New to all of this

[Rosecafe]

Hello,

I have spent much time reading this informative board. Thank you all who spend your time giving advice and lending an ear.

I am about ready to start the battle with CW/BOA regarding a modification. I have drafted a hardship letter, income/expense sheet, bank statements & proof of income for myself and spouse.

I do have some questions I need assistance with. In outling our income and expenses, do I list gross income and account for taxes as an expense or do I list net income and all expenses? Is it better to have some income left over at the end of the month or have all money accounted for. At this point, DH and I only have about $100.0 or so left over at the end of the month after taxes and all expenses are paid.

Thanks in advance for your help.
Rose

[Evan Bedard]

Hi rosecafe welcome and thank you for joining our community.

I do have some questions I need assistance with. In outling our income and expenses, do I list gross income and account for taxes as an expense or do I list net income and all expenses? Is it better to have some income left over at the end of the month or have all money accounted for. At this point, DH and I only have about $100.0 or so left over at the end of the month after taxes and all expenses are paid.

When calculating your income and expenses go off your net income because that is the realistic number you take home pay. As far as how much you have left over will vary case to case. I have seen a surplus of a few hundred get approved and also a deficit of a few hundred...

[Rosecafe]

Evan,

Thanks for your quick help. I will be faxing in my documentation either later today or early tomorrow morning. I will keep you all posted.

Thanks again,
Rose

[Rosecafe]

Another question,

If you started with Countrywide which is now B of A, do you address all the information to B of A? Are the numbers in the sticky above still good since they relate to CW?

Thanks,
Rose

[bittersweetme]

RoseCafe,

Have you contacted NACA ? www.naca.com they are a BIG help !

[Rosecafe]

Bittersweetme,

I have not yet, though I have read good things about them here. Still deciding whether to go on my own or use them. Can you start on your own and move onto them if it becomes too hard to handle on your own?

Thanks,
Rose

[bittersweetme]

yes, but go at least make a phone appointment, there is a wait, and you can ask the questions you have. . . . . Had I found out about them sooner, I would have went with them first.....

[bcg1968]

Hello,
I have found this quite informative and would like to possibly get some feedback on
my current situation.I spent quite some time on July 21,09 trying to get in contact with someone at country wide and finally spoke to a person who had me fax a hardship letter and pay stub.I waited a week and called to confirm they got the fax and was told 60 to 90 days before I would get a response.I told the women I originally spoke with that I was current but knew that most likely within two months
would get behind.C/W website just says they have recieved the documents I faxed.
Now here is my current issue.I need to pay my August payment by the 17nth or there is a late fee.I can make the payment but will literally have $40 dollars to my name to last me a week.Gas and food will eat that up in a day.My question is do you think I would be safe to pay late on 8/21 or could that hurt my chances when they get around to reviewing me for a MOD?.

[rkel11]

If you pay late, it will not hurt your chances for a mod.

[bittersweetme]

And ( correct me if I am wrong) I dont think they report on your credit until you are 30 days late, so I think you are good to go.

[hope67]

Originally Posted by Rosecafe

Another question,

If you started with Countrywide which is now B of A, do you address all the information to B of A? Are the numbers in the sticky above still good since they relate to CW?

Thanks,
Rose

Hi Rosecafe...they definitely need to know both your gross income and net income. They calculate payment based on the 31% of the gross income, when they figure the DTI ratio they use the net income. As to the income and expense sheet use the net income.