- May 30, 2016
Whatever you do, DO NOT let SPS know that the borrower is not living in the home, much less in a facility. As for as they are concerned, you and him all live together in the home — and it’s been his permanent residence for at least the last two years.I submitted the RMA almost three weeks ago. They have only reached out to do the internal BPO. They have not requested any additional documentation, something that my not-yet-retained attorney told me was strange. I've contacted them multiple times and they've told me that they have everything they need and that I should expect something "within days".
I'm actually in the process of combining households with a financially contributing partner, but I'm not exactly thrilled about the prospect of asking them to reveal personal financial information to save a home that is not in either of our names.
For clarity, I moved back into the home alone. My 'temporarily disabled' father, the owner/borrower, has been living in a facility situation for more than a year now. That income is ONLY his and is fixed.
If they realize the true scope of the situation, not only will they deny the modification and ONLY offer you a short sale or deed-in-leu, but they’ll mark the account as “No Foreclosure Alternative Possible”... and the Attorney for Detutsche Bank will use that in court to Fast Track the case.
I’m currently in the process of dealing with SPS myself, and have dealt with them in the past. It’s kinda strange they are doing a BPO for the home, unless they are considering you for Short Sale.
Wait and see if they send you anymore documents or a possible “Trial Plan”... for the loan. If they deny you, I would re-apply with only one additional person in the mix, and I would use a separate checking account from your significant other when submitting the documents.