Gross Monthly Income/Loan Mod

[moosies]

I have a very basic question to ask please. When calculating our gross monthly income are only the most recent pay stubs used?
I ask because my husband was laid off for the first 4 months of the year and is now back to work. Using our most recent stubs our mortgage payment is not greater than 31% of our GMI.
During the layoff our GMI went from $8076 to $1772, a difference of $6304 a month.
Are the figures from the layoff taken into consideration at all? In this case would an average GMI be used?
If so, we would qualify for a mod because our mortgage payment would be greater than 31%.
Sorry if this seems a silly question, but I'm confused.

[SillyWorld]

They ask for your last 2 paystubs, and go by that

[Murray12]

Just make sure you let them know of the situation. I had a negotiator use the Year to Date income for a part time job even though my hours had increased for that job.

[moosies]

Thank you very much for your respones. I have spent the last two days at the NACA Save the Dream in Cleveland and am so happy I did! Will post when I have word on what my reduction will be.

[amyjeannine]

Do you think you could give us an update on the convention? Did you hear anything that we could benefit from as a group?

[SillyWorld]

Originally Posted by moosies

Thank you very much for your respones. I have spent the last two days at the NACA Save the Dream in Cleveland and am so happy I did! Will post when I have word on what my reduction will be.

How can they do an ASAP if you are there verses an online setup...