Avelo story

[polinabp]

Hello,
My name is Polina. I'm in the same situation like you. I have mortgage with Avelo and I'm trying to get modification.I was really glad to know that you got it. It gives me hope that I might get it too.
I had a few questions to you.
1. Are you or your husband self employed? Because my main question to them was that my husband is self employed and he had some good income last year, but this year he barely has been working. Is it going to affect any way their decision on our case?
and
2. Did you send them a full appraisal on your house or just comparison sheet from your realtor? Was your value higher then your loan amount? In other words are they looking for higher value or lower value?

Thanks much. I hope you understand our straggling situation and can help us out with some more info on your success.

[Moe Bedard]

Hi Polinapb,
Welcome to the forum and thank you for joining us.........

While your story might appear similar to Nitag's story just be aware that each loan from Avelo has different investors and therefore the outcomes and modifications are very different as each case is individual.........
you can read Nitag's story from start to finish here:

Avelo Modification Finally!!!!YAY!!!

[polinabp]

I've read the story.

Do you have any general info for me any guidlines?

I got the package, I'm going to send them all info that I have.

Also I talked to one loan officer and he said that the main thing that I'm paying my mortgage and credit cards on time, so the investor would take my loan. But what about the value? What if my value is right as much as I owe them?

Thanks for all your help.

[nitag]

Hi polinabp-

As *** says each scenerio is so different. Avelo sent out a broker to give an honest opinion of our homes value (her opinion was high)! When I sent my info to them I included the appraisal that we had done last year that I think honestly reflects the value of our home. They (Avelo) have never said what the value means to them. Our loan balance is 361,000 and the appraisal is 375,000, brokers opinion 425,000 - Big difference.

If I can offer any advice to you at all, follow the advice you read here. Post your story, Poppy and *** offer great advise.

My first attempt at a modification was last Sept and it was declined. With the help and encourgement from Poppy I was ready to try again, BUT I sent in the QWR (you can find that on this site) and I think that opened Avelo's eyes and THEY contacted me and wanted me to try the modification attempt again.

Neither of us are self employed, but I think they will want a profit loss statement (Poppy will know more about that then me). I do know that on your financials you will want to be able to show some surplus from 100 - 250 dollars. I think in my story I posted my financial numbers.

Good luck and remember stay strong ( I didn't always) and really follow the advise you get here, its a great site...

Feel free to ask any questions...

nitag

Thank you for joining and welcome to the forum...

Read all the pages of the story with Nitag...we made it, but there were some times we wondered.....

Every case is different, self employment is tough, is your husband in a seasonal job that could pick up? You did not mention if you were working...the budget issues is tough these days I realize. You need to prepare a YTD 2008 Profit and Loss, use a Blank Schedule C from the Income tax return forms for 2007 to figure the YTD information for that process and change the date to 2008 - YTD Profit and Loss.

Now what you want to do is find a realtor friend to do a BPO/CMA for you so that you can send that with your package, do not have a realtor friend, call and agent who is active in your neighborhood and tell them you need a CMA. You do not need to give a reason..if they ask you can say you are thinking of listing, *** loves it when I do that one.....

[polinabp]

Thanks for replying.

I'll feel out application along with the letter and see what we get.

I'll keep you posted.