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FHA Hamp/ Non Borrower Spouse

Discussion in 'Making Home Affordable' started by momofthree, Apr 29, 2010.

  1. momofthree

    momofthree LoanSafe Member

    I am in the process of a loan mod and have submittied paperwork too many times too count. My spouse is not on the loan and they are now demanding her w2's and paystubs. I have called the hope hotline twice and gotten two different answers as to whether or not I have to submit that info. My concern is we have already had a shortening of hours and her smaller income has already been reduced and very well may be eliminated by years end and once we do a mod, if we even get approved, then thats it. Anyone have any info? I know the hope website states it can be used if given voluntarily but do we technically have to?
  2. Garry

    Garry LoanSafe Member

    I'm not that familiar with FHA HAMP, but I am with regular. If you've already done this and they're asking again, I'm pretty sure there was a rule change to keep the originals valid through out the process. Like I said, this would be regular HAMP, don't know if it would apply to FHA. Also, if you used the wifes income, I think you would need to provide the stubs if you haven't already.
  3. fades47

    fades47 LoanSafe Member

    Mine is the same way, wife was never EVER on the loan, nowher name is all over it. I dont understand. . . .If the spouse never signed anything in the first place, how can the ask for W-2?
  4. jakelabry

    jakelabry LoanSafe Member

    Perhaps because they are saying using one income will not qualify you for the loan mod and they will deny you without it. Just a guess ...
  5. momofthree

    momofthree LoanSafe Member

    I cant find specific guidelines for an FHA Hamp. I spoke to one counselor who said no you dont have to submit unless you need the supporting income and the other said yes you did not matter what and also you have to submit income but no debts under her name. This whole procedure is so confusing and its hard enough to get a straight answer.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hi momofthree,

    Do you are and your husband share a bank account and/or does he contribute to the household expenses?
  7. momofthree

    momofthree LoanSafe Member



    I just realized the posting is a bit confusing going back and forth between he and she so I will clarify a bit as well. Loan is under my husbands name and bank account 1 is under both of our names. I do have a seperate account which is solely under my name where the my work is direct deposit. The monies there are used basically to pay credit card debt under my name. We are trying to avoid bankruptcy at this point. I would be willing to show the accounts to prove we are not hiding thousands of dollars but they also are wanting w2s and bank stubs and as I mentioned they have been laying off quite a lot and indications are I may be out of a job by years end. Im just not sure if I have to submit this as they are saying if I dont basically they will deny the application.
  8. jakelabry

    jakelabry LoanSafe Member

    But isn't that your answer? Maybe you ARE not REQUIRED to but if you don't, then they will not approve the modification. That is pretty clear. It seems they are saying your husband WILL NOT qualify for a modification using only his income.
  9. momofthree

    momofthree LoanSafe Member

    Well thats where my confusion comes in. By saying if I dont submit them they will deny it doesnt that in essence make it required? My issue is if they technically can deny without them?
  10. jakelabry

    jakelabry LoanSafe Member

    Absolutely, if your spouse's income will not support a modified payment (i.e., nothing they do can get it to 31%), then they can deny it or else ask you to include your income in order to be considered. People are turned down for modifications all the time because their income won't support even a modified payment. You have an FHA loan and the FHA HAMP will not reduce interest below 5%, they will only forbear ~30% of principle, and I don't think they extend the term at all. So if your spouse's income cannot fit into the parameters of that program, they say no.

    Technically they cannot require your income and technically they are not required to give your spouse a modification.
  11. momofthree

    momofthree LoanSafe Member

    Fair enough. My question was just if there are staright requirements. Seems to be so confusing with everyone having a different answer. You would think that with something so important there would be more clear guidelines.
  12. Garry

    Garry LoanSafe Member

    I personally don't understand why anyone would tell you that you didn't need to submit the proof. You claimed it as income, you need to prove the income now.
  13. momofthree

    momofthree LoanSafe Member

    I guess I am not explaining myself well as that is my point. I am unsure as to whether or not I have to claim that income since I am not on the loan.
  14. Garry

    Garry LoanSafe Member

    I thought jakelabry did a nice job of explaining it to you. I had to prove my wifes income even though she's not on the loan, it's the only way I would qualify for help. She's not on the loan, but she is supporting us now.
  15. Garry

    Garry LoanSafe Member

    Is this what you where digging for, momofthree?
  16. Garry

    Garry LoanSafe Member

    I can put it simpler terms if you'd like. Nothing to hide, nothing to fear. Understand?
  17. momofthree

    momofthree LoanSafe Member

    I apologize I wa sunable to get to your three post as quickly as expected but again I am not trying to hide anything. It's a bit assuming of you to say that. My income will be lost this year and thats a big concern. Not to mention that Jakelabry circumstances are a bit different as when I spoke to a hope counselor I was told my husbands income was enough to cover the the bills and get us at the 31%. My income is NOT supporting us. So they told me I do NOT have to submit my income then the bank said I did hence my confusion.

    Jakelabry I do thank you for your response I understand that the bank wants the info but because of the almost definite possibility I will be losing my income I was concerned that the modification would include it then the amount would still be unmanagable because my income is paying off as i mentioned bills under my name. I work very part time and walk away with maybe 50. So I considered it a somewhat unique situtation.

    I will continue to work with them and see what options are available.
  18. jakelabry

    jakelabry LoanSafe Member

    If that's the case, then you have no problem. However you need to understand that the parameters of an FHA HAMP are different than that of a regular HAMP - your interest rate will not be lower than 5% and they will not extend the term to 40 years. So, if you are counting on 2% at 40 years to fit your husbands income into the 31%, it ain't gonna happen.
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  19. momofthree

    momofthree LoanSafe Member

    Oh I know they are different which I think adds to the confusion. From what I was told the FHA Hamp is not below %5 and also a partial claim. Honestly just the 5% would put as where we need to be at this point. Its amazing how a sligh reduction in the interest rate can help so much. If we could get 5% and keep it at 30 years then we would have a payment we could afford as opposed to struggling every single month. Of course lower is better but I understand this program is to allow me to keep my home at an affordable rate as opposed to a dream rate :)

    Another option we may have to consider is unfortunately bankruptcy as that would eliminate our debt which would allow us to make payments on our current home but of course would kill us credit score wise.. Trying to weigh the options at this point because I am just on edge waiting for an answer. It's the waiting that is getting me at this point. I know it is a long process but I am the type to just keep going over everything. At least once we get an answer we can get our next step in order.
  20. fades47

    fades47 LoanSafe Member

    Fannie rates work the same?

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