Loan Modification Forum - LoanSafe.org - View Single Post - My monthly deficit too high to get a mod?

ZAP09 · 05-08-2009, 11:44 AM

Background: 2 incomes (1 reduced by approximately $3000 a month due to economy) behind 4/5 mort. payments, began app. for mod. 6mos ago (thanks for exec.office # helped get us answers)

I have just received word that I need to work on my numbers regarding my expense/income sheet for Wells Fargo. She wouldn't commit to it exactly, but my exec. office rep. definitely got the message across to me that my $3000.00 a month deficit ( incl. my $4500 Wells 1st mort.) was just too high to do anything with. I am, in this economy, to go increase my income and get all of my other debts modified and reapply for help in 3 months. In the interim, they are offering me a reduced payment of $1300/month for that 3 months, w/ a horrific balloon on the end. What is this? After spending most of my morning reading this fabulous site, I am still wondering what the magic number is? So, you are to be at a certain percent DTI then they offer you a 31% DTI payment if you are fortunate enough. I am understanding my jump was just too much for them to make, anyone know what the deficit should around each month to be considered, so I can go attempt a miracle in the next couple of months?

05-08-2009, 11:44 AM	#1 (permalink)
ZAP09 Senior Member Join Date: May 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	My monthly deficit too high to get a mod? Background: 2 incomes (1 reduced by approximately $3000 a month due to economy) behind 4/5 mort. payments, began app. for mod. 6mos ago (thanks for exec.office # helped get us answers) I have just received word that I need to work on my numbers regarding my expense/income sheet for Wells Fargo. She wouldn't commit to it exactly, but my exec. office rep. definitely got the message across to me that my $3000.00 a month deficit ( incl. my $4500 Wells 1st mort.) was just too high to do anything with. I am, in this economy, to go increase my income and get all of my other debts modified and reapply for help in 3 months. In the interim, they are offering me a reduced payment of $1300/month for that 3 months, w/ a horrific balloon on the end. What is this? After spending most of my morning reading this fabulous site, I am still wondering what the magic number is? So, you are to be at a certain percent DTI then they offer you a 31% DTI payment if you are fortunate enough. I am understanding my jump was just too much for them to make, anyone know what the deficit should around each month to be considered, so I can go attempt a miracle in the next couple of months?