| Re: 31 percent rule
I don't know if that has been explicitly stated, but the goals of the modification plan outlined by President Obama is to reduce the burden of one's mortgage payment to around ~33% of gross income. If you are already below that threshold, then your mortgage payments are not the source of your financial hardship.
If you have other debts - student loan, car payments, credit card payments - you should work directly with those creditors to get out from under those burdens. |