Question about Mods and spouses

[worriedsick]

When I purchased my home in 2007 I was not married, and did not need a co-borrower. At that time my monthly payment was $864. Fast forward 2 years and my new payment is $1047.00 (property taxes increased in 2008, and even this year I have a shortage of $360.00) I was laid off in October of 2008, have a HEL/2nd Mortgage of $230.00 a month so total out for the house alone is $1277.00 a month. My take home is approx $1324.00 (Gross is $1448.00) When Looking at Flagstar's web-site I "qualify" to try to do a modificaion.

I do have one consern. Because I got married in 2008 what effect will that have on the modification process? Do I have to list him on the paperwork that Flagstar wants me to fill out, or do I leave him off completely as he is not a co-borrower nor is he on the deed/title to the home?

I have written my letter of hardship both ways, and I am just not sure how to fill out the paperwork. Thanks!

[Evan Bedard]

Ho worriedsick welcome and thank you for joining.

I do have one consern. Because I got married in 2008 what effect will that have on the modification process? Do I have to list him on the paperwork that Flagstar wants me to fill out, or do I leave him off completely as he is not a co-borrower nor is he on the deed/title to the home?

Is your husband currently employed and contributing to the household expenses?

[worriedsick]

Yes he is employed and contributing.

[Evan Bedard]

I was laid off in October of 2008, have a HEL/2nd Mortgage of $230.00 a month so total out for the house alone is $1277.00 a month. My take home is approx $1324.00 (Gross is $1448.00) When Looking at Flagstar's web-site I "qualify" to try to do a modificaion.

Is the $1448 including your husbands income as well?

[jaibird]

I am in CA and have the same situation, the house is in my name only and I was not married when I purchased it. I DO have to include my spouses income.

[jaibird]

I would also like to say that without his income my deficit would be to high to be considered for a mod. So in my case it is good that they look at his income.

[worriedsick]

I just checked Flagstars web-site calculator, and with his income we do not qualify. My unemployment is scheduled to run out at the end of September, and then we would qualify. On a positive note, I would then be able to return to school. (While collecting unemployment I can not go to school) So we will just continue to struggle until then and re-evaluate our situtation.

[worriedsick]

Originally Posted by Evan Bedard

Is the $1448 including your husbands income as well?

No that is just mine. His is another 2300, but it varies each week as he is a plumber and only gets paid per job. Some weeks he makes $300 and others he makes $800 (gross)

[Evan Bedard]

Hi worriedsick,

You should include your husbands income as well because without it your deficit will most likely be too high once your income and expenses are calculated..