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Denied, Again...

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by SharksFan, Apr 1, 2014.

  1. SharksFan

    SharksFan LoanSafe Member

    I was approved for a FHA HAMP mortgage last year, after 3 payments the co-borrower on the mortgage filed BX and did not reaffirm. Applied the denial, and got no where.

    So now I applied for CHAMP, Chase's in-house mod. I found out today, I was denied based on income (too little).

    My current monthly mortgage payment is$2,265, and my outstanding loan is $309k. Gross income is $5,350. My HAMP payment that I was approved for (and made for 7 months) was $1,548. Any ideas why I do not qualify for CHAMP at all? I am behind approx. $27k in payments.

    I really want to save my house, so would renting a room out help me? This would increase my income by $500-700 a month.
  2. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Anyway to increase your income would be helpful. I know people who were denied, then when they rented a room, they were approved.
  3. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Anyway to increase your income would be helpful. I know people who were denied, then when they rented a room, they were approved.
  4. LoanModHelpCenter.com

    LoanModHelpCenter.com Michael Nazarinia Loan Workout Expert 877-747-2969

    SharksFan - please call in or email in i believe we can shed some more light on your math and your denial to check if its wrongful or not.

    since you didn't accept a partial claim through a perm mod, you should also find out why the FHA-HAMP was denied as well on your most recent denial.

    Please have the following inputs from the "Find out now if you qualify" thread to discuss or call in to set an appointment.


    EMAIL ME THE FOLLOWING OR POST UPDATED 5/17/2013 TO LOANSAFE@LOANMODHELPCENTER.COM

    1. Loan Balance Now=
    2. Past Due if any=
    3. Gross Monthly Income for Borrower and Co Borrower=
    4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
    5. Real Estate Taxes per month=
    6. Insurance and/or HOA per month=
    7. Home Value (check zillow.com or chase home value estimator)=
    8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)
    9. Other monthly debt payment total for credit cards and collections =
    10. Current interest rate =
    11. Fixed Rate or Adjustable Rate? =
    12. Have you been modified before? if so, what date? =
    13. When did you get this loan, what year? =
    14. If you own any other properties, it is best to set an appointment to discuss =
  5. SharksFan

    SharksFan LoanSafe Member

    Well if I rent a room for $700, with a front end dti of 31% (currently it would be 39% with $700 rent), my back end DTI would be 43%. Do you think that would be acceptable?

  6. SharksFan

    SharksFan LoanSafe Member

    Well if I rent a room for $700, with a front end dti of 31% (currently it would be 39% with $700 rent), my back end DTI would be 43%. Do you think that would be acceptable?
  7. LoanModHelpCenter.com

    LoanModHelpCenter.com Michael Nazarinia Loan Workout Expert 877-747-2969

    sharksfan - having a 31% ratio front end and 43% back end when you apply, makes the mortgage already affordable. - michael
  8. SharksFan

    SharksFan LoanSafe Member

    Sorry, what I meant was if I rented a room for $700, AND got a loan mod with a 31% front end DTI, my back end dti would be 43% (wasn't sure if that was too high).

    With my current mortgage and NO rooms rented, my FE DTI is 44% and my BE DTI is 57%. With $700 in rental income this would drop to 39% and 51%, respectively.
  9. LoanModHelpCenter.com

    LoanModHelpCenter.com Michael Nazarinia Loan Workout Expert 877-747-2969

    sharksfan, feel free to email the inputs in and you should get a response in 24-48 hours if you haven't called in to set an appointment. the FHA-HAMP and CHAMP mods are different and the partial claim amount and if you have a mod already booked are some questions i have. normally takes 10-15 minutes.

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