Loan Modification Forum - LoanSafe.org - View Single Post - Final Housing Bill Passes House, Bush to Sign into Law

ccsint · 07-23-2008, 04:21 PM

1) Primary residence, lender must participate
2) 2nd lender has to agree to wipe out debt (if applicable)
3) Your debt to income ratio must EXCEED 31%
4) Debt to income ratio is effective of 3/1/2008, so whatever it was on that date is what you would use as eligibility.
5) You can be current or behind on your mortgage, but must demonstrate the ability not to pay (either now or in the future).

Step #5 is where it gets hazy; I'm hoping I qualify but since I am current, I wonder what they'll really look for. I have a little bit of a surplus this month, but I don't have a family yet, etc..what happens when expenses rise? What happens when my car breaks down and I have to buy another one? Shrug.

07-23-2008, 04:21 PM	#3 (permalink)
ccsint Senior Member Join Date: Jan 2008 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Final Housing Bill Passes House, Bush to Sign into Law 1) Primary residence, lender must participate 2) 2nd lender has to agree to wipe out debt (if applicable) 3) Your debt to income ratio must EXCEED 31% 4) Debt to income ratio is effective of 3/1/2008, so whatever it was on that date is what you would use as eligibility. 5) You can be current or behind on your mortgage, but must demonstrate the ability not to pay (either now or in the future). Step #5 is where it gets hazy; I'm hoping I qualify but since I am current, I wonder what they'll really look for. I have a little bit of a surplus this month, but I don't have a family yet, etc..what happens when expenses rise? What happens when my car breaks down and I have to buy another one? Shrug.