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Approved for new apollo modification,payment is now higher

Discussion in 'Loan Modification' started by lisagr47, Apr 21, 2011.

  1. lisagr47

    lisagr47 LoanSafe Member

    I applied for a loan modification back in September 2010. Went through a forbearance agreement that raised our payment 289.00. After making that last payment I resubmitted the paperwork again. The person that I have been dealing with at wells fargo just called and said I was approved for the new loan modification. Our payment would now be 1680 up from 1402. She said they lowered our interest rate from 6.37 to 5. After I told her that we were struggling with the 1402 is there anything else that can be done, she said no. I asked her about hamp and she couldn't find anything in my file about it so she is supposed to call me back. Is there anything else that can be done or ist this it ?
  2. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 800-779-4547

    Your payment should be 31% of your income is it? Divide your p/I pyment by gross income what do you get?
  3. lisagr47

    lisagr47 LoanSafe Member

    When I divide using 1402 I get 33 %,using the 1680 I get 40%. The lady that we are working with called back and said it is higher because they added the escrow onto the payment . She said we didn't qualify for hamp because the dti needs to be 31 % and ours is 32 %.
  4. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 800-779-4547

    Well that is a interesting way to explain why you don't qualify for HAMP. What they mean is you don't pass the demmininis test requiring at least a 6% reduction in payment. So they are right no HAMP for you as you are already pretty much at 31%, and it would not show a 6% reduction in payment. We are doing a ton of research on this Apollo mod, on phone with Fannie now, they asked what servicer i see wells. Keep you posted. I think its going to be a branding of the new "PRA" program

    Do you mind sending these docs to me to my email? he is standing by next hour if i can get him the docs, obvious we offer a product not a service so this is all 1000% FREE, as we would like to know what the heck this is. Can you please send the docs. I have a direct communication with one of the leads and he is very interested to see the docs. Can you shoot to my email ASAP please.

    charlierose@restreportmatters.com he will then explain, hes is also interested to see, payment went up 200$... and this new program is to stop the re default rate, lol not a good start. I think he feels the same.

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