Factoring OT?

[taalberg]

When I sent copies of my most recent pay stubs, they had overtime on them. Will they make the distinction for gross pay with no Ot, which is mostly the case with my job, when they fomulate the modification??-Thanks,Tim

[Evan Bedard]

Hi tallberg,

When I sent copies of my most recent pay stubs, they had overtime on them. Will they make the distinction for gross pay with no Ot, which is mostly the case with my job, when they fomulate the modification??-Thanks,Tim

From my experience it seems like sometimes lenders will use you OT pay as well when calculationg your gross income, if they are on your most recent stubs. Try explaining to your lender that you do not recieve OT all the time and see if they will accept maybe an extra couple months worth of paystubs? Keep us posted on your progress.

[Hopefull2009]

My first modification attempt (not under MHA) was turned down after 90 LONG days due to income. My submitted income was the last 2 paystubs of the year and included a LOT of OT as well as holiday x2. I was turned down because I could "afford the payment" based on that. It seems they just plug in the numbers and don't consider anything outside the box. I even had included an explanation and it apparently was not taken into consideration. After it was denied and I then applied for MHA, I made sure I showed only the basic income with no OT or extra for the paystubs I needed to submit. I have OT sometimes, but not regularly to count on so I needed my payment based on what I know I can count on for income. This was Aurora. Maybe other lenders do take it into consideration.