Citimortgage loan mod ?

[candy19]

We just began the loan mod process with Citimortgage. My husband's name is on the mortgage - not mine. When they ask for a copy of our tax return will they include my income towards the 31%? Initially he just gave his income to the loss mitigation specialist, not mine.

[Evan Bedard]

Hi Candy19 welcome and thank you for joining.

We just began the loan mod process with Citimortgage. My husband's name is on the mortgage - not mine. When they ask for a copy of our tax return will they include my income towards the 31%? Initially he just gave his income to the loss mitigation specialist, not mine.

If you are contributing to the household your lender is going to want to see your financial information as well..

[candy19]

Thanks for the response.

Will my income be factored into the 31% even though I am not responsible for the loan?

[heidi79]

the hamp program takes into account 'household income' so more than likely yes, they will take your income into account, therefore, remember to include your expenses and debt also.

[Evan Bedard]

Yes Heidi is correct. They will include your income as well when calculating your DTI..

[abcxyz]

Hmmm...I disagree from the responses above...

It sounds to me like you don't want your income to be factored into the 31% otherwise your modified payment won't be as low as if you were only to factor in your husband's income only, which of course would be beneficial to you guys.

My name is only on my loan (not my wife's), and I included only my income to Citi because somewhere in the guidelines it says that only the income of the borrower(s) on the LOAN NOTE need to be considered... or something to that effect.

You CAN include your income if your husband does not make enough money to qualify for the income levels of the modification.

I asked more than 6 different Citi reps this exact same question you did, and what I wrote above is what they all told me as well. You can go read it in the guidelines too, it's somewhere there, I remember reading it. I think I even posted a message inquiring the same thing you did, and someone directed me to the guidelines.

I sent them a copy of my tax return as well which shows BOTH our incomes. What I did was, I also included the page summarizing both of our W2's. And then I wrote beside my name and highlighted it, "BORROWER ON THE LOAN"

So you might want to inquire a little more regarding this matter, but I'm speaking from my own experience.

[heidi79]

abc is correct about the income; preferably, you should be excluded from all of this, you are not on the loan, but nevertheless they will see the joint return, and the program goes under household income.

They will suppose that if the income tax is joint, you all are married, live in the same household, then you must contribute to the home together. They will most likely take the gross income for 2008 for both of you.

it's a good idea to make a note pointing out who the borrower really is on the note, but most likely . . . . . .

if you need additional income, include yourself but don't forget to include your debt also so you don't have too much of a surplus.