Quote:
Originally Posted by Evan Bedard  Hi ciscokid,
HOA fees are usually not included in the loan modifications. They will most likely have you pay out of you own pocket... |
Well, the MHA modified payment is supposed to
include Insurance and Taxes, right? In my case, the HOA monthly payment covers the property insurance as well. (I cannot pay for my own insurance, I belong to a condo)
When I set up my 3 month qualifying plan, I was told that if HOA covered insurance, then EMC would create escrows to do the HOA payments. I was even told that they would NOT pay if you were behind on HOA payments, but would pay going forwards.
If that is the case, then I would need my 'trial' payment to come down another $300 or so to fit back unto the 31% rule for MHA mortgage payments.