Posted on: 25th Apr, 2010 11:11 am
My gross monthly income is 1886.52 plus my father helps me with around 200 a month. My monthly mortgage is 711.62 with a 5.65% interest and I have a FHA mortgage. Why did my request for a modification get denied due to deficit income? Why won't they help me under HAMP?
Welcome Danielle,
The lender will judge your financial situation depending upon the information provided by you in the financial worksheet that you filled out while you applied for the loan modification. Depending upon that, if the lender finds that you won't be able to pay the loan even after the modification, he won't agree to your request. You can once again re-apply for a modification and negotiate with the lender so that you can receive a payment plan to pay off the loan.
The lender will judge your financial situation depending upon the information provided by you in the financial worksheet that you filled out while you applied for the loan modification. Depending upon that, if the lender finds that you won't be able to pay the loan even after the modification, he won't agree to your request. You can once again re-apply for a modification and negotiate with the lender so that you can receive a payment plan to pay off the loan.
Hi Danielle,
Whenever you apply for a loan modification, the lender will check your monthly income,credit score,whether you are current on all payments and also your job stability. It is absolutely up to the lender to approve the loan modification. What you can do now is consult an attorney and try to negotiate with your lender and re-apply for the same.
Whenever you apply for a loan modification, the lender will check your monthly income,credit score,whether you are current on all payments and also your job stability. It is absolutely up to the lender to approve the loan modification. What you can do now is consult an attorney and try to negotiate with your lender and re-apply for the same.