MHA Program and Income / Expenses - Loan Modification Forum

sanny · 08-10-2009, 07:49 AM

Hi everyone

We got a trial offer from BofA and we`re about to make our first payment. However, even with the reduced monthly payment, and after paying rest of the bills, will have less than 100 bucks a week left for a family of 4. I don`t think it`s doable. I asked my councelor from a local non-profit if we could submit new expense sheet to BofA, becaue tfirst one was not done right, and she said that they don`t even look at at the expenses for Making Home Affordable program. She told me that they go by gross income, and base a new payment on 31 % of entire monthly income. Even with that our new payment should be 775 instead of 877.
So i just wanted to know if it`s true that they don`t look at the rest of our expenses in order to qualify for HMA program.
Thanks!

AzGryffindor · 08-10-2009, 08:23 AM

They will pull a credit report to see what your monthly obligations are such as car payments and credit card payments.

As for all other bills, they don't care.

THANKS2U · 08-10-2009, 09:33 AM

[quote=sanny;110933]Hi everyone

We got a trial offer from BofA and we`re about to make our first payment. However, even with the reduced monthly payment, and after paying rest of the bills, will have less than 100 bucks a week left for a family of 4. I don`t think it`s doable. I asked my councelor from a local non-profit if we could submit new expense sheet to BofA, becaue tfirst one was not done right, and she said that they don`t even look at at the expenses for Making Home Affordable program. She told me that they go by gross income, and base a new payment on 31 % of entire monthly income. Even with that our new payment should be 775 instead of 877.
So i just wanted to know if it`s true that they don`t look at the rest of our expenses in order to qualify for HMA program.
Thanks![/quote

Hmm - I suppose they don't care ?

But you better make sure your 31 % payment of gross includes not only your P & I but also your T axes, Fire I nsurance and A ssociation dues -

In the HAMP / MHA Program they should be making your payment 31 % of your gross, which include your PITIA -

So make sure your total paymenet includes the PITIA and that the PITIA total is ONLY 31 % of your gross income..

Let us know the details of what yoru HUD counselor says and what the servicer says

Who owns your loan ? Fannie, Freddie, BONY , etc ???

08-10-2009, 07:49 AM	#1 (permalink)
sanny Senior Member Join Date: Mar 2009 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	MHA Program and Income / Expenses Hi everyone We got a trial offer from BofA and we`re about to make our first payment. However, even with the reduced monthly payment, and after paying rest of the bills, will have less than 100 bucks a week left for a family of 4. I don`t think it`s doable. I asked my councelor from a local non-profit if we could submit new expense sheet to BofA, becaue tfirst one was not done right, and she said that they don`t even look at at the expenses for Making Home Affordable program. She told me that they go by gross income, and base a new payment on 31 % of entire monthly income. Even with that our new payment should be 775 instead of 877. So i just wanted to know if it`s true that they don`t look at the rest of our expenses in order to qualify for HMA program. Thanks!

08-10-2009, 08:23 AM	#2 (permalink)
AzGryffindor Senior Member Join Date: Jun 2009 Posts: 231 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: MHA Program and Income / Expenses They will pull a credit report to see what your monthly obligations are such as car payments and credit card payments. As for all other bills, they don't care.

08-10-2009, 09:33 AM	#3 (permalink)
THANKS2U Senior Member Join Date: Jul 2009 Posts: 192 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: MHA Program and Income / Expenses [quote=sanny;110933]Hi everyone We got a trial offer from BofA and we`re about to make our first payment. However, even with the reduced monthly payment, and after paying rest of the bills, will have less than 100 bucks a week left for a family of 4. I don`t think it`s doable. I asked my councelor from a local non-profit if we could submit new expense sheet to BofA, becaue tfirst one was not done right, and she said that they don`t even look at at the expenses for Making Home Affordable program. She told me that they go by gross income, and base a new payment on 31 % of entire monthly income. Even with that our new payment should be 775 instead of 877. So i just wanted to know if it`s true that they don`t look at the rest of our expenses in order to qualify for HMA program. Thanks![/quote Hmm - I suppose they don't care ? But you better make sure your 31 % payment of gross includes not only your P & I but also your T axes, Fire I nsurance and A ssociation dues - In the HAMP / MHA Program they should be making your payment 31 % of your gross, which include your PITIA - So make sure your total paymenet includes the PITIA and that the PITIA total is ONLY 31 % of your gross income.. Let us know the details of what yoru HUD counselor says and what the servicer says Who owns your loan ? Fannie, Freddie, BONY , etc ???

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