DTI-Clarification of "gross" income.

[totalshow]

I understand that the target DTI after modification is 31%.

Can anyone tell me if medical and or car allowences would be figured into your gross. I know it's part of your wage, but medical is tax free so it's almost not like income. I have to pay over $400 per months for my family's medical beneifts from my employer, and my car allowence is set up to offset my expenses for driving from job site to job site, so it's not really income more like reinbursement, although it is taxed. So to an extent I never even see this money so it's not really income. These expenses/income equate to 11% of my monthly exepenses before I see a dime as income.

Any info would be great!!!!

[SillyWorld]

They will ask for pay stubs, Proof of Income...Say you make $1.00 and Hour and have a 40hr week job thats $40.00 a week X 52 weeks a year Divided by 12 Months a Year would then give you a Gross of $133.33 a month, now if your Compajny gives you per say an additional 300.00 a year for INS then you would have to add that to get your Gross

[totalshow]

To clarify:

I get paid $400 to offset my auto costs, so I could see how this may be considered income.
However this just simply pays for the extra gas and wear and tear I incur on my car compared to regular employeesm

However I have to pay over $400 for health insurance. I never see this money. It isn't taxed. But it is a good portion of my income that I never see!!!!

[SillyWorld]

If you never see it on your pay stub than it is a no count, otherwise they will count it, and sometimes it works in your favor for a MOD

[KnAZ2]

Just to clarify, if the money is included in your "total gross income" on your pay stub, then it is counted as your gross income. If it is on a seperate line on your pay stub, and clarifies that it is a "reimbursement" of some sort, than it may not be counted. The medical is just not taxed, it is an income.
I am in the same boat. Even though my husband is still unemployed, I got a raise during the modification process and all my gross income is counted so, I didn't qualify for any mod! Apparently, I can afford my loan....and then some! The best they could do was to add my arrears to the principle and raise my payments by $70. I accepted it for now. I was able to save enough to make my first payment now (not due until 9/1). And since my status is back to "current" with BOA, I was able to go online and set myself up with the 26 pay plan. This is an automatic bi-weekly deduction of my bank account. I will make huge sacrifices for a while but it will payoff. I get paid bi-monthly, so I set it up to take the payment out the day after my paycheck gets direct-deposited. So by the end of the year 2 full payment will have reduced the principle. If all goes well and we stay in the home, it will save us 70k. Or, at least the principle will be substantially reduced over the time we are here, and maybe we can refi in a year or two. And worst case, if we are still struggling, we can try again for a mod later down the road.....maybe the rules will change.

[SillyWorld]

Sounds like a PLAN...Good Luck!!