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Chase denied my loan mod

I have trried to refi the the making housing affordable program, and for some reason FFannie  Mae denied it.  I applied for the loan mod with Chase and they denied it because our income exceeds the minimum. We are current, our ltv is 103%, and the loan is backed by Fannie Mae.  I thought these were the stipulations to modify. I didnt know income was a factor.  I called Chase to let them know I cannont make this months mortgage payment and they told me they cannot modify it until we are 2 months behind.....Does this make sense? Is there any guarentee they will modify our loan if I get behind? It makes us very nervous but it seems you can only get help if youre in default?  We do not want to lose our home to foreclosure.
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August 15 2009 - Salem
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Profile picture for je523nn
Has anyone refied through the Obama programs?  The lender tole me that we can through that program and he said Fannie Mae only let it got through for 100% instead of 105%, meaning we had to bring $12,000 to the closing table....I paid for an appraisal in June, We really can't afford to just keep dishing out 400 everytime we get an appraisal with a new lender that w initally says we can we can we can and then in the end sorry, we can't
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August 16 2009
Loan modification and the Obama refinance programs are completely different.

If you have scores like that and are within the 105% LTV, unless your ratios are too high for the program or something else we are missing, you should have easily qualified for the program.

It is a new program and not everyone is on the same page. 

I would try with another lender that has done a few of the programs.  The Fannie program is called DU Refi Plus and the Freddie Mac program is call Refi Relief. 
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August 16 2009
Profile picture for je523nn
I guess we have not had a hardship, but just wanted to lower our rate and payments. We tried to refi upto 105% and Fannie Mae denied it. We do not have reserves in the bank, our credit scores are 750 and 680.  I did that ratio and it seems off because it goes by your gross income and not you net, does that make sense to anyone?
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August 16 2009
Profile picture for wetdawgs

"income exceeds the minimum".   There are rules about the % of the income that can be consumed by the mortgage.  Perhaps your mortgage doesn't exceed that percentage.

Why do you wish a modification?   Have you had a hardship with income reduction?
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August 15 2009
Low DTI, Fannie loan, within the 103% LTV max .....

something is missing.

What is your credit score?  You have reserves in the bank?
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August 15 2009
You still need to have a hardship: loss of job, less hours, illness, etc.

Have you talked with a HUD Counselor or used the evaluator? http://www.makinghomeaffordable.gov/evaluator.html  ... Good luck, Rudi
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August 15 2009
 
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