Loan Modification Forum - LoanSafe.org - View Single Post

01-25-2008, 08:29 AM

Put your contractual obligations down as they are....exactly as they are, if you have a VISA Card with a balance of 3800.00 and the payment is 151.00 that is what you reflect. The Lender will be pulling another credit report for this process. The original 1003 reflects a snapshot of what was when you closed the loan, not what is today. If you job has changed or you have gotten a raise since, reflect that new rincome specifically - they are going to want your paycheck stubs and possibly your W-2's.

You have additional expenses - Utilities, Gas, Insurance, Food, Medical, Cable/Internet, Retirement Savings (they may not be fond of those at this point in time), any and all recurring monthly "stuff" that you might have that is necessary.

Do not short yourself, do not short them, average the utility bills so that there is parity for the year, same for groceries, and medical. The rest is fairly set in stone with a monthly set amount for the service. (You may have to knock out some of the better things in life - like cable to meet their standards) You have a goal here - get back in the track and on the track - Modification.

This is a good faith process, and must be initiated in that fashion, no they are not your friends (lender), but this is in their interests as well, so we need to play fair for the Mutual Interests served.

At all costs, stay focused and proactive in the process there is no magic formula - just hope and tenacity. If you feel overwhelmed, do not hesitate to contact the attorney on the site here - there is modification assistance through this site. Contact HOPE, a non-profit, they too have multiple tools for you to assist you. Above all - hope and tenacity.

01-25-2008, 08:29 AM	#9 (permalink)
Mary Salzer Guest Posts: n/a	Re: CW Wants list of monthy expenses! Should I fatten it up or thin it out? Put your contractual obligations down as they are....exactly as they are, if you have a VISA Card with a balance of 3800.00 and the payment is 151.00 that is what you reflect. The Lender will be pulling another credit report for this process. The original 1003 reflects a snapshot of what was when you closed the loan, not what is today. If you job has changed or you have gotten a raise since, reflect that new rincome specifically - they are going to want your paycheck stubs and possibly your W-2's. You have additional expenses - Utilities, Gas, Insurance, Food, Medical, Cable/Internet, Retirement Savings (they may not be fond of those at this point in time), any and all recurring monthly "stuff" that you might have that is necessary. Do not short yourself, do not short them, average the utility bills so that there is parity for the year, same for groceries, and medical. The rest is fairly set in stone with a monthly set amount for the service. (You may have to knock out some of the better things in life - like cable to meet their standards) You have a goal here - get back in the track and on the track - Modification. This is a good faith process, and must be initiated in that fashion, no they are not your friends (lender), but this is in their interests as well, so we need to play fair for the Mutual Interests served. At all costs, stay focused and proactive in the process there is no magic formula - just hope and tenacity. If you feel overwhelmed, do not hesitate to contact the attorney on the site here - there is modification assistance through this site. Contact HOPE, a non-profit, they too have multiple tools for you to assist you. Above all - hope and tenacity.