Loan Modification Forum - LoanSafe.org - View Single Post - Who is elligible for a loan modification?

workinlossmit · 01-13-2008, 08:20 PM

alright kids... sorry i ve been away... holidays... stuff.. son... anyway... enough excuses..

as for your "stated expenses" or "financials" or "financial worksheet" or "household budget" what an underwriter is looking for when looking is your "VERFIEABLE" income... versus your "STATED" expenses. hence.. your "DEBT to INCOME ratio"

there is not a magical number that you want to reach.. because every account is being worked independently of others. so if your stating that your bills are causing a negative ratio (greater then your verified income) then you may want to readjust your STATED expenses to around 95-110%. personally i make sure my referrals are in between 85-120% ANYTHING GREATER THEN THAT THEN I NEED TO ENCOURAGE YOU TO FIND ANOTHER WORKOUT OPTION!!! i.e. SHORT SALE, DEED IN LIEU or FULL PAYOFF!!! (why? cus your verfied income is not going to support any kind of loan mod)

so um.. yeah...in conclusion your okay by overstating your current amt.... due to the fact that the ARM is causing you to report a negative ratio.

01-13-2008, 08:20 PM	#13 (permalink)
workinlossmit Chase Loan Modification Guide Join Date: Nov 2007 Location: texas Posts: 65 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Who is elligible for a loan modification? alright kids... sorry i ve been away... holidays... stuff.. son... anyway... enough excuses.. as for your "stated expenses" or "financials" or "financial worksheet" or "household budget" what an underwriter is looking for when looking is your "VERFIEABLE" income... versus your "STATED" expenses. hence.. your "DEBT to INCOME ratio" there is not a magical number that you want to reach.. because every account is being worked independently of others. so if your stating that your bills are causing a negative ratio (greater then your verified income) then you may want to readjust your STATED expenses to around 95-110%. personally i make sure my referrals are in between 85-120% ANYTHING GREATER THEN THAT THEN I NEED TO ENCOURAGE YOU TO FIND ANOTHER WORKOUT OPTION!!! i.e. SHORT SALE, DEED IN LIEU or FULL PAYOFF!!! (why? cus your verfied income is not going to support any kind of loan mod) so um.. yeah...in conclusion your okay by overstating your current amt.... due to the fact that the ARM is causing you to report a negative ratio. Last edited by workinlossmit; 01-13-2008 at 08:22 PM..