Look For Some Help Please...

[mayantek]

Well, this is not what I wanted to post at anytime, but it's my fault and I'm not yet sure how to proceed.

We are towards the end of our BK13, 10 months left. Out mortgage was assigned to Rushmore from BofA. Value currently is around 315K. Owe $377 on first, and $95k on second. 2nd is included in filing. We are also $23k behind on the first. Well, I actually believe it is less, but it is what it is, we are behind. They have filed and court granted motion to lift. My attorney is not exactly the best with getting back to me.

OK, so Rushmore submitted the paperwork for Hamp. We already had Hamp 1, 4 years ago. So we were hoping for Hamp 2. They came back declined because they said our debt ration is too high-17%. Now, they for some reason messed up on our income by $26k annually which they tell me they are looking into. But even corrected we are at 23% or so. They claim 25% for HAMP 1 or 2.

What are out options at this time? Should I try to apply to HAMP direct for a HAMP 2 review?

Thank you in advance

 

[Moe Bedard]

Hello mayantek,

I'm sorry to hear about your debt woes and mortgage problems. Let me see how I can help, but first please answer these questions.

What is your current income and debt plan payments? What about your current rate?

 

[mayantek]

Hello mayantek,

I'm sorry to hear about your debt woes and mortgage problems. Let me see how I can help, but first please answer these questions.

What is your current income and debt plan payments? What about your current rate?

100k annual, plan $600 a month, expenses monthly are $2100 Not including the plan , thank you

 

[Moe Bedard]

You are welcome.

Is $100k your gross or net income? If is net, you should be fine and they may have made a mistake, but if that is gross, then I can see why they are saying your DTI's are too high.

 

[mayantek]

You are welcome.

Is $100k your gross or net income? If is net, you should be fine and they may have made a mistake, but if that is gross, then I can see why they are saying your DTI's are too high.

I hope you reversed those, its 100k gross, far less net. Thank you

 

[Erik Sandstrom]

I don't do loan modifications nor am I extremely knowledgeable about them but this is posted in the HARP section (which is a refinance) so I thought I would comment.

I thought they modify the loan to 31% of your income, you're saying your DTI is too high at 17% - wouldn't that be too low and not too high? Maybe I'm missing something here but I see that your expenses are high, i'm not sure if those are liabilities that are on your credit report or just monthly bills.

Anyway again I'm not a mod expert, but I am a HARP expert! Maybe Moe or other members would be better equipped to answer this question.

 

[mayantek]

I don't do loan modifications nor am I extremely knowledgeable about them but this is posted in the HARP section (which is a refinance) so I thought I would comment.

I thought they modify the loan to 31% of your income, you're saying your DTI is too high at 17% - wouldn't that be too low and not too high? Maybe I'm missing something here but I see that your expenses are high, i'm not sure if those are liabilities that are on your credit report or just monthly bills.

Anyway again I'm not a mod expert, but I am a HARP expert! Maybe Moe or other members would be better equipped to answer this question.

I did receive an internal mod so all is well. Back to the HAMP, the loan service told me there is no mandated requirement, it is up to the investor which can change from one to another for HAMP. Theirs is 25%. They also stated only household expenses are reviewed, no credit cards etc...They go by the IRS rules for household expenses. So while they made a mistake on my income, I still would be 21% vs the 25% they require for HAMP 2. But again, loan mod docs are done. But at the same time, I'm a bit disappointed in the responses on this forum. perhaps I posted this in the wrong area, but I was hoping for more.

 

[Erik Sandstrom]

Unfortunately you did post this in the wrong area of the forum, HARP is a refinance not a loan modification. Glad to hear the modification did go through.