I just spoke with NACA and can barely move. JPMorgan Chase told them my loan mod was denied because my son was not on the original note. When I got the loan both my son and I applied together. They actually gave the $310,000 loan to me (I made less than $48,000/year). They told us it was so we could get a better rate. My son was paying 1/2, I was paying 1/2, so I was okay. We got a one year mod last year only by putting my son onto the loan. My son's salary has since tanked, but I can't get a mod because he wasn't on the ORIGINAL loan. I don't think I should have gotten this loan on my salary alone. I wonder if they inflated my salary, or if they added his to mine to justify it? I don't have ANY documents that tell the tale of what income they based this on. I'm stunnnnnned. Can barely move, and don't know what to do. Any advice?
Caldwellb02
Sorry to hear your lender has responded this way.
I recommend that you write a letter to your lender. I looked on the back of my payment letter to find out the address and department to send inquiry letters. It is not the same as the payment location normally.
There is a sample of the letter to write. It is called QWR in Moe's e-book. it is referenced in the begining of the web site in Moe's introduction post.
I just opened an new Word file and the copied and pasted the sample letter from Moe's e-book.
By sending this to the company you make the payments for your mortgage it requires that they provide you all the documentation on the forms used for getting the loan and what you signed and receieved in Escrow or the attorney's office when you signed for the loan. It will include all the information on income for qualifying, etc. They must send all this information back to you within 20 days.
Pour over this information to see if they provide you enough information to go back to the mortgage modification department and show them why your son should have been on the documents and why the loan was made with his income included etc. This should give you the information to make them rethink their position.
If not then get a laywer who specializes in a "forensic audit" of these documents - see the lawyer section on this web site to find references. You will need to pay $300-$500 but then you should have better legal direction on what is your next steps to take.
Don't give up. Keep posting, you will get more help as people report what works on similar situations they had like you and how it worked out.
TNT101