Loan Modification Forum - LoanSafe.org - View Single Post - Another GMAC mortgage....stop paying, or short sell??

marinah1208 · 11-14-2008, 10:12 AM

A question regarding filling out the financial analysis form...I saw that someone on this forum said that you need to show $150-200 surplus after expenses in order to qualify at all for a modification. Is this surplus needed with our CURRENT mortgage payments, or a modified payment? Because our problem is that with our mortgage and all our other expenses, we are short every month, and that's why we can't pay our mortgage next month. Could someone explain the surplus to me, or point me to the thread/posts that explain it? I want to do this right because I know we only get one chance...

Thank you for your help!!

11-14-2008, 10:12 AM	#7 (permalink)
marinah1208 Member Join Date: Nov 2008 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another GMAC mortgage....stop paying, or short sell?? A question regarding filling out the financial analysis form...I saw that someone on this forum said that you need to show $150-200 surplus after expenses in order to qualify at all for a modification. Is this surplus needed with our CURRENT mortgage payments, or a modified payment? Because our problem is that with our mortgage and all our other expenses, we are short every month, and that's why we can't pay our mortgage next month. Could someone explain the surplus to me, or point me to the thread/posts that explain it? I want to do this right because I know we only get one chance... Thank you for your help!!