Lost my job in May. Started my "Loan Modification with Flagstar bank in June, just got my rejection letter: I guess the Obama program wants us to stop paying our mortgage and then we may be available for these programs. My savings is almost gone and I wilkl have to start missing my home mortgage payments. Never missed one in 21 years. Here is Flagstar's rejection letter to prove this:
Flagstar Rejection Letter and Information from the Attorney General’s Office
March 17
Dear customer, Flagstar Bank has reviewed the information you provided to be considered for the U.S. Department of the Treasury’s Home Affordable Modification Program. Unfortunately, we are unable to proceed with modifying your mortgage under this program because you DO NOT meet one or more of the basic program mortgage and property eligibility requirements established by the Department of the Treasury as noted below:
“default not imminent
“We are unable to offer you a Home Affordable Modification because you are CURRENT on your mortgage loan and after reviewing the financial information you provided us, we have determined that YOU ARE NOT AT RISK OF DEFAULT because: you have not documented a financial hardship that has; reduced your income or increased your expenses, thereby impacting your ability to pay your mortgage as agreed.
Dean; I have documented a $90,000 loss in pay because of my job loss. An increase in my monthly expenses of $1,387 because of the job loss; Things the company paid for that I have to pick up now:
1. Car payment $404
2. Cell phone $126
3. Internet $39
4. Health Insurance $554
5. Life insurance $264
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