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  1. #1

    Still waiting but refusing to give up

    Hello all, since my lad post a while back I was denied due to making too much money. My W2 earnings and self employed put me too high which I understood but.....when I researched the numbers a month ago I realized that my gain loss had been miscalculated so I stated the whole reapplication process. Here are the numbers:

    8400 a month income
    3224 payment, PI impound

    Home value about 950k or so

    Loan of 679,000

    They of course refuse payment.

    As I noted earlier this income has had to be rebuilt over 3 years of grueling hard work, two jobs and self employed. Not complaining but don't want anyone to get the wrong idea.

    I know they want my house. I call EVERY DAY and over 200 pages of documentation of correspondence with them.

    Today they told me that I may know tomorrow but the numbers support a modification if I base it on the waterfall steps and the information from the HAMP website.

  2. #2
    I would think your biggest obstacle is the almost 300K in equity you have. Why not just do a refinance for a lower interest rate?

  3. #3
    I agree with jakelabry, it will be extremely difficult (not necessarily impossible) to qualify for any modification with such a significant amount of equity. If you're current I would pursue a refinance. If behind and in danger of foreclosure, start contemplating plan b - selling the property and not losing out on your hard earned equity!

  4. #4
    Thanks for the replies:

    My neighbor got a modification under the same conditions so I am hopeful. Still though.....

    a couple of items to consider:

    1- My credit is shot due to the lateness of the payments when I lost my income so although I could refinance I would actually pay more than I pay now.
    2- I could declare chapter 13 and make the payments.

    the 13 is a stretch but one that we are willing to make and keep working hard to make what I used to make.

  5. #5
    Problem with selling is that we live in Southern California and once we lose the house its nearly impossible to get back into one. Even with a large down payment at the price that we would sell at, the capital gains would kill me not to mention the RE tax implications of buying a new home. We are locked in at a lower tax basis.

    So there you have it. Not the end of the world but certainly an issue that begs for planning.

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