Provident Funding Denied - Loan Modification Forum

MrBillyd · 10-24-2009, 07:21 AM

Hello,
I have been working 20 hours OT a week since 06. In April of 09 we had layoffs and furloughs. My OT was shut off. I qualified for my loan by using my massive OT. I have lost about 1500 a month. My hardship letters main focus was loss of income. THe HOPE counselor and everyone else says I qualifiy for HAMP. My rolling 90 day gross since July lands me a housing DTI of 33-36%. My denial from Provident is that > They use my Year to Date on my pay stub and say I am at 28%.
So apparently if you have loss of income happen, you need to have it at the end of the year and then File in the new year. This way your Year to date reports your current situation.
What is my recourse if Provident will not look at my Gross income correctly?
I then resubmitted with a letter from my employer stating the down turn, and that it will not change in the foreseeable future

I have a foreclosure sale near the end of Nov.

Any one have suggestions on my next move?

MrBillyd · 10-25-2009, 09:50 PM

Does anyone know if you can request Freddie Mac to review a denial by a servicer?
I need info fast!

Bill

SillyWorld · 10-25-2009, 09:55 PM

Just reapply to the servicer as new they will most likly do it all over again, they like it this way

Evan Bedard · 10-26-2009, 09:19 AM

Hi Mrbillyd,

Quote:

What is my recourse if Provident will not look at my Gross income correctly?
I then resubmitted with a letter from my employer stating the down turn, and that it will not change in the foreseeable future

I have a foreclosure sale near the end of Nov.

Any one have suggestions on my next move?

The letter from your employer should work just fine. I have seen cases were they will only review the past 3 months of paystubs to qualify for the modification..

MrBillyd · 10-26-2009, 09:36 PM

I just looked at the e-mail from Provident.ffice

ffice" />>>
They state that Freddie Mac's policy is you take YTD from the pay stub and calculate the Monthly Gross. Then compare it to the current situation and take the highest Gross. This is insane.>>
If you have a lost income hardship, you would take the current situation. Or Past 90 days.>>
What is my recourse for a servicer bending me over?>>
I know the HAMP outline would not have them use the highest Gross. >>
Anyone with a bean of since would use a 90 day average, for finding your current situation.>>
But >Does anyone have a suggestion of how to deal with a servicer that doesn’t interpret HAMP correctly?>>
Bill>>

10-24-2009, 07:21 AM	#1 (permalink)
MrBillyd Junior Member Join Date: Oct 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Provident Funding Denied Hello, I have been working 20 hours OT a week since 06. In April of 09 we had layoffs and furloughs. My OT was shut off. I qualified for my loan by using my massive OT. I have lost about 1500 a month. My hardship letters main focus was loss of income. THe HOPE counselor and everyone else says I qualifiy for HAMP. My rolling 90 day gross since July lands me a housing DTI of 33-36%. My denial from Provident is that > They use my Year to Date on my pay stub and say I am at 28%. So apparently if you have loss of income happen, you need to have it at the end of the year and then File in the new year. This way your Year to date reports your current situation. What is my recourse if Provident will not look at my Gross income correctly? I then resubmitted with a letter from my employer stating the down turn, and that it will not change in the foreseeable future I have a foreclosure sale near the end of Nov. Any one have suggestions on my next move?

10-25-2009, 09:50 PM	#2 (permalink)
MrBillyd Junior Member Join Date: Oct 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Provident Funding Denied Does anyone know if you can request Freddie Mac to review a denial by a servicer? I need info fast! Bill

10-25-2009, 09:55 PM	#3 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,138 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Provident Funding Denied Just reapply to the servicer as new they will most likly do it all over again, they like it this way __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

10-26-2009, 09:36 PM	#5 (permalink)
MrBillyd Junior Member Join Date: Oct 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Provident Funding Denied I just looked at the e-mail from Provident.fficeffice" />>> They state that Freddie Mac's policy is you take YTD from the pay stub and calculate the Monthly Gross. Then compare it to the current situation and take the highest Gross. This is insane.>> If you have a lost income hardship, you would take the current situation. Or Past 90 days.>> What is my recourse for a servicer bending me over?>> I know the HAMP outline would not have them use the highest Gross. >> Anyone with a bean of since would use a 90 day average, for finding your current situation.>> But >Does anyone have a suggestion of how to deal with a servicer that doesn’t interpret HAMP correctly?>> Bill>>

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