Wamu/Freddie Mac Denied ME!

[thrasher949]

I purchased my home in July of 2006 for $475,000. My lender told me to put down 10%, barrow against my 10% (heloc) and finance the remaining 80% as a first so that way I don’t have to pay PMI.
Now I received a 20% pay cut as of January 1st. Knowing a pay cut was coming I filled for a modification on PMINov 14th, 2008. I called and called and finally heard from the negotiator on Feb 5th. I submitted my stubs and verified a total 30% pay cut the first month. I am a commission employee so month to month my pay changes slightly.



I called 888-995-hope on Saturday and spoke with Josh. Super nice guy. We went through all of my expenses and verified that my mortgage was the problem. Of my 4200 take home 3200 is my house! Today the negotiator from the bank called and said that Freddie Mac denied my loan modification because I wasn’t 31 days or more delinquent. I explained to her I have been selling off as many personal items as I could to keep making my payment until I heard back from them so I didn’t ruin my credit. My house might sell for 285,000. That’s almost 200k loss in 2 years. I can’t refinance because I owe 427,000 still. How are these plans going help responsible people like myself?

[Moe Bedard]

Have you tried contacting Chase directly for the MHA program that was released on March 4th to see if you may qualify for it...........

here is the link.......
https://www.chase.com/chf/mortgage/hasp

[thrasher949]

Thats the barrowers assistance form, I filled that out and returned it on November 14th, and then gave them my recent pay stubs in Febuary showing my income loss.

[Walking Away]

You no longer need to be late to qualify for the new Making Homes Affordable program; just rolled out on March 4th and finally being offered by many servicers this week. So if you have Freddie; it would be worth calling back and reapplying. I was denied for 2 loan mods and told I had no other options and then a new program came along in December and I reapplied. Not every phone rep knows the new rules; so I'd call back and ask to apply for the Making Homes Affordable program--the loan mod part of it; not the refinance part. Here's link to see if you are eligible. Good luck

Making Home Affordable - Home Affordable Modifications

[Moe Bedard]

The link that I provided above is to the new program, if you filled out your information in Nov. and then again in Feb..............you would need to reapply for that specific program using the contact number on that page..........because it just started on March 4th.
1-866-550-5705