Loans, Debt & Credit - View Single Post - How Do You Negotiate an Interest Only / ARM Modification

heidi79 · 10-28-2009, 12:08 PM

usually in the calculation they will take the ytd and divide it by the months into the year so far, so, they will come up with an average income, of course, the bonus will inflate your average some.

maybe they can write a letter for you stating that the bonus is not a regularly scheduled check for you and they can note when the last time was that you got one. if the bank sees it's something sporadic you might be able to get over this hurdle, your job really shouldn't have a problem in stating what is true.

10-28-2009, 12:08 PM	#4 (permalink)
heidi79 Senior Member Join Date: Jan 2009 Location: Miami, Florida Posts: 397 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: How Do You Negotiate an Interest Only / ARM Modification usually in the calculation they will take the ytd and divide it by the months into the year so far, so, they will come up with an average income, of course, the bonus will inflate your average some. maybe they can write a letter for you stating that the bonus is not a regularly scheduled check for you and they can note when the last time was that you got one. if the bank sees it's something sporadic you might be able to get over this hurdle, your job really shouldn't have a problem in stating what is true.