My Modification Was Denied, Now What?
February 5th, 2010
My modification was denied after making 4 trial payments. They said we didn’t make enough money. I resubmitted my modification and now it is in their “quality control” section. I’m waiting for a response. Can you help in the meantime?
Under the new Home Affordable Foreclosure Alternative Program, which goes into full effect on April 10 of this year, you have the right to request, upon denial, the ability to witness what income they used.
The reason I asked if you tried this on your own, was due to my belief that a quality HUD Approved counselor, or, if you can afford it, a quality attorney who actually does the work themselves, can often achieve what a consumer on their own cannot.
I did this on my own. My trial payments were 2289. Before they were 2800. I asked to pay 1800. I can afford 2289.
I’m not sure what I can do. If they have your file in their quality control department, that means that a senior representative is reviewing the income provided in order to determine if in fact a mistake on your income documentation was made. If they determine that they entered too little income in their system, they will re-run the numbers to determine if this will provide for a different outcome.
If it does not result in a different outcome, they will proceed, most likely, with foreclosure proceedings, which pick up from where they originally left off, before you began your trial modification.
Was anyone helping you with this process? Has anyone discussed where you go from here? And, can you afford to keep your home if they in fact confirm your denial?