Borrower Financial Information - Loan Modification Forum

johnmc46 · 08-06-2009, 06:57 AM

I was told I was short by $645 on my financials for the loan mod.
I went through my expenses with the woman from WF loan mit
The expense for the mortgage was my current payment shouldnt they be using the modified mortgage payment to see if I qualify.

Evan Bedard · 08-06-2009, 08:54 AM

Hi johnmc,

Quote:

I was told I was short by $645 on my financials for the loan mod.
I went through my expenses with the woman from WF loan mit
The expense for the mortgage was my current payment shouldnt they be using the modified mortgage payment to see if I qualify.

Your lender will go off your current mortgage payment when calculating your income and expenses..

johnmc46 · 08-06-2009, 10:28 AM

After thinking this through and I hope I'm correct is they use the current mtg payment
to validate your inability to make the payment and the request for new financials is just to validate the numbers you provided and if they are within the set tolerances then
your load will be modified.

Evan Bedard · 08-06-2009, 01:29 PM

Yes johnmc46 that is pretty much correct.

08-06-2009, 06:57 AM	#1 (permalink)
johnmc46 Member Join Date: Jun 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Borrower Financial Information I was told I was short by $645 on my financials for the loan mod. I went through my expenses with the woman from WF loan mit The expense for the mortgage was my current payment shouldnt they be using the modified mortgage payment to see if I qualify.

08-06-2009, 10:28 AM	#3 (permalink)
johnmc46 Member Join Date: Jun 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Borrower Financial Information After thinking this through and I hope I'm correct is they use the current mtg payment to validate your inability to make the payment and the request for new financials is just to validate the numbers you provided and if they are within the set tolerances then your load will be modified.

08-06-2009, 01:29 PM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Borrower Financial Information Yes johnmc46 that is pretty much correct. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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