[faith]

Originally Posted by tomser

hello
I need help. anyone there to help me following situation??

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my income comes from my social security and retirement fund. When you applying for loan mod ,lender accept retirment fund ( mutual fund,stock, bond and dividen at vanguard ) as income. Any problems i have to anticipate ??

thank you for your comment and reply

best wishes

tomser

Tomser,
Welcome to this forum.

I've copied the guidelines for Income and income verification from the Home Mortgage Affordable Plan website: see also the link below,

http://www.treas.gov/press/releases/...guidelines.pdf

Income and Asset Validation:

The borrower’s income will be verified by requiring a signed Form 4506-T (Request for Transcript of Tax Return) and obtaining the most recent tax return on file for each borrower on the note. For wage earners, the two most recent pay stubs for each wage earner on the note will also be required. For self-employed borrowers or for non-wage income, the borrower’s income will be verified by obtaining other third party documents that provide reasonably reliable evidence of income. Borrowers must also represent and warrant that they do not have sufficient liquid assets to make their monthly mortgage payments.

Monthly Gross Income:

The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income. Monthly net income can be used for preliminary screening and qualification. If used, the servicer will need to multiply net income by 1.25 to get to an estimate of Monthly Gross Income.

Hope this helps