Applying for HAMP with a separation hardship - Loan Modification Forum

Bikenut · 10-26-2009, 10:19 AM

Greetings,

I am about to apply for the HAMP loan modification with Wachovia. The majority of my hardship came about when my wife and I separating a little over a year ago. There was no formalised separation agreement, no paperwork, only a verbal agreement between us. I've also had my hours cut since Jan. of this year. This cut my household income by about 60%. I've been supplimenting from my savings, but in about 6-8 months these funds will be depleted. My question(s) are in regards to how I should fill in the forms required. My wife is still listed on the loan, the deed, and we filed a joint tax return for 2008. Do I give them all the information for her income and have her sign all the applications? I'm afraid that if I do they're grab her income as well as mine and deny the application. I'm also afraid that if I don't include her info and have her sign the applications too that they'll reject it because she is listed as a co-borrower and hasn't signed the forms.

So, has anyone applied like this with a similar situation? was it successful?

Any advice would be greatly appreciated.

Thanks,
Mark

Evan Bedard · 10-26-2009, 10:54 AM

Hi Bikenut welcome and thank you for joining.

Quote:

My question(s) are in regards to how I should fill in the forms required. My wife is still listed on the loan, the deed, and we filed a joint tax return for 2008. Do I give them all the information for her income and have her sign all the applications? I'm afraid that if I do they're grab her income as well as mine and deny the application. I'm also afraid that if I don't include her info and have her sign the applications too that they'll reject it because she is listed as a co-borrower and hasn't signed the forms.

So, has anyone applied like this with a similar situation? was it successful?

I have seen many situations similar to yours. you do not want to include your wifes information because they will include her income in the modification. Explain in your hardship that your wife no longer lives with you and is not contributing to the household in any way..

Bikenut · 10-26-2009, 12:55 PM

Thank you for the fast responce Evan. I will proceed with only my information, pay stubs, bank accounts, and signatures on the information forms (4506-T & harship affidavit). The joint tax return will have to go as is, at least it will serve as proof as to what the home income used to be. I will also stress in the hardship letter that my wife no longer lives in the home nor contributes to paying the bills there.

Evan Bedard · 10-26-2009, 01:11 PM

Quote:

Thank you for the fast responce Evan. I will proceed with only my information, pay stubs, bank accounts, and signatures on the information forms (4506-T & harship affidavit). The joint tax return will have to go as is, at least it will serve as proof as to what the home income used to be. I will also stress in the hardship letter that my wife no longer lives in the home nor contributes to paying the bills there.

Perfect good luck and please keep us posted!

By the way Wachovia seems to be very good on their modifications. A few homeowners here recently have actually got a principle reduction from them..

raharkne · 10-27-2009, 05:12 AM

I applied for a modification due to a separation hardship. I was not married when I purchased the home. We wanted both our names on the home, but Wachovia chose only to use my name, even though I did not make enough money alone to pay the note.

My hardship letter declared the separation as my financial roadblock. I received a trial mod, and am awaiting my permanent one, as my mortgage transferred to Wells Fargo just before my 4th payment was due. As far as I can see, I'm approved for 5 years at 2%, then step up to a maximum of 4.8% for LOL.

Evan Bedard · 10-27-2009, 10:19 AM

Quote:

My hardship letter declared the separation as my financial roadblock. I received a trial mod, and am awaiting my permanent one, as my mortgage transferred to Wells Fargo just before my 4th payment was due. As far as I can see, I'm approved for 5 years at 2%, then step up to a maximum of 4.8% for LOL.

Wow! Congratulations, keep us posted when you receive the paperwork

10-26-2009, 10:19 AM	#1 (permalink)
Bikenut Junior Member Join Date: Oct 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Applying for HAMP with a separation hardship Greetings, I am about to apply for the HAMP loan modification with Wachovia. The majority of my hardship came about when my wife and I separating a little over a year ago. There was no formalised separation agreement, no paperwork, only a verbal agreement between us. I've also had my hours cut since Jan. of this year. This cut my household income by about 60%. I've been supplimenting from my savings, but in about 6-8 months these funds will be depleted. My question(s) are in regards to how I should fill in the forms required. My wife is still listed on the loan, the deed, and we filed a joint tax return for 2008. Do I give them all the information for her income and have her sign all the applications? I'm afraid that if I do they're grab her income as well as mine and deny the application. I'm also afraid that if I don't include her info and have her sign the applications too that they'll reject it because she is listed as a co-borrower and hasn't signed the forms. So, has anyone applied like this with a similar situation? was it successful? Any advice would be greatly appreciated. Thanks, Mark

10-26-2009, 12:55 PM	#3 (permalink)
Bikenut Junior Member Join Date: Oct 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Applying for HAMP with a separation hardship Thank you for the fast responce Evan. I will proceed with only my information, pay stubs, bank accounts, and signatures on the information forms (4506-T & harship affidavit). The joint tax return will have to go as is, at least it will serve as proof as to what the home income used to be. I will also stress in the hardship letter that my wife no longer lives in the home nor contributes to paying the bills there.

10-27-2009, 05:12 AM	#5 (permalink)
raharkne Member Join Date: May 2009 Location: Decatur, Georgia Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Applying for HAMP with a separation hardship I applied for a modification due to a separation hardship. I was not married when I purchased the home. We wanted both our names on the home, but Wachovia chose only to use my name, even though I did not make enough money alone to pay the note. My hardship letter declared the separation as my financial roadblock. I received a trial mod, and am awaiting my permanent one, as my mortgage transferred to Wells Fargo just before my 4th payment was due. As far as I can see, I'm approved for 5 years at 2%, then step up to a maximum of 4.8% for LOL.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode