Surplus guideline

[art4ari]

I cant find anywhere a guideline or information about surplus. What is it exactly? I read I have to have certain amount. What percentage?

I was never late on my payments before defaulting and I had little debt on credit report. Lost job and on disability for long time, I am behind on payments now for 10 months and difficult to repay. My income now is 5100. and my total home expenses are 1375 including 180 a month in credit report.

before trial period 2700 with taxes and insurance
trial payment 1560.00 ( final payment may fall between 1588 and 1975 on a "step" payments)

The surplus counts before or after mod? How can figure this?

I have seen some people being denied for having too much of it. How much is too much or not enough?

My last trial payment will be Sept 1st.

Thanks for sharing...

[shade]

There is no surplus requirement - I have researched this extensively. Yout total backend DTI if over 55% you need to agree to go to HUD counseling. Once you agree in writing then there is nothing stopping the mod from becoming permanent.
Again if Chase says 'insufficient income' I cwould challenege it. They should be using your credit debt based off of your credit report and thats it.
If your total DTI is over 100% then I could see an issue.

[art4ari]

Thanks shade, it makes sense....my dti is abot 47%...

[visalia]

The surplus counts after mod. Fannie and BofA want $200 surplus after the modification.

[shade]

Originally Posted by visalia

The surplus counts after mod. Fannie and BofA want $200 surplus after the modification.

Please show me where this is written down.

[visalia]

Originally Posted by shade

Please show me where this is written down.

My negotiator at BofA told me that Fannie Mae want to have $200 surplus after the modification.
I don't have any written down