ASC mortgage seriously behind!! Now need all the advise I can get!!

[NJHomeowner]

Hello live in New Jersey and brand new to the site. Have a primary residence with a 1st that is serviced by ASC and trustee for Prime 2005-5 is US Bank National Association. Am assuming that US Bank National is investor but not sure. Also have an Equity line with Wells Fargo. Balances and arrearage are:

1st: Balance 265K and arrears are 53K
2nd: Balance 100K and arrears are 800 dollars

Home Value is approx. 400K.

Have been trying to modify the 1st mortgage loan since Feb. 2011 and had been staying current till just recently on Equity line.

Everything started in late 08 when my Landscape Design construction biz got so slow that I ended up closing doors by year end after 20 years. Had quite a bit of savings and my wife had and still has a Bank managing position went on the hunt first for a job at the age of 48 and then on a search for another biz to purchase. Landed on a food biz in March of 2010. Big mistake as I ended up buying a dud and closed the doors in May 2011. Now finding ourselves with no cash reserve as we lived off it for 3 years and invested the rest in a failed second biz. My wife's income is only 65k/year and before 2008 my income was averaging 170K and is now zero as I am still unemployed and looking hard for employment. Ist mortgage is at 6 7/8 and a payment of 2785 includes Taxes and Insurance. Equity is interest only @4% pmt 270/mo. BTW the second has offered modification but I have yet to go down that road.


Other issues:

1. Credit Card debt: 30K

2. Investment Property in North Carolina Behind in mortgage since Jan. 2011 and 2nd since March 2011. And is in Foreclosure since June of 2011 but presently trying to short sale it. It is also vacant with no tenant. Owe on that property about 40K then it is worth between Ist and Equity line. Both with Wells Fargo. Second has been Charged off and they have given it to collection company that has made me as low as 25k settlement offer on 101K Bal. Wish I could but cannot settle as that would give me positive equity.

3. Boat Repo in Feb. 2012 Deficiency Balance 68K

4. Medical Bills as wife had issues with all the stress 6K

5. Car Repo Deficiency Balance 4K

We presently have about 20k in cash as wife recently cashed in a pension with previous employer. And a Tax refund check of 6800. I have a line on possibly 2 jobs that have not been officially offered to me yet but have some promise. Either job would allow us to afford our primary " WHICH BY THE WAY WE POSITIVELY DO NOT WANT TO GIVE UP OR SELL " as our credit is destroyed and we really love our home and also have a son in the house that has his girlfriend living with us, as she has a really bad relationship with her parents. Plus they have a baby coming in December and they cannot afford to move out, as he is trying to get through school and get a good paying job... she works but does not make but 18k/year and he has a P/T job making about $350/wk. We do not ask them for any money as they can barely pay their bills, car loans, CC's and so on.

Until now ASC has not pressured us with the mortgage as we were trying to get modified but our debt to income was way off. When the Food biz was open I could show them cash flow on paper but there was no true income. They still want to put us through Hamp again, as I just received all the paper work for the third time. But with me having no income don't think we would qualify and even if I did get one of the 2 jobs our debt to income and all the bad credit history over the last year is a disaster.

We would obviously like to file for Chapter 7 and do qualify through the means test. But would also really like to keep our home. If we could just get modified and maybe put all past due on the back end and get a great rate reduction and be able to file Chap. 7, getting rid of everything else including other property as we do not want to try and keep it. We could maybe see some light at the end of this very dark tunnel. But the timing of everything seems to be the biggest problem. My parents have told us that they would lend us the difference of what we owe in past due mortgage payments and what we have in bank but we would have have to get even with ASC by the end of the month. Because they can only give us barely enough to get even. My bankruptcy atty said we could file for Chap.13 and put all rears on a repayment plan but everything I have read about 13 seems like it is a financial prison for 5 years. Plus it would cost us about 4300/mo just for the house payment between normal mortgage payments and repayment plan of rears for a whopping 5 years, and then if we cant afford it, we have a pile of crap left to deal with as all other debts come back and we have to scramble for a 7 losing our home to boot.

The ideal scenario would be get even with our primary by end of month. File for 7 get discharge in 3 to 4 months get then get employment and try and get modified on the first as we will probably fall behind again as we do not have enough income till I can get the right job to qualify for the Modification.

Another scenario is possibly to try and get modified now. As I was told I can get my son's to commit income per month towards household with a commitment statement signed by them. But I would not want them guaranteeing the mortgage in anyway...not sure how that works. As you already know my one son lives with us and the other, who is about to finish getting a divorce and who earns a high income over 120k/year may be moving back in with us after divorce to try and help our situation out. But that is still a little sketchy as his divorce is still not complete and unsure if he will be left and obligated with his present mortgage. He is only married about a year and a half with no kids so he will not be dealing with alimony. A bit much pressure to put on him considering he is dealing with a divorce...but he did say if he can get out of his mortgage obligation he would love to help us...also he is 27 years old. Then file a 7 and after discharge gain employment and relieve my sons of their presently needed help. Or get even with mortgage first if we cant get modified and then file 7.

Timing seems like the hardest part in all this!! Because we definitely have to file for Bankruptcy.


Any way a lot of scenarios.....a PILE of STRESS and not sure what to do!!!

Also one important piece of information we were just sent a certified " Intent to Foreclose" and the amount needed to bring mortgage current. But according to our attorney and theirs we are in the very early stages of foreclosure. They both said it could take a year in a half in New Jersey. But again we want to keep our home and if we let any more time go by we probably wont be able too!!


All advice on our situation is much appreciated and this seems to be a great site with lots of great information!!

Thanks in advance,
SG

[Evan Bedard]

Welcome and thanks for joining the forum NJhomeowner.

Your attorney is correct that foreclosures in New Jersey are taking very long to complete compared to most states and it can easily be 1-2+ years. So you may have more time to work on this than you think. Filing for BK does seem like something you are going to need to do but I would not rush to file and first try to work out a solution on your 1st mortgage. Since you are currently unemployed you can try applying for a forbearance period which will allow you to make reduced payments for a period of 6-12 months while you work on finding a new job. Upon finding a job your servicer will then review your account for a loan modification and if you are successful if will apply your entire past due amount to the back of the mortgage and bring it current.

Here are a couple programs for the unemployed you may want to look into:

Home Affordable Unemployment Program (UP)

If you are unemployed and depending on your situation, MHA's Home Affordable Unemployment Program (UP) may reduce your mortgage payments to 31 percent of your income or suspend them altogether for 12 months or more.

You may be eligible for UP if you meet all of the following criteria:

You are unemployed and eligible for unemployment benefits.
You occupy the house as your primary residence.
You have not previously received a HAMPSM modification.
You obtained your mortgage on or before January 1, 2009.
You owe up to $729,750 on your home.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for UP.

You can also check out the NJ hardest hit fund as it provides mortgage assistance for those who are unemployed. New Jersey HomeKeeper is funded through a federal grant from the United States Treasury’s Hardest Hit Fund awarded to States most impacted by unemployment and underemployment.

New Jersey Housing and Mortgage FInance Agency | The New Jersey Homekeeper Program

[NJHomeowner]

Evan thank you for your quick response. I am unemployed but due to two failed businesses. I have not applied for unemployment as I believe the businesses have to be dissolved to qualify. Dissolving them could be a problem as there are some back taxes that have to be taken care of first before they can be dissolved. Taxes that they cannot come after me personally for. But I will call the local unemployment office tomorrow and find out if I can collect. Also my wife is employed and makes about 65k/year and she is on the mortgage. I do meet all the other criteria.

As far as the NJ Homekeeper program everything I have read on the net, says it is nearly impossible to qualify for and it says that I can not own any other real estate. Which I do but it is in foreclosure and I have no intention of keeping it. The property is in NC and we received a NOD in May of 2011. Thought they were going to take it not long after, but instead a hearing which I can attend down there keeps getting continued 45 days later. This has been going on for a year now. I think they do not have a copy of the original note as it was originally a Wachovia mortgage. I was thinking of demanding that they produce the original note from 2005. Just set that property up for short sale process.

You seem very knowledgable as I have read many other responses you have posted. Any more good advice on your part would be much appreciated.

Lately me and my wife feel that we need to make a move soon or have no chance of being able to keep our home. And we very much need to somehow!!

We presently have just enough to get even at the end of the month between what we have and what my parents are willing to lend us. But going forward we will fall behind again right away. I am also thinking of demanding they produce the original note on our home, as i have read many blogs that say they cannot foreclose with the original promissory document, but fear that I will tick them off and they will no longer work out something with us.

We decided that bankruptcy was eminent long ago but have been riding it out trying to position everything just right. Again as in my original post thought about chapter 13 but feel we would never make it through the payment plan. Chapter 7 is what we need and we do qualify for it in our present position. Thanks again for any help!!

SG

[NJHomeowner]

Well Evan I did check and am not eligible for unemployment benefits. Which basically does not make me eligible for either program. Also I still technically own the other property in NC and that would make me ineligible for the NJ Homekeeper program in itself.

I also today reached out to my Home Preservation Specialist at ASC and asked about Forbearance. He told me i must first start with the HAMP application and then other programs come available possibly if i do not get approved for HAMP.

It's all very frustrating and stressful, because it just seems like I am heading for another roller coaster Modification ride, coming up empty again, and even farther behind on the first Mortgage with no chance of recovery!!

Please anyone chime in here with any potential help!!!

Welcome and thanks for joining the forum NJhomeowner.

Your attorney is correct that foreclosures in New Jersey are taking very long to complete compared to most states and it can easily be 1-2+ years. So you may have more time to work on this than you think. Filing for BK does seem like something you are going to need to do but I would not rush to file and first try to work out a solution on your 1st mortgage. Since you are currently unemployed you can try applying for a forbearance period which will allow you to make reduced payments for a period of 6-12 months while you work on finding a new job. Upon finding a job your servicer will then review your account for a loan modification and if you are successful if will apply your entire past due amount to the back of the mortgage and bring it current.

Here are a couple programs for the unemployed you may want to look into:

Home Affordable Unemployment Program (UP)

If you are unemployed and depending on your situation, MHA's Home Affordable Unemployment Program (UP) may reduce your mortgage payments to 31 percent of your income or suspend them altogether for 12 months or more.

You may be eligible for UP if you meet all of the following criteria:

You are unemployed and eligible for unemployment benefits.
You occupy the house as your primary residence.
You have not previously received a HAMPSM modification.
You obtained your mortgage on or before January 1, 2009.
You owe up to $729,750 on your home.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for UP.

You can also check out the NJ hardest hit fund as it provides mortgage assistance for those who are unemployed. New Jersey HomeKeeper is funded through a federal grant from the United States Treasury’s Hardest Hit Fund awarded to States most impacted by unemployment and underemployment.

New Jersey Housing and Mortgage FInance Agency | The New Jersey Homekeeper Program

[NJHomeowner]

Was told and document sent in the HAMP Mod Packet....that a non-borrower such as my 27 year old son's income can be used to qualify for HAMP.

Questions I have:

One, is all of his income put towards the eligibility and approval or just what he states he is contributing??
(Reason I ask this is that he has a pretty high income 120K plus).

Two, he is just coming towards the end of a divorce and is still responsible to pay for the mortgage on his home that his ex is living in till the divorce is final.

Three, how is his other obligations and expenses listed. I would imagine separate from ours.

The reason we need his income is that more than half our original income is gone as I had to close the doors on my business because of this horrible economy, and presently looking for a job. Without putting my son in the picture we do not have enough income presently to support the household as my wife makes about 65K and our mortgage payments are: 1st is $2785 and 2nd is $270.

****Potential problems I see are:

1. He is just moving back in and we have to prove that he lives in our home ( His payroll checks and the address he uses for his employer is our home address. I would think that is a positive. I believe his Credit Card address is also ours, although he pays on line and has paperless statements. I also know his banking address is ours, but again he is paperless with that too).

2. His High income is could hurt us if they put all of it in the calculations. ( I was told by our home preservation specialist that he is to draft a statement stating what amount of his income he will be contributing.) Just unsure how it will all comes together.

Does anyone on this wonderful site have any experience with this scenario....or know how all this will play out.

Thanks in Advance!!

[NJHomeowner]

We are looking to submit a HAMP modification.

Due to this horrible economy I was forced to close the doors on 2 Businesses in the last 4 years. We were living off savings for awhile but about a year ago we eventually could not afford a lot of other obligations. 2nd home in foreclosure, cc's charged off, boat repo charged off, one car repo charged off, 18 months behind on our primary residence.

My wife's income is stable @65k but me losing what I used to make about 150K killed us. I am presently seeking employment but have not been successful. Her monthly gross is about $5500. On the light side but doable if we did not have to consider all the loans we are not paying on. We want to KEEP THE HOUSE!!

We do have to file and presently qualify for a BK 7 but are holding off trying to stabilize and not lose our primary residence. Which has no equity. About even money at the moment.

So the question is, would it be possible under HAMP or IN HOUSE to get a Mod with all the ugliness on our credit at the moment. And do we list all these obligations as monthly expenses, being we are not paying on them and do not want any of what's left...which is really only the second home that we are walking from that is presently in foreclosure and close to being taken back by the Bank. .

Fico's are probably around 500 to 525 at the moment.

Any knowledge on this type of situation is very much welcome.

[Cat Damiano]

Credit scores are not factored in for the modification as many have poor credit that are going through this process. What they will do is if it is a HAMP modification that you are being considered for, if your back end debt ratio is over 55 percent, they will recommend counseling to help you with your budget.

[NJHomeowner]

Cat thanks for the reply... one thing I still am confused about will those accounts that have been charged off and or possibly repo'd have to be included in our monthly expenses in the Mod. Application as we do not pay on them anymore .

[NJHomeowner]

Cat thanks for the reply... one thing I still am confused about will those accounts that have been charged off and or possibly repo'd have to be included in our monthly expenses in the Mod. Application as we do not pay on them anymore .

Would really like to find out how they treat unpaid debt that has been charged off and or taken back?? Looking to submit a Hamp Mod again but would like to know if anyone has had experience with this, or know the answer to this.

[Cat Damiano]

Hi NJHomeowner,


In order to best help you out with your HAMP modification application and questions, Michael from the Loan Mod Help Center here on LoanSafe can offer you a free consultation to help you out with this as he has for many members here on the forum. Have your credit report available and your application for the consultation. Be sure to email Michael first as you are on the east coast with a time and date of your availability so he can set an appointment to do this with you, he will need roughly 30 minutes of your time.

Email him at the following to let him know;
loansafe@loanmodhelpcenter.com

[NJHomeowner]

Thank you Cat, what do you mean by application for consultation? I have the credit report just not sure what application you are talking about.

Hi NJHomeowner,


In order to best help you out with your HAMP modification application and questions, Michael from the Loan Mod Help Center here on LoanSafe has agreed to offer you a free consultation to help you out with this. Have your credit report available and your application for the consultation. Be sure to email Michael first as you are on the east coast with a time and date of your availability so he can set an appointment to do this with you, he will need roughly 30 minutes of your time.

Email him at the following to let him know;
loansafe@loanmodhelpcenter.com

[Cat Damiano]

I am talking about the modification application that you are filling out, (RMA)

[NJHomeowner]

Duh, what an idiot i am. Sorry about that. Thanks again.

[Cat Damiano]

No worries, email Michael and he will be able to help you get that filled out properly.

[Cat Damiano]

Please keep us posted on your progress with the modification process here. Good Luck, I do hope that they are able to work something out soon.

[PatZZ]

Was told and document sent in the HAMP Mod Packet....that a non-borrower such as my 27 year old son's income can be used to qualify for HAMP.

Questions I have:

One, is all of his income put towards the eligibility and approval or just what he states he is contributing??
(Reason I ask this is that he has a pretty high income 120K plus).

Two, he is just coming towards the end of a divorce and is still responsible to pay for the mortgage on his home that his ex is living in till the divorce is final.

Three, how is his other obligations and expenses listed. I would imagine separate from ours.

The reason we need his income is that more than half our original income is gone as I had to close the doors on my business because of this horrible economy, and presently looking for a job. Without putting my son in the picture we do not have enough income presently to support the household as my wife makes about 65K and our mortgage payments are: 1st is $2785 and 2nd is $270.

****Potential problems I see are:

1. He is just moving back in and we have to prove that he lives in our home ( His payroll checks and the address he uses for his employer is our home address. I would think that is a positive. I believe his Credit Card address is also ours, although he pays on line and has paperless statements. I also know his banking address is ours, but again he is paperless with that too).

2. His High income is could hurt us if they put all of it in the calculations. ( I was told by our home preservation specialist that he is to draft a statement stating what amount of his income he will be contributing.) Just unsure how it will all comes together.

Does anyone on this wonderful site have any experience with this scenario....or know how all this will play out.

Thanks in Advance!!

My understanding is that you could list your son as tenant/boarder. Doesn't even matter that he is your son. Both of you sign an agreement and have him pay enough rent to get you qualified. Keeping in mind that your lender will use net rent (meaning using a vacancy factor).

New Jersey Homekeeper is a big joke. Read posts here. So don't even think you missed out on anything. You can't owe more than $48k in arrears. Only 6% of the apps have been approved and it's taking them 8 months or more to get back to people. Useless program.

I wish you the best.

[Cat Damiano]

Hi Pat,


For HAMP the lender uses Gross not Net;


When Schedule E is not available to document rental income because the property was not
previously rented, servicers may accept a current lease agreement and bank statements or
cancelled rent checks.

If the borrower is using income from the rental of a portion of the borrower’s principal residence,
the income may be calculated at 75 percent of the monthly gross rental income, with the
remaining 25 percent considered vacancy loss and maintenance expense.


In theory, going through all of that trouble isn't necessary as a portion of the son's income necessary to help can be used anyway as a non borrower occupant.


Non-Borrower Household Income:

A non-borrower is someone who is not on the original note (and may or may not be on the
original security instrument), but whose income has been relied upon to support the mortgage
payment. Non-borrower household income that may be considered for HAMP qualification must
come from someone who resides in the residence. Examples include a non-borrower spouse,
parent, child or a non-relative, but in each case, a person who shares in the occupancy of the
home and provides some support for the household expenses.

Servicers should include non-borrower household income in monthly gross income if it is
voluntarily provided by the borrower and if, in the servicer’s business judgment, that the income
reasonably can continue to be relied upon to support the mortgage payment. Non-borrower
household income included in the monthly gross income must be documented and verified by the
servicer using the same standards for verifying a borrower’s income. If income is being used for
a non-borrower, the servicer should use only the income that the non-borrower will contribute to
the mortgage. The servicer must verify the occupancy of a non-borrower in the same manner it
verifies the occupancy of a borrower, after obtaining written authorization from
the non-borrower to obtain the non-borrower’s credit report.

[PatZZ]

I'm with you on that Cat. I just defer to rental/boarder because it is far less invasive (IMO) than having an official "non-borrower" added. Going the non-borrower route could be more trouble. But what counts is that there are options.

[NJHomeowner]

Just a quick update. I am onboard with Michael (an absolute wealth of knowledge in Modifications) over at the LoanModCenter and he is helping me get my Hamp Mod forms in. I will keep everyone updated!!

[freedomwon]

NJHomeowner - I'm here to answer your questions about your 2nd property in another state. There are many reasons why they have not followed through with the foreclosure since you received the NOD last in May 2011. It's quite possible, the bank has not instructed the trustee to sell due to missing paperwork. i.e. the note & deed have been separated. Technically, they are to travel together & the foreclosing entity must have both in their possession at the time a NOD is filed. You indicated an assignment was recorded to Deutsch Bank. Your loan may be sitting in a foreign investment pool.

Another possibility could be that your property is in a high foreclosure area & the banks are controlling the inventory & only releasing so many at a time so they don't further depress the real estate market. Know that this is all speculation as to the reason why they have not foreclosed.

I chose to address your concerns here since this is YOUR thread that tells your story. It also makes it easier for others on loansafe to follow.

[NJHomeowner]

NJHomeowner - I'm here to answer your questions about your 2nd property in another state. There are many reasons why they have not followed through with the foreclosure since you received the NOD last in May 2011. It's quite possible, the bank has not instructed the trustee to sell due to missing paperwork. i.e. the note & deed have been separated. Technically, they are to travel together & the foreclosing entity must have both in their possession at the time a NOD is filed. You indicated an assignment was recorded to Deutsch Bank. Your loan may be sitting in a foreign investment pool.

Another possibility could be that your property is in a high foreclosure area & the banks are controlling the inventory & only releasing so many at a time so they don't further depress the real estate market. Know that this is all speculation as to the reason why they have not foreclosed.

I chose to address your concerns here since this is YOUR thread that tells your story. It also makes it easier for others on loansafe to follow.

Freedomwon thank you for your response.

Yes it is odd. But I feel that paperwork is missing because when I call the foreclosing attorneys office days before the special hearing they tell me they are waiting on paperwork to come in.....but this has been going on for 13 months now!!

I think I should send the attorneys office a certified written request for proof of possession of the note and deed at the time that NOD had been filed.

Also another thing that has me perplexed is shouldn't I be able to find in the county records the NOD that was filed?...I have not come across that. Maybe I am not looking in the right place!!

[freedomwon]

The foreclosing attorney (which is acting as trustee) is unable to move forward until they receive instructions from your lender. If your gut instinct is telling you documents are missing, you're probably right. Listen to your gut!

I think I should send the attorneys office a certified written request for proof of possession of the note and deed at the time that NOD had been filed.

That is an excellent idea & I encourage you to do that as soon as possible.

Frankly, I'm not familiar with New Jersey foreclosure laws so I don't know if it's required to file a NOD with the county recorder. You might want to research the laws in your state. Did you ever receive a NOD? If so, take it with you if you decide to go to the recorders office so you can show a clerk what you're looking for.

[NJHomeowner]

The foreclosing attorney (which is acting as trustee) is unable to move forward until they receive instructions from your lender. If your gut instinct is telling you documents are missing, you're probably right. Listen to your gut!

That is an excellent idea & I encourage you to do that as soon as possible.

Frankly, I'm not familiar with New Jersey foreclosure laws so I don't know if it's required to file a NOD with the county recorder. You might want to research the laws in your state. Did you ever receive a NOD? If so, take it with you if you decide to go to the recorders office so you can show a clerk what you're looking for.[/COLOR]

Freedomwon thank you for your post. But there is a little confusion about which property we are talking about. The property I am posting about here is my 2nd property in the state of North Carolina, not my primary in NJ. And NC is a Non Judicial state. I did receive an NOD for this property back in May of 2011. But I am having trouble locating that NOD (where do you think I can obtain a copy of it?)

Today in more county record searches I came across a request for "Substitute Trustee" where Deusche Bank is requesting the foreclosing Attorney be made Substitute Trustee for the DEed of Trust and it was dated 5/9/11 as the recording date.....yet Deusche Bank was not assigned as Trustee for the deed of trust by MERS till 5/19/11 as the recording date, thats 10 days after Deusche Bank made a request for "Substitute Trustee"......I find that very odd!! As Deusche Bank was not yet the assigned trustee when they made a request and recorded for a "Substitute Trustee". Is this possible and allowed or a "Goof" on their part? And do I have something here. Again this foreclosure sale has been getting postponed every month with no effort on my part for the last 13 months!!

It maybe time for me to make some effort here!!

Sorry for the confusion of properties!!

But that is why I originally posted this in the other thread! To avoid confusion.

[freedomwon]

Hi NJHomeowner - Call it like you see it! I confused your 2 properties. Sorry about that.

I did receive an NOD for this property back in May of 2011. But I am having trouble locating that NOD (where do you think I can obtain a copy of it?)

The NOD that was filed in May should be available in the county in NC where the property is located. That is where you can get a copy of the recorded NOD. (providing there is one).

Since you're not there, you may want to call the county recorders office & see if you can order one. They may charge you a fee for that service (if they provide it). In regards to your online searches of documents, I think your best course of action is to request copies of all documents that have been filed on your property since inception. Then, once you have them, put them in chronological order so you can see what is what & figure out where to go from there.

[NJHomeowner]

Thank you Freedomwon that makes a lot of sense. Hopefully I can get them to send them to me. I will keep you posted.

[NJHomeowner]

Just a quick update.......we are approximately 30 days into the Hamp Mod process and 2 weeks in review with underwriting.....need this to happen badly. The stress is there but I have an ace in the hole with the help of Michael over at LMHC. He does a great job of keeping me calm and collective through the step process. We have submitted a REST REPORT with the application and documentation, which will help immensely in getting things through. Keeping my fingers crossed!!

I will give another update when I have more to report.

[Cat Damiano]

It looks like things are moving along in the right direction, Good Luck with the modification!

[NJHomeowner]

UPDATE:

Just found out late yesterday we were denied again....contacted Michael @ LMHC and we did a couple conference calls with Executive team. Seems the BPO they are using is quite high and they also omitted bonus pay from my wife's Gross income. Reason my home preservation specialist gave me on the phone was affordability and that the investor guidelines do not allow for interest reduction. Michael says thats BS and that there is other reasons. BPO they have used being one and also how they calculated gross income. There may also be other reasons....anyway long story short we are APPEALING THE DENIAL as soon as I receive it in writing and going from there. Michael feels it is just a setback and that we will prevail as the Rest Report Analysis says we qualify HAMP I and II even with the BPO and income they used. Thank God for REST REPORT!!

I will post the next update when we have one!! ASC sure as hell makes things harder than they should be!!

[freedomwon]

NJHomeowner - Keep at it & don't lose the faith. After spending lots of time reading on loansafe, I've come to the conclusion it's the banks job to find reasons to deny you. Even if it means feeding you something bogus. Deny, deny, deny so you'll feel hopeless & just give up. While many homeowners can & do give up without really trying, it is people like you that will eventually prevail (one way or another).

[NJHomeowner]

NJHomeowner - Keep at it & don't lose the faith. After spending lots of time reading on loansafe, I've come to the conclusion it's the banks job to find reasons to deny you. Even if it means feeding you something bogus. Deny, deny, deny so you'll feel hopeless & just give up. While many homeowners can & do give up without really trying, it is people like you that will eventually prevail (one way or another).

Thanks Freedomwon I will not give up.....persistence will prevail! And as Michael @LMHC said our inputs and numbers do qualify. We just have to keep after them till they finally break and agree.....but they are surely trying as hard as they can to find reasons not to approve us. Michael reminds me all the time how ASC/WF makes more $$ if they foreclose but the investor who ASC says is JP Morgan Chase will lose money. Anyway Michael tells me to just be patient that success is in our future it will just take longer to get there!!

After reading your ending story you did give me some thoughts to just save every penny drag this out for maybe another 2 to 3 years and pay Cash for a much smaller home.....but we really love our home as it is on the bay and very unique so for now we will continue the Modification Battle!!

[Cat Damiano]

UPDATE:

Just found out late yesterday we were denied again....contacted Michael @ LMHC and we did a couple conference calls with Executive team. Seems the BPO they are using is quite high and they also omitted bonus pay from my wife's Gross income. Reason my home preservation specialist gave me on the phone was affordability and that the investor guidelines do not allow for interest reduction. Michael says thats BS and that there is other reasons. BPO they have used being one and also how they calculated gross income. There may also be other reasons....anyway long story short we are APPEALING THE DENIAL as soon as I receive it in writing and going from there. Michael feels it is just a setback and that we will prevail as the Rest Report Analysis says we qualify HAMP I and II even with the BPO and income they used. Thank God for REST REPORT!!

I will post the next update when we have one!! ASC sure as hell makes things harder than they should be!!

You are in good hands with Michael, there were other members on the forum that had been denied as well that posted approvals shortly after Michael had taken on their case.

Please keep us posted on how it goes and Good Luck!

[NJHomeowner]

You are in good hands with Michael, there were other members on the forum that had been denied as well that posted approvals shortly after Michael had taken on their case.

Please keep us posted on how it goes and Good Luck!

Yes and Thx Cat I surely am in good hands.....the drawn out battle is a drag, but am most confident we will prevail!!

[NJHomeowner]

Hello all!! Just got a call from Michael @LMHC and he told me that our re-submittal has been assigned and escalated to the Executive Office of the President at WF. It appears there were quite a few inputs omitted out of our NPV. It also appears that things may be swinging back in the right direction. Keeping our fingers crossed!!!

Will keep everyone updated.

[Cat Damiano]

Hello all!! Just got a call from Michael @LMHC and he told me that our re-submittal has been assigned and escalated to the Executive Office of the President at WF. It appears there were quite a few inputs omitted out of our NPV. It also appears that things may be swinging back in the right direction. Keeping our fingers crossed!!!

Will keep everyone updated.

That is good that you are appealing the denial and correcting the inputs. Good Luck!!! Keep us posted.