| Re: WaMu/Chase Mod Moving Forward
the 31% target that the modification program is working to achieve has nothing to do with the back end debt ratio which would include the expenses.
It only includes the mortgage payment on the first lien, including Principal, Interest, Taxes, and Insurance...versus the gross income.
the back end ratio is the portion that includes the total debt payments...........if that ratio versus gross income is over 55%..........then counseling will be a must before approval of the modification.
questions about a bk would need to be addressed by a bk attorney.
__________________ Moe Bedard
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