Hello and a newbie! - Loan Modification Forum

wayward1 · 07-24-2009, 10:05 PM

I've been reading on here for weeks, excellent info! but still kinda confused...

We did get a trial 3-month loan modification (7-15-09), however I am unsure about the escrow. Our usual payment was $373/month w/insurance (37.17) and we paid the taxes as they were due (twice a year). I realize the mod has to do the escrow, and our real estate taxes were just due...they want to do a mod for 294.50 a month (for the trial), but are saying our escrow is $151/month. the paperwork is saying that (ins/re taxes) is included in the total payment? It seems hard for me to believe that the escrow (which in figures is indeed correct) would lower our actual payment down to $184 as far as the actual house payment...

Also, hubby is self-employed (contract work) since the second month of this year. Will the previous year's tax return, when he had a job where he made more money and had taxes taken out, have any bearing on this situation? i do not know what to do as proving his money intake-he gets paid via paypal...would a profit and loss statement be best?

sorry if i am going on too much, but i need to get this out next week...i still have a week and am the best procrastinator...

thanks for any input!!

Murray12 · 07-26-2009, 03:37 PM

I don't believe his previous income won't be a factor.

What was the interest rate and and amount of the original mortgage?

wayward1 · 07-26-2009, 04:26 PM

Thanks for responding, Murray.

Our interest rate was 7.15% 15-year fixed for 46,000, balloon payment to refinance in 2017 (refinance in 2001). So, you are thinking they will rely on income figures from last year which are way above our current situation? Interesting. I was never asked that on the phone (about last year's income).

I'm thinking of going ahead and sending that thing in with the lower payment and if it gets denied at the end of the 3 months, we'll take it somewhere from there. I'm calling them tomorrow to get a few more details that I am concerned about.

Maddening stuff, this is!

Murray12 · 07-26-2009, 04:49 PM

No I DO NOT think they will reply on the previous income.

wayward1 · 07-26-2009, 04:51 PM

Sorry, Murray, I misunderstood-thanks for clarifying!

Murray12 · 07-26-2009, 05:33 PM

OMG Sorry. I can't type today. I DO NOT think they will RELY on the previous income.

wayward1 · 07-26-2009, 05:39 PM

no worries, i am the master of typos! lol

thanks again!

07-24-2009, 10:05 PM	#1 (permalink)
wayward1 Senior Member Join Date: Jul 2009 Posts: 69 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Hello and a newbie! I've been reading on here for weeks, excellent info! but still kinda confused... We did get a trial 3-month loan modification (7-15-09), however I am unsure about the escrow. Our usual payment was $373/month w/insurance (37.17) and we paid the taxes as they were due (twice a year). I realize the mod has to do the escrow, and our real estate taxes were just due...they want to do a mod for 294.50 a month (for the trial), but are saying our escrow is $151/month. the paperwork is saying that (ins/re taxes) is included in the total payment? It seems hard for me to believe that the escrow (which in figures is indeed correct) would lower our actual payment down to $184 as far as the actual house payment... Also, hubby is self-employed (contract work) since the second month of this year. Will the previous year's tax return, when he had a job where he made more money and had taxes taken out, have any bearing on this situation? i do not know what to do as proving his money intake-he gets paid via paypal...would a profit and loss statement be best? sorry if i am going on too much, but i need to get this out next week...i still have a week and am the best procrastinator... thanks for any input!!

07-26-2009, 03:37 PM	#2 (permalink)
Murray12 Senior Member Join Date: Jun 2009 Location: MA Posts: 109 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hello and a newbie! I don't believe his previous income won't be a factor. What was the interest rate and and amount of the original mortgage? __________________ SunTrust Predatory Lending - My personal blog and fight with SunTrust's predatory lending practices. Please take a look and add a comment.

07-26-2009, 04:26 PM	#3 (permalink)
wayward1 Senior Member Join Date: Jul 2009 Posts: 69 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hello and a newbie! Thanks for responding, Murray. Our interest rate was 7.15% 15-year fixed for 46,000, balloon payment to refinance in 2017 (refinance in 2001). So, you are thinking they will rely on income figures from last year which are way above our current situation? Interesting. I was never asked that on the phone (about last year's income). I'm thinking of going ahead and sending that thing in with the lower payment and if it gets denied at the end of the 3 months, we'll take it somewhere from there. I'm calling them tomorrow to get a few more details that I am concerned about. Maddening stuff, this is!

07-26-2009, 04:49 PM	#4 (permalink)
Murray12 Senior Member Join Date: Jun 2009 Location: MA Posts: 109 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hello and a newbie! No I DO NOT think they will reply on the previous income. __________________ SunTrust Predatory Lending - My personal blog and fight with SunTrust's predatory lending practices. Please take a look and add a comment.

07-26-2009, 04:51 PM	#5 (permalink)
wayward1 Senior Member Join Date: Jul 2009 Posts: 69 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hello and a newbie! Sorry, Murray, I misunderstood-thanks for clarifying!

07-26-2009, 05:33 PM	#6 (permalink)
Murray12 Senior Member Join Date: Jun 2009 Location: MA Posts: 109 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hello and a newbie! OMG Sorry. I can't type today. I DO NOT think they will RELY on the previous income. __________________ SunTrust Predatory Lending - My personal blog and fight with SunTrust's predatory lending practices. Please take a look and add a comment.

07-26-2009, 05:39 PM	#7 (permalink)
wayward1 Senior Member Join Date: Jul 2009 Posts: 69 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hello and a newbie! no worries, i am the master of typos! lol thanks again!

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