Leslie Galvin
1 Posts |
 Posted - 07/02/2009 : 11:40:45 AM
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| I hope someone can shed some light on this for me. I’m having an issue with unemployment income being an “acceptable” form of income to qualify for the HAP program. I was told that its NOT accepted because its not guaranteed income. It is guaranteed though. Not permanently, but at least for 6 -12 month or what ever time frame your state allows. I would think some income is better than none at all! Even if they only gave them a temporary Mod, not only will that allow the borrowers a chance to get back on their feet but it also allows the lender to actually be able to receive a payment. Let’s face it, how much money from your payment actually goes towards principal? Barely nothing, its all interest. So wouldn’t the bank want to at least be able to get the borrowers to a point that they CAN make a payment? I looked up the guidelines off the treasury.gov website and I don’t see anywhere on there that its not acceptable. I did get to speak with a rep from Citi who told me that as long as they have at least 9 months left of unemployment income, than they would qualify. Don’t all banks have to follow the same guidelines if they participate in the program? Every time I call a lender, I get a different response from a different person. It's as if they pick and chose what guidelines they feel like following! Can you even dispute this with the lenders? Their so called “negotiator” that are assigned to the loans are a joke too! How does it take 2 – 4 weeks to get “assigned” and then another 30 – 90 days to “review”! What takes so long to review a file? We do everything so that when it gets to them it’s a full complete file! Plug your little numbers in and start helping people! You would think THEY have to pull money out of their pocket to help these borrowers! Everyone loses if the property goes into foreclosure, but no one seems to care! |
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