[azdmsmith]

Is it accurate that under the Obama plan total expenses related to income are not really relevant, it’s the housing expenses vs. income that is really the only relevant figure. Page 3 of the Chase borrower’s assistance form requests monthly expenses and I am a little concerned because my monthly expenses exceed my income on paper, but I receive child support that will make up most of difference for the next couple years (then once the kids are gone hopefully the market is better and I can sell the house for something smaller/more affordable). I did not include child support as income when I originally qualified for my mortgage nor did I include it on the borrower’s assistance form (as I read the form it is not necessary to include this income if I chose not to have it considered). I am hoping that a modification would be based on 31% of my income without child support because it is temporary in nature, but without the child support it appears on paper that I cannot meet my monthly expenses listed on the form (which includes food, medical, utilities, etc.).