not a bite. He was fooled as well. The salesman told us that he could get these larger lots and we could put a track home on it and save money. He told us that all the homes would be the same value as long as they were comparable sq. footage. This same salesman got about 4 of us to do this and we found that the Developer was sued by the custom homeowners for allowing us to come into the neighborhood with our tract homes and that the builder was not allowed to purchase anymore of these lots. We are truly upside down with this all, but felt like since we were staying for many years it would not be a problem.

10-13-2009, 08:05 PM	#12 (permalink)
sadness Member Join Date: Oct 2009 Posts: 16 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! Sigh... I got the official denied letter today from Chase (dated 10/2/09). Here is what it says: Washington Mutual is writing in response to your recent request regarding a loan modification on the above referenced account through the Making Home Affordable (MHA) program...bleh bleh....you do not qualify for a modification under the MHA program or any other modification program we offer for the following reason(s): Your income exceeds the maximum for our lending program. Too bad they couldn't have told me this 5 months ago instead of making me wait 10 months to find this out.

10-14-2009, 06:47 AM	#14 (permalink)
1markdeviny Member Join Date: Sep 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! Sorry to hear about your frustration. Unfortunately, homeowners in this forum are discovering how these banks work (or don't work). Everyone in this forum needs to realize that their lender IS NOT REQUIRED TO MODIFY YOUR LOAN. Even if their Lender "signed" up for the Government program. So what they do is tell you to continue to pay your mortgage (which you can't afford) while they "consider" you for a mod. Then they drag the process out for months until you have no more money. Then deny you. This reminds me of the movie "Erin Brockovich." You remember seeing that movie? Remember what the Insurance companies "policy" was when claims were submitted? That's right, DENY DENY DENY. Out of the first 100 people who submitted claims, only 50% of those will submit a second time. When they resubmit, then they DENY you again. Then only a fraction of the people are left who resubmit a 3rd time and they throw those folks a bone. THIS is what you are up against. This might not make sense for some of you for why wouldn't the bank want to help someone in trouble? Well, keep in mind one important thing that you WON'T hear on the news or read in the newspaper: BANKS AND LENDING INSTITUTIONS ARE CONTRACTUALLY OBLIGATED TO PROTECT THE INTEREST OF THEIR INVESTORS...NOT THE HOMEOWNER. And banks are only interested in two things: 1) YOUR money and 2) YOUR money. [jumping off soap box] Sorry, these Banks really piss me off with the shady stuff that they are doing...and NO ONE is holding them accountable! Couple of questions for you: Are you a W2 or are you self employed? Do you file Joint returns?

10-14-2009, 08:04 AM	#15 (permalink)
Do not want to lose it Senior Member Join Date: Aug 2009 Location: Americas Hometown Posts: 66 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! I am curious why you asked about W2s etc. Do you think those of us that are self employed do not stand a chance? EMC put me on and in house trail payment and the payments are not even $200. less than my normal payment. I cannot afford it and pay my other bills. I stopped paying credit cards months ago so I am talking about the basics. I am sure they are just going to deny me anyway but I want to buy as much time as possible so I send in a payment of 31% of my income. I am underwater by only $1000. with the value they gave my house in Jan. So they will probably shoot me through foreclosure so fast my head will be spinning.

10-15-2009, 05:32 PM	#19 (permalink)
1markdeviny Member Join Date: Sep 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! When you take your monthly mortgage payment (including your Principle, Interest, Taxes and Insurance) and divide it into your GROSS monthly income (YTD), what is the number you come up with?

10-15-2009, 06:47 PM	#21 (permalink)
nmwadam Senior Member Join Date: Oct 2009 Posts: 44 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: after 10 months of waiting- DENIED! HELP! OK, here is some Advice. I sent in my paperwork for the HAMP program about 2 weeks ago and heard nothing. I found this site and it led me to some great information such as, email addresses, names, phone numbers etc. After waiting a week and hearing nothing, I begean an all out assault through email to every top Bank of America exec I could, when I still got no response I immediately did some research and got all the news channels email addresses, I got the Attorney Generals email address, I got the HUD admins email address, the housing council in my area, I also copied in the fannie mae and freddie mack emails, bbb. I recieved about 8 phone calls yesterday and today I recieved my 3 month trial mod. REMEMBER THAT BAD PUBLICITY FOR A BANK RIGHT NOW IS NOT IN THERE BEST INTEREST!!! ALSO remember that the SQUEAKY WHEEL gets the GREASE!!!

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