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Metlife to Chase to SPS - MOD - Need help!

Discussion in 'Loan Modification' started by evansmommy, Aug 23, 2013.

  1. evansmommy

    evansmommy LoanSafe Member

    Hi everyone,

    Need help here. I'm a single mother with 1 child, going through a modification with SPS. I have been working with them for a couple months. 1st they requested me to file for divorce or remove my ex from the title. I went the easy way out and removed him from the title, the divorce is going to take some time. I make 4600.00 a month clean with child support. My mortgage currently is 2400.00. I don't have debt. They informed me that I didn't qualify with the money I made. They suggested a short sale. I don't understand how $4600 isn't enough? Or what am I doing wrong? I'm smart, I have a good job, I know how to budget and thats why I have no debt. If I knew I couldn't afford this home I wouldn't be trying to modify if. I applied under HAMP. I'm currently working with a lawyer, they said they would appeal the case but I'm still very worried. I don't want to lose my home. Please help any suggestions would be greatly appreciated.
  2. TomEason

    TomEason LoanSafe Guide Staff Member

    evansmommy

    Welcome to Loansafe. Although you're working with a lawyer, I might suggest you contact Michael at LMHC - you can click on the prominently displayed banner ad at both the top and bottom of the page. At no charge, they'll run your numbers to determine if you'd be likely to qualify. Good luck.
  3. Evan Bedard

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

    I agree with Tom, Michael and the Loan Mod Help Center are the best around when it comes to loan mod services and is most likely much cheaper than attaining a lawyer to help you process the mod. If you have no other debts besides the mortgage you seem to be making plenty of money to afford a modified payment. I take it $4,600 is your monthly new income?
  4. evansmommy

    evansmommy LoanSafe Member

    Thank you for the replies. Income and Child Support is 4600.00 after taxes. I only have the basic bills. I will keep fighting, I started this process back in Jan. of this year. I feel helpless, I don't know what else I can do? Rent a room maybe? And provide them with the lease? Again I have a child, do I bring in a stranger? I'm out of ideas. When they ran my numbers they said I qualified for the HAMP. Wishing for a positive outcome.
  5. TomEason

    TomEason LoanSafe Guide Staff Member

    evansmommy

    Thanks for your post. Since LMHC has already stated you'll qualify for a HAMP loan mod, I don't understand the problem. I recommend you aggee to have LMHC handle your mod for you. I further recommend you cashier your lawyer.
  6. Evan Bedard

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

    Also keep in mind that they will base the modification based off your gross monthly income. Most modification programs (including HAMP) aim to bring your payment down to approximately 25-31 percent of your gross monthly income. Having "too little" income does not seem to be the issue if no other debts are involved.

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