PHH Servicer, FMA Investor, Help! - Loan Modification Forum

Linnell05 · 08-11-2009, 09:15 AM

Ok, my servicer is PHH. My investor, according to them, is Fannie Mae. My original lender packaged it for HUD-1, and I'm not sure how it made it to Fannie. It's a 90% loan, not an 80-10 or anything like that.

We bought a home last year, and the construction market died. Hub has been out of work for 4 mos, and a new job came in last week. It will now take over 60% of our gross, 70% net, to pay the mortgage. Did the loan mod paperwork a month ago, to get the ball rolling. Our home has decreased in value 120,000 in a little over a year. We are upside down by over the 125% refi limit.

Now my question: This is a statement off of the gov website... is anyone getting their loan mod to include these whole mortgage payments?
"Total Monthly Payment on Your First (or "primary") Mortgage
Be sure to INCLUDE principal, interest, taxes, insurance and homeowners association dues if applicable."fficeffice" />>>
http://makinghomeaffordable.gov/payment_reduction_estimator.html

PHH says that ONLY my payment will be reduced, not counting the impound acct. Maybe I'm blind, or I can't read basic English... but to me, it means the TOTAL payment will go down to 31% gross.

ANY OTHER ADVICE WILL BE APPRECIATED!! :-)

Evan Bedard · 08-11-2009, 10:08 AM

Hi linell05 welcome and thank you for joining the community.

Quote:

Total Monthly Payment on Your First (or "primary") Mortgage
Be sure to INCLUDE principal, interest, taxes, insurance and homeowners association dues if applicable.

Yes I have seen many modifications that include your entire mortgage payments(PITIA).

Linnell05 · 08-12-2009, 12:43 PM

Wooo hoooo! This means that my neighbor's lawyer didn't do the 'best possible' and justifies ME to hubby that I WILL do the best job!

08-11-2009, 09:15 AM	#1 (permalink)
Linnell05 Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	PHH Servicer, FMA Investor, Help! Ok, my servicer is PHH. My investor, according to them, is Fannie Mae. My original lender packaged it for HUD-1, and I'm not sure how it made it to Fannie. It's a 90% loan, not an 80-10 or anything like that. We bought a home last year, and the construction market died. Hub has been out of work for 4 mos, and a new job came in last week. It will now take over 60% of our gross, 70% net, to pay the mortgage. Did the loan mod paperwork a month ago, to get the ball rolling. Our home has decreased in value 120,000 in a little over a year. We are upside down by over the 125% refi limit. Now my question: This is a statement off of the gov website... is anyone getting their loan mod to include these whole mortgage payments? "Total Monthly Payment on Your First (or "primary") Mortgage Be sure to *INCLUDE* principal, interest, taxes, insurance and homeowners association dues if applicable."fficeffice" />>> http://makinghomeaffordable.gov/payment_reduction_estimator.html PHH says that ONLY my payment will be reduced, not counting the impound acct. Maybe I'm blind, or I can't read basic English... but to me, it means the TOTAL payment will go down to 31% gross. ANY OTHER ADVICE WILL BE APPRECIATED!! :-)

08-12-2009, 12:43 PM	#3 (permalink)
Linnell05 Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: PHH Servicer, FMA Investor, Help! Wooo hoooo! This means that my neighbor's lawyer didn't do the 'best possible' and justifies ME to hubby that I WILL do the best job!

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