Some Important Notes Regarding The House (And Possible Solutions)

First of all, Operation REST is the place where I got all my good information last year when preparing our documentation and after submission, anxiously awaiting results and trying to figure out where we stood based on actual numbers.  Couldn't find the bookmark or remember it but I just found it again:

http://www.operationrest.org


Update:  4/13/2013 @ 9:53 am

This takes precedence over everything else.

• They apparently tried several types of mods/both HAMP and Traditional.  It SEEMS like including Mom's income on the HAMP wouldn't have mattered - but certainly it would have on the tradional mods.  WE do know for a fact (from what Sarah told us) that her income was NOT considered at all.   Of course, there were no notes so we don't know why.  I read sometimes the "underwriters" going over the numbers won't include it IF the statement we provided was not notarized AND she would also need to show proof of income (like we do - verifiable proof of where your income comes from).  We were not asked to provide it this way - but I thought nothing of it until it just wasn't included with no reason given.
• We have a right to know what inputs where used in their calculations (remember she told you that there were no notes on the account) - we might have to "escalate" to get that information - Sarah Maiers, working in the office of the President - should have this or we will have to escalate.

Recommendation: If you are denied a loan modification, always call in and ask for the representative to look in the notes to give you an explanation of the denial. Most likely the notes will not be complete and will not give a sufficient explanation. Ask to be transferred to a supervisor or escalation area to determine the reason.

Please note: Mistakes sometimes occur in the input of numbers. Please request verification of the plan by which you are being evaluated and also verify that the Servicer has the correct numbers.

Possibly as for Partial Payment Forebearance:
    What to do if you are not eligible.
If you do not qualify for modification right now, you have 5 options:
1.  Ask for a Partial Payment Forebearance.  Click here for an example. This is a temporary solution which is generally offered for temporary financial losses associated with illness (which resulted in time off work and medical bills), death in the family (resulting in time off work and funeral expenses), and temporary cut in pay (necessitating a mandatory leave of absence for instance). Depending on the Servicer, the Borrower may be able to use reduction in income or loss of income, but that varies by Servicer. A Partial Payment forebearance allows lower payments (sometimes one-half the current payment) for a limited time but Borrower must meet the guidelines of -- and request -- a Loan Modification at the end of the Forebearance period.
2.  If you are not at immediate risk of foreclosure, you may be able to wait until you are able to meet guidelines and then apply.  Look under the subject Do Not Panic on the website for samples of letters from Servicers and foreclosure attorneys so that you will understand the differences. Also know the laws in your state regarding notice of foreclosure.

3.  Sell your home. You can sell if the value is under the Mortgage balance. Please consult the lesson by clicking: Proven 15 Steps to Short Sale: Selling Your Property Under the Mortgage Balance.
4.  If you are at immediate risk of (a few days from) foreclosure and just need to stall it to get prepared, you can file bankruptcy or file paperwork to Produce the note.  Bankruptcy is considered more minor than foreclosure. You can recover from Bankruptcy more easily than Foreclosure.  Produce the Note is less dependable but is another option to try.

Operation Rest contact:

By Phone:	678-744-8210 (Office)
By Fax:	650-479-2925 (Fax)
By e-mail:	hope@OperationRest.org

I know one thing for sure.  I'm about as clear as mud.  For one thing, not showing Mom's money as part of our income give us a figure that is waaay too high, even after modificaton.