| Re: Starting process with home retention team at CW
State the real, they will pull another credit report. Income is different I am sure after the last review of income as nothing is what it was when it was initiated. They will want paycheck stubs and W-2's. Average the utilities for the year to a monthly figure, include all of your expenses....contractual consumer obligations, medical (scripts, etc...) averaged if necessary for the year to a monthly equation, gas to and from work, cable/internet, Insurances, etc..... The overall effect of this is to provide them a clear picture of what it takes you legitimately to live each month. This allows them to present the picture to others who ultimately make the final decision that this is a good "RISK" and that success is viable for both parties - the borrower and the lender - Mutual Interests. By the same token if you have too much left over, then there is the possibility that they are not inclined to do the modification as you are not in a Hardship position.
Report the data factually and be able to support it, ie. utility bills for 12 months, gas receipts, etc.....if you need to appeal any decisions that they may make that are not in your favor. Personally I prefer Residuals after Utilities and other costs are subtracted......VA methodology, they may get there soon - it works. Above all stay focused and strong and keep us posted. |