Comments on: Loan Modification 101 – Part 3 of 6

By: Norma Dart

Norma Dart — Tue, 04 May 2010 15:24:10 +0000

It is totally unbelievable that the gov. would allow this GROSS UP of SS and VA income. We Paid for our SS and VA long before this. We are 65 and 70 and now losing our home due to greed and fast calculating by the banks. We will be living in a 1984 motor home with no electricity and phone. Thanks to sheer GREED on the part of our mortgage company. They wanted to RAISE our payment by 450. Jim also broke his back last June and it still has not healed. THANKS so much for caring for SENIORS!

By: Bill

Bill — Thu, 22 Oct 2009 03:41:02 +0000

Hi Mr. Brown,
Are you commenting on Freddie Mac Hamp? They don’t follow what you are saying in regards to calculating Gross monthly income. You can go to their web site and they have all the “rules” They actually state they use your over time. Provident funding has just denied my app( for the moment) because they said my DTI was 28%. It’s actually about 38% using straight 40 hours. I qualified for my loan using 65 hours a week. Now in March they laid off half our crew and cut me to 40 hours. This was spelled out in my hardship letter. The 15k in over time I made the first 3 months, makes my income year to date look like 28%. In reality I haven’t had over time in 6 months and I am under water. People on the internet say don’t use overtime, but my loan holder Freddie Mac says on the web site they do? Can I fight this????????/

By: Leilani Phinney

Leilani Phinney — Thu, 30 Jul 2009 13:02:26 +0000

Hi Mr. Brown,

I am currently in the middle of a loan modification and they are stating they look at the Gross Income and do not care that my husband pays $800 a month in child support so we never receive the gross income. Do banks not consider child support when they are looking at a loan modification at all?

Thank you,
Leilani Phinney

By: Shailesh Ghimire

Shailesh Ghimire — Fri, 17 Apr 2009 19:12:37 +0000

Thanks. I’ll pass along the compliments!

By: Pat

Pat — Fri, 17 Apr 2009 15:28:10 +0000

Morgan Brown you are a saint! This information is so good. It is so easy to follow your procedures and use the calculations, this is going to help so many people, I’m going to tell all my co-workers and friends about this site. I can’t wait until I see part 4. Thank you so much. Pat