For those on Unemployment trying to modify mortgage.

[tinkerbell41]

The banks are asking for a guarantee of how long you will be collecting benefits before they approve your modification. The Unemployment office will not help with this.
But since I am home all day I found a link from the HOPE for HOMEOWNERS website to the Dept.of Labor, they provide a calculator (meant to be used by the mortgage servicers and investors) if you plug your numbers in from your Unemployment award document (states your weekly benefit amt and your maximum entitlement) it will calculate how many weeks you qualify for including all extensions.
I faxed this to my Mortgage company along with a handwritten letter explaining why Unemployment won't give a guarantee (because I could go back to work???) If you are having this problem with your Mortgage company give it a shot. I was told today my file has been sent for final review and I was in a holding pattern as of yesterday.

[Ruby the Liberal]

1. Do you have a link for this?

[tinkerbell41]

3. No

United States Department of Labor (website)
Unemployment- Unemployment benefit estimation tool

[Ruby the Liberal]

4. Thanks for the heads up though, and good luck!

[Sherman A1]

2. K&R

this could be of help to many folks.

[sandnsea]

5. What kind of modification are you getting?

My daughter is having problems because her income is reduced. Yet it's more than if she were on unemployment, so how does that work? Different program maybe??

[tinkerbell41]

7. It is the HAMP modification

Is she trying for a mod? They have to reduce to 31% of her income. First by lowering the interest rate as low as 2%. Then if it still not enough, they extend the loan to max 40 yrs. Of course if you were making 50 grand a yr and went down to 25 grand it won't work. Unless your mortgage itself is pretty low. My mortgage on unemployment is only about 43%, I do get an additional amt. from my union on top of unemployment. For many it won't work. I am sorry for her. I know the stress. I have been working with my lender since April and we are finally coming to the end. I have spent countless hours on the internet, phone etc... Tell her to go to LOAN SAFE website there is a wealth of info there to help her navigate it. It is free and supported by others going thru the same thing.

[tridim]

6. Wow, how timely..

I just faxed my mortgage company that exact document about 20 minutes ago, in lieu of a current pay-stub which they were requesting.

I can't wait to see what they think I can pay them on $150/week. :(

[tinkerbell41]

8. I am sorry.

HUGS. I totally understand the stress and frustration. Don't give up. Keep fighting. I have been fighting since April. I don't know if you ever heard of LOAN SAFE, it is a website with a wealth of info on how to navigate this process. Detailed by thousands of people going thru this same thing.
Good luck.