Modification surplus help...

[Questions]

Hi all. I know every situation is different and depends on the servicer. It looks like most people who have been approved for modifications had a surplus of about $200 when they applied. Was this surplus with the new proposed mortgage payment or with your original mortgage payment? I've worked with all of my creditors to get my minimums lowered and am hoping that I will qualify for a mod now. My servicer is Aurora and I am working with NACA but they are submitted my package for a forbearance but ALS is saying I don't qualify for forbearance because I'm not 30 days late yet. I have a call scheduled to see if they will submit my updated financials Monday. If not, I will just submit them myself. I hope NACA will submit for me because I would really prefer having them work for me.

I haven't been asked for bank acct stmts from NACA yet and they have submitted my workout package. Will I be required to submit bank stmts to confirm expenses or do they just take your word and verify credit card payments listed on your credit bureau?

Thanks so much for all responses!

[sval82]

Hi Questions- I did the $200 surplus after I pay my modified mortgage payment. Also, I never had to submit bank statements, so you likely will not have to... I also have Aurora. I beleive that they verify your debt payments via your credit report.

[Questions]

Thanks so much sval82. Who was your investor? I have no idea who mine is. It isn't listed anywhere on my credit report either. I'm just praying this thing goes through. Waiting for an ARM to increase is NO fun!!!

[sval82]

My investor is Fannie Mae... I was fortunate there:-) Have you tried checking online on the Fannie and Freddie sites? That is how I found out... If you go to the www.makinghomeaffordable.gov, then click on loan look up. You can see if you have Fannie or Freddie at least...