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Originally Posted by caldwellb02  I'm in that group. Mortgage is 60% of gross. |
I guess they mean 55% or more DTI after they modified the loan. Otherwise, almost anybody would be required to do that counseling.
IMO, this counseling is total nonsense. First, you have to have a HARDSHIP to be approved for HAMP in the first place - and the counseling is for your lack of ability to handle money.
Hmm, ever thought of the idea that your HARDSHIP brought you to 55% DTI or more in the first place? So a HARDSHIP means I can't handle my finances? I guess I learned something new today.
This counseling only complicates the entire process and is a waste of money!