Loans, Debt & Credit - View Single Post - Does BOA modify primary residence if you have a rental property?

Harasboa · 07-07-2009, 03:35 AM

Yes, I am trying to modify my primary residence, not my rental property. My back end DTI is higher than 55%, but that is primarily because of the rental property. I can't sell it because it's upside down about 90,000. I read the details of the MHA program and to the best of my understanding a rental property doesn't disqualify you from it. I checked the MHA website and Freddie Mac owns my loan, do you think I should not talk to the phone reps and email the recommened BOA reps given on this site. Should I contact a HUD counselor first (this is what BOA told me to do when they denied me over the phone after taking my income and expense information)? Also, someone told me that I should not include my credit card payments in my back end DTI if it is making my back end DTI too high to qualify..wouldn't this be impossible if they verify all income and expenses?
Thank You For Your Help!

07-07-2009, 03:35 AM	#3 (permalink)
Harasboa Member Join Date: Jun 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Does BOA modify primary residence if you have a rental property? Yes, I am trying to modify my primary residence, not my rental property. My back end DTI is higher than 55%, but that is primarily because of the rental property. I can't sell it because it's upside down about 90,000. I read the details of the MHA program and to the best of my understanding a rental property doesn't disqualify you from it. I checked the MHA website and Freddie Mac owns my loan, do you think I should not talk to the phone reps and email the recommened BOA reps given on this site. Should I contact a HUD counselor first (this is what BOA told me to do when they denied me over the phone after taking my income and expense information)? Also, someone told me that I should not include my credit card payments in my back end DTI if it is making my back end DTI too high to qualify..wouldn't this be impossible if they verify all income and expenses? Thank You For Your Help!