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vcasas

32 Posts

Posted - 11/16/2009 : 11:56:07 AM

a few months ago i was approched by a friend of mine who was having problems with her mortgage and i decided to see if i can help her out. Now bank of american is telling me that there is no hope. I was wondering if any one could give me some advise.

The problem that I saw from the start was the gross income. It is at 9k per month. Her mortgage was only 2400 with no impounds. So I checked if it was a Fannie or freddy and it was a Fanny. obviously being a fannie they pushed the MHA mod and it did not qualify. Now the problem is not that she makes to much money because the gross is at 9k but the net is 5k. The client has no kids and is married to a total loser who is taking her for all she has. now with the way the mha is they are not going to qualify witch to no suprise i prepared for the worst. but what i am having problems beliving is that after the time spent on this file that the lender refuses to obtain a referal for any other type of resolution. I initialy informed them about the problem and they told me that once it was denied that they were going to run it through a convetional loan modification programs and now that we have come to this point they refuse to run it any other way. I think the biggest problem is that since it was denied they dont want to waste thier time. now i cant think of any reason why they would not want to look at another option since the home is worth about 90k less then what they owe. Can some one enlighten me or give me some helpful hits.

velecico

6403 Posts

Posted - 12/02/2009 : 5:59:27 PM

Time to hit that Victor and maybe she will share that 9K a month with you !! , is she hot on top of making 6 six figure income ?

My advice would be to just resubmit it in January , show a low YTD on the paystubs , have her talk to HR , drop the income to 6K at 31% puts you right around a $1900 PITI , but first make sure the forbearance is not over the NPV calculations on the new loan , will a 2% rate get you to 31% on the current loan amount ?

If you want I will run the numbers on the FDIC website , its the same used by B of A

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