rental income question?

[judithoo5]

I was accepted in the HAMP trial program

my totaly income from my job is $2458 and i get from rental income
$2000 so basically my income is $4458...i used this amount showing a surplus of 158 bacicaly they used this amount to qualify me..

but then if they only takes 75% from rental (2000(75)=1500) so my total income will be $3958
1) 4458(31%) = $1381 ......if they used this amount this will be my payment according to HAMP

2) 3958(31%)=$1226 and if they used this amount this will be my payment according to HAMP

but after doing my math i concluded that if they take income #2 i wont qualify for the final HAMP review because balance on my loan is 320 and 320(2%) will be 640 plus Insurance &taxes $609 payment will be= 1249 so if they used option #2 they will be a shortage of 23 dollars 1226-1249


can somebody explain this...

[Evan Bedard]

but then if they only takes 75% from rental (2000(75)=1500) so my total income will be $3958
1) 4458(31%) = $1381 ......if they used this amount this will be my payment according to HAMP

2) 3958(31%)=$1226 and if they used this amount this will be my payment according to HAMP

For the HAMP program they are only going to use 75% of your rental income in their calculations. So option2 is definitely what your trial payment should look like on this plan..