Quote:
Originally Posted by Jrixey  Thanks for your reply- There is no chance of moving, I live on a farm and I will fight tooth and nail to stay.
Parents are helping, but I want to see how to go about showing my lousy income PLUS what my parents are paying.
Parents are very well off, where as I am barely getting by right now.
I have a Fixed rate mortgage.
My gross monthly is barely $1500.00 plus parents are paying mortgage.
I used to be able to pay it with ease until business slowed.
Mortgage is $2,400.00 a month.
I am trying to get it lowered as much as possible. Most of the payment is NOT going to principal. Please see my info below. | Information |
| Current Principal Balance | $269,542.82 | | Current Interest Rate | 8.000% | | Loan Origination Date | 08/31/2005 | | Original Loan Amount | $273,623.00 |
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| | Loan Type | Conventional without PMI | | Maturity Date | 09/2035 | | Payment Method | Monthly Statement | | | Payment Information | | Scheduled Payment Breakdown: | | Last Payment Breakdown: | | Next Payment Due* | 08/01/2009 | | Principal & Interest | $2,051.63 | | County Tax | $262.35 | | Shortage | $164.26 | | 08/01/2009 Scheduled Payment | $2,478.24 | |
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| | | | Principal Received | $252.99 | | Interest Received | $1,798.64 | | Escrow Received | $426.61 | | Fees/Late Charge | $102.58 | | |
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Jrixey
Wow, this is a hard one.
Normally, the banks will want income to debt ratio to Gross income to be about 31% on any loan modification. But your income level is very low. Is there a way to show average monthly income that goes back 12 months to show higher average income per month than is your current monthly income? I had to do this to get my monthly income to come out right. They wanted recent income statements but the lower current income was balanced by total yearly average. This was accepted on my mortgage modification. But my income is documented with my employer and taxes filed last year. You may have a more difficult problem with a farm if that is your source of income.
You have the option of getting payment moved out for 3 or 4 months and the payments not made added to your mortgage owed. Not the bbest option but it does help if this is a temporary situation that you know is going to change soon.
Last option is to look at income increase from parents that might be possible to set up. Examples might be rental of barn or storage space for anything, etc. Need to show history, so you might already have this with past payments.
The best offers I have seen are where your income will cover 2% interest rate on 40 year mortgage amortization on the principle. They might do a principle reduction for you but your income is very low. Not sure they will make a big drop in your principle. Has your farm value declined much in the last 3-4 years? Taxation valuation dropped yearly, that you can refer to or have a realestate market valuation made to give you some information to see how low the loan might go. It is not often they will drop below the current property valuation.
This might help you find out if your income vs property value might work for a mortgage modification.
Get your information ready for talking to the lender for what would work for your situation. Keep posting what you find so that others can try and help you.
Don't give up. Keep trying to get help.
TNT101
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