Does anyone know if you need to disclose untaxable income when working on Loan Mod?
ie: friend stays at your home and he pays you $x amount of rent or 2nd job at your friend's restaurant (tips and cash salary)?

Thks!

Check w/your local state website for any forclosure help. As an example, Ohio has Savethedream.org (or .gov). They will direct you to a counseling agency that could help you figure out if you qualify. My understanding is that any of the banks who took TARP money HAVE to modify. Having said that, I'm told that the banks have not signed any agreements with the Fed yet. I've modified the two homes I own twice (husband lost job) and the lender won't a third time. I'm going through OHFA (Ohio Housing Finance Agency) because they supposedly have programs to help folks. They are working directly with my lender. I had to basically give them all information except my dress size. I'm talking a copy of the note, mortgage, a detailed budget, copies of utilities, bank statements, tax returns, etc. My lender is a credit union so I don't know if I have any chance or not. Program I'm requesting is this:

reduce principle on first mortgage enough to get it to 2% interest rate (floor) to bring my PITIA to 31% of Gross.
eliminate my second mortgage to help with back end DTI

I'm drawing down my retirement account presently. The counselor tells me she's been working on two accounts for over a year. Yikes! I don't have that kind of time.

I got in touch with the Countrywide Home Retention center and this time they said I would qualify for "something". What, I don't know. At first he said I don't make enough but after some number crunching he said to send in a hardship letter, paystubs, child support papers and 2 months of bank statements.

Right now I'm almost 4 months behind in the mortgage. He said to just save up money until they figure this out - and that could be another 90 days.

He was very nice but I still feel like a loser. I used to have a home daycare but everyone I worked for either was laid off or fired. Now I am a lunch lady so I don't have to pay someone to watch my own kids - I couldn't afford daycare either. Hopefully they can do something to get me through a few more years until I can work full time and let the kids stay home alone for a bit.

jtronique said:Ajohnamous said:
"HOPE for Homeowners also includes the following provisions:
percent.

• The borrower must agree to share with FHA both the equity created at the beginning of this new mortgage and any future appreciation in the value of the home."


For the first 5 years, it seems.

FHA.gov's HOPE page
Click on "Equity and appreciation sharing with the Federal government,", it opens as a notepad, and explains the breakdown.

Basically, after 5 years, you split the equity 50/50.

But

If the HOPE program reduced one's payments so much that they caught up, and actually paid off their home, and the loan was discharged, split naught!


Ok so are you saying if I pay it off in 5 years I don't have to split the equity or just If I pay it off I don't have to split it? I'm confused and would just like a lower fracken interest rate than the 7.125 I have now... but I don't want to split the equity in my home in 5 years... as I will be doing major improvements over that time taking my home from the between 55 and 75 it is worth now to closer to the 160 range the neighbors house just sold for... I'm curious if I pay off this loan do I still have to share the equity? (wish I had enough in it right now to just refi!)


Thanks,
JC

bump to prevent archive

wow, can you give more detail?

Did you got laid off? Did they take into consideration your assets?

I saw this over on piggington: http://effectivedemand.blogspot.com/2009/06/california-loan-modifications-update.html

Looks like principal reductions aren't happening.

MadSeason:"I received a letter back from them saying I was approved. I have to make three consecutive payments, none of which can even be 1 second late, and then they will send me a new note/mortgage to sign. The interest rate is being lowered from 6.25% to 2% and past due payments are being added back to the loan."

I'd read the mod carefully, It kind of sounds like the step up mods that start @ 2% and slowly increase to market rate where they are fixed at that rate for the rest of the loan. I believe they also amortize the term over 40 years (increased by 10).

"I owe about $130K on the house and could sell it today for about $200 so there is equity."

Wow. It's amazing they are giving you a mod and you have that much equity.

SUCKISSTAPLES said:MadSeasons, does it change to 2% for the life of the loan, or does it go up every few years to a final rate? If so please list the rate changes...

it changes to 2% for FIVE YEARS and then subsequent years it goes up by 1% per year until it hits today's rates (~5.5% or 6% depending on your lender want to gouge you)

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mshen11 said:SUCKISSTAPLES said:MadSeasons, does it change to 2% for the life of the loan, or does it go up every few years to a final rate? If so please list the rate changes...


it changes to 2% for FIVE YEARS and then subsequent years it goes up by 1% per year until it hits today's rates (~5.5% or 6% depending on your lender want to gouge you)

The "interest rate cap" is actually the -lesser- of a) the rate on the date the modification is approved or b) your rate prior to modification.

And 2% is the -floor- modification rate to get someone to 31% front-end DTI, not a guarantee. My rate, for example, should be about 2.625% for 5 years. Then 3.625 for a year, 4.625 the next and finally 5.625 (my rate pre-mod) OR lower depending on what the 30YRF rate is when my docs are approved. I could end up with 5.25 for the duration of the loan, depending on upcoming market conditions.