Question on Rental Income - Loan Modification Forum

Mandy · 08-05-2009, 10:13 AM

Yes, I have been denied by WF. Today, I was told that I have a deficit. That deficit comes because they state that only 75% of the rental income could be added as an income. Does anyone know this?

To the bak I have a deficit, in my papers I have a surplus.... So I asked them for their worksheet. They said, "No we can't share that with you. We are not racist." I don't know what that lady was up to. I was never mean and I never shared my ethnicity.

I told her, "I never said, you were racist. But I guess the bank will share the documents with my lawyer. Thank you for your time and have a good day."

Evan Bedard · 08-05-2009, 10:23 AM

Hi Mandy,

Quote:

Yes, I have been denied by WF. Today, I was told that I have a deficit. That deficit comes because they state that only 75% of the rental income could be added as an income. Does anyone know this?

I have never heard of a lender only accepting 75% of rental income, not sure how that is poissible or why they would have done that.. I would continue to call and find out why asap.

Keep us posted.

jakelabry · 08-05-2009, 12:38 PM

75% is correct, according to Fannie Mae guidelines:

"The monthly net rental income to be calculated for HAMP purposes must equal 75 percent of the gross rent, with the remaining 25 percent being considered vacancy loss and maintenance expense."

The link containing this requirement is here:

https://www.efanniemae.com/sf/guides.../2009/0905.pdf

Evan Bedard · 08-05-2009, 01:50 PM

Thank you Jakelabry I somehow overead that part..

08-05-2009, 10:13 AM	#1 (permalink)
Mandy Senior Member Join Date: Jul 2009 Posts: 184 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Question on Rental Income Yes, I have been denied by WF. Today, I was told that I have a deficit. That deficit comes because they state that only 75% of the rental income could be added as an income. Does anyone know this? To the bak I have a deficit, in my papers I have a surplus.... So I asked them for their worksheet. They said, "No we can't share that with you. We are not racist." I don't know what that lady was up to. I was never mean and I never shared my ethnicity. I told her, "I never said, you were racist. But I guess the bank will share the documents with my lawyer. Thank you for your time and have a good day."

08-05-2009, 12:38 PM	#3 (permalink)
jakelabry Senior Member Join Date: Jun 2009 Posts: 200 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question on Rental Income 75% is correct, according to Fannie Mae guidelines: "The monthly net rental income to be calculated for HAMP purposes must equal 75 percent of the gross rent, with the remaining 25 percent being considered vacancy loss and maintenance expense." The link containing this requirement is here: https://www.efanniemae.com/sf/guides.../2009/0905.pdf

08-05-2009, 01:50 PM	#4 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question on Rental Income Thank you Jakelabry I somehow overead that part.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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