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mcbride301 · Joined: 22 Oct 2009 Posts: 5 2.00 Dollars($)

Received a letter from lender stateing denied due to investor guidelines. More to come once again. I completed the OBAMA litmus test for modification and met requirements. There must be more to this complicated and frustrating process?

jenkin7 · Posted: Mon Oct 26, 2009 11:21 pm Post subject:

Hi mcbride,

If you say you have met the requirements for Home Affordable Modification Program, why did your lender deny you a modification? If your loan not owned by Fannie Mae or Freddie Mac? In case it is not, you will not be able to get your loan modified under the HAMP. Even if the loan is owned by Fannie or Freddie, your loan servicer will take the final decision on whether you qualify for the program. You will need to show sufficient income to be able to make the reduced payments on an ongoing basis in order to qualify for the program.

loanday123 · Joined: 28 Oct 2009 Posts: 16 3.83 Dollars($)

well i can tell you that i tried going through my lender (countrywide now bofa) and they gave me a runaround for 7 months and then finally approved my loan modification.

then.... they took another 2 months just to get the loan modification details to me and it was for 1year then back to what i was paying before but because they took so long and my payments were stacked up they put the arrears back on the loan so my "loan modification" actually went up!!!!
i ended up paying 58 dollars more per month after the modification. i was told that i wouldnt be able to modify it again for a year but i ended up going with an outstanding law firm that cut my payment in half and they were very kind and well worth every penny!! I spoke with bob and he didnt push at all and gave me all the license information to look up on the state bar website. hope that helps! best of luck to you. oh the name of the firm is the al verdi law group in california

mailboxofarjun · Joined: 27 Jul 2009 Posts: 14 4.62 Dollars($)

probably you are not qualified for modification, look if your gross income minus all other expenses(included hoa/insurance) is greater than .31% of your gross income, if its greater than you are not qualifed

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Modification denied