[waqar1]

Hi All,
My Loan modification was in process for about 10 months and just today i recieved a letter stating that it has been denied, and option given by the lender is to short sale the house. I really wanted to keep this house, but i can't afford to pay the amount due (that was kept on adding while i was on trial period for 10 months) of 28000 and i will have to go back to paying the monthly payment of $3100.

Can anyone of you help me figure out what should be my next step and who do i need to contact to get help.

Any assistance will be appreciated.

Thanks

[NE Settlement]

All everybody is hearing about is how much the HAMP loan modification program can help them. They listen to stories of 2% interest rates, 40 year loans, and reducing principal balances. The harsh reality is that many people are denied for the HAMP loan modification, even after making all the trial payments. What you do next will determine whether all of your efforts are a success or failure.

Most lenders will immediately review your loan for "in house" or "traditional" loan modification programs when it is denied for HAMP. These programs will be the best option for homeowners that are not quite qualified based on the HAMP modification guidelines. They may require that you update certain income documents, and you should provide these as soon as possible. You don't want to wait long after a denial for HAMP to update all the documents, so you can be reviewed again for other options.

You should also verify the income and expenses they used to determine your eligibility for HAMP. There may be an error in their calculations that has the lender reviewing inaccurate information. It's important to figure this out right away and make those adjustments with them. You may find that the loan now qualifies for HAMP and find a permanent modification agreement not far behind.

Sometimes the HAMP modification won't actually be your best option. For people with a debt to income ratio below or hovering around 31%, a traditional modification could be the best solution to getting the loan current and the payments reduced. In a perfect world, you would know before you even begin the modification review, whether or not you will qualify for HAMP. If you don't but still need the help, you should ask the lender to review the loan immediately for options other than HAMP. This could save you weeks in review for a program you will never actually qualify for. Or worse, stuck making 3 or more trial payments with the inevitable ending being, a denial.

If you're denied a HAMP loan modification, don't freak out. In fact, you may be closer than ever to success. You will need to be prompt in your response because waiting too long can cause the lender to close the review, making it necessary to start the entire process from scratch. If you act fast you may be able to make some quick adjustments and now qualify for HAMP, or resubmit some documentation and now qualify for a traditional modification

[waqar1]

Thank you so much for you response.

I called Hope Now program and they are just waisting time and not very helpfull. My lender is Litton and they have told me if i dont make a full payment of my montly payment they will send me into foreclouser process and could get charge huge fees. Now Litton has sent me paperwork to reapply for modification again, and i am about to send them all the info.

Can you tell me what kind of info should i be sending them, as far as expense and income goes. How much more or less should i show after orignial/ trial payment and expenses? Please help me if you can.

Thanks

[rjordan]

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