Income

[Struggling76]

How do most figure your income? They ask for monthly, but do they take your (hourly pay X hours worked in a week X 52 weeks divided by 12 months) or do most do (weekly X 4 (weeks in a avg. month))?

The reason I ask is one is higher than the other.

[SillyWorld]

I do the 52 week /12 would give you the extra pays that we get in several months ageraged all out... Not a bad deal if you want to boost your income, or not bad if you need more income, I get OT now and then so I try to get the most I can for the year or this year to show on paper, Then the Gross tiimes .031 should be your mortgage

[Struggling76]

Is anyone doing or done loan modification with SPS (Select Portfolio Services)? If so what advice do you have for dealing with them?

[Struggling76]

thanks for the input sillyworld

[Moe Bedard]

They are going to go by your net take home pay that is on your last 2 months pay stubs.

If you have a situation where you are self employed, have seasonal employment or unusual income reporting, you can send in a short letter of explanation and ask that they look at the whole picture and that you have proof that you make x amount of dollars. If your last 2 months are a good reflection of the whole year, then that will probably not be necessary.