AHMSI Modification Surplus Question

[Hank123]

Hi All,

Was turned down today under the HAMP program because our mortgage payment is already less than 31% (PI only) when taking our total household income into account (my income alone puts us over and I'm the only one on the loan but they figured in my wife's income as well).

Anyhow, when figuring out the surplus do they calculate based on gross or net?

Thanks.

[Evan Bedard]

Hi hank123,

Was turned down today under the HAMP program because our mortgage payment is already less than 31% (PI only) when taking our total household income into account (my income alone puts us over and I'm the only one on the loan but they figured in my wife's income as well).

Anyhow, when figuring out the surplus do they calculate based on gross or net?

They will calculate your income using your gross pay. Also they will want to see your wife's income as well if she is contributing to household expenses...

[Hank123]

So to calculate the surplus for a traditional modification they are going to work off our gross and totally disregard what we pay in taxes and health insurance?

I understand that they base the 31% figure for obtaining a HAMP modification on gross (which, as I said, we were turned down for), but how can they get an accurate picture of our finances and the surplus when working the figures to see if we qualify for a traditional modification if they don't take what we pay in taxes into account? That would artificially inflate our net disposable income by almost a thousand dollars per month.

I'm confused.