Question on Income Basis

[ultimate4799]

Guys, Just wondering. The tax refund you get every year, will that be considered as part of your net income if you divide by 12 or lenders will just purely look at your paystubs? Anyone, please advise.

[Hopefull2009]

They'll look at paystubs -- gross income.

[ultimate4799]

oh, thanks hopefull 2009.. I still wonder why my loan mod request got denied last mid of June.. I was told i have a big deficit.. If they base it on my gross income, for sure I do have surplus... But if based on net income, I may have defecit... WFB makes me crazy...

[Hopefull2009]

Originally Posted by ultimate4799

oh, thanks hopefull 2009.. I still wonder why my loan mod request got denied last mid of June.. I was told i have a big deficit.. If they base it on my gross income, for sure I do have surplus... But if based on net income, I may have defecit... WFB makes me crazy...

Mine was denied too before the making home affordable program came out. I was told the same thing "you can afford the payment." I think it all depends on the lender, guidelines used, etc. Hopefully, if you're applying under MHA, the guidelines are pretty straightforward in terms of income.

[bambola.1]

Mine was also denied, it doesn't make sense the way the figure your income and deficit. I just got off the phone with Financial Stability in Washington, I was advised that she's getting 100's of calls per day of peole like us where lenders have turned them down for reasons that couldn't be understood, she thinks it's being done on purpose, so they can take our property back & the stimulus package is voluntary they don't have to participate.