Posted on: 15th Oct, 2009 06:56 pm
I dont understand why I need to show a surplus to qualify for a loan modification with well fargo. I keep getting the same reason for the turndown. If I had a surplus in salary every month i would not have fallen behind in my mortgage.I am trying for the third time. Can someone explain that to me. I have another question, on the note that I have the lender is shown wells Fargo. I have been told that my loan is with a private investor and they have different guidelines. I have been told that it was deauche bank and then i have been told that it ws lehman brothers. The note say wells fargo. What is the note usually say.
Hi elle,
The lender wants you to have a surplus amount because he wants to make sure that you will be able to make your payments after your loan is modified. You need to check out who your lender is. If it's a private lender, then it is correct that your terms and conditions for getting a loan modification would be different. Moreover, there are chances that you won't qualify for HAMP.
Thanks
The lender wants you to have a surplus amount because he wants to make sure that you will be able to make your payments after your loan is modified. You need to check out who your lender is. If it's a private lender, then it is correct that your terms and conditions for getting a loan modification would be different. Moreover, there are chances that you won't qualify for HAMP.
Thanks