How is ratio calculated for mod if i have 2 mortgaged homes

[JuliaATL]

I tried to search and search, but can not find my situation. Altough I am sure it is very common. I have 2 homes, my own and a rental. I am trying to modify rental with Chase. When they calculate percent of the mortgage payment versus gross income, do they consider my 2nd home with another mortgage?
This is what we have, the income, about 6500 montly and 2 mortgages, each of 1800. each mortgage is under 31%, but 2 - above.
Also, is there anyone for a fee can help us to fill out the financial statement right?

[Cat Damiano]

Julia,



The rental income is calculated as a certain percentage of the income.


Rental Income:

Borrowers who receive rental income must provide evidence of that income, which is generally
documented on IRS Schedule E (Supplemental Income and Loss) of the borrower’s tax return for
the most recent tax year.

When Schedule E is not available to document rental income because the property was not
previously rented, servicers may accept a current lease agreement and bank statements or
cancelled rent checks.

If the borrower is using income from the rental of a portion of the borrower’s principal residence,
the income may be calculated at 75 percent of the monthly gross rental income, with the
remaining 25 percent considered vacancy loss and maintenance expense.
If the borrower is using rental income from properties other than the borrower’s principal
residence, the income to be calculated for HAMP purposes should be 75 percent of the monthly
gross rental income, reduced by the monthly debt service on the property (i.e., principal, interest,
taxes, insurance, including mortgage insurance, and association fees), if applicable.
Rental income should not be included in a borrower’s monthly gross income if there is currently
no income due to vacancy (even if rental income was identified in their tax return or tax
transcript). The servicer must reconcile any differences between what the borrower
communicates and the borrower’s information. For example, the servicer might choose to
perform a property inspection of the rental property.



If you need some help with the RMA, you can contact Michael with the Loan Mod Help Center and he can help. His information to contact him is located in his signature in the following thread where he helps members to see if they qualify for a modification;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

[JuliaATL]

Thank you!
I just posted my amounts

Julia,





The rental income is calculated as a certain percentage of the income.


Rental Income:

Borrowers who receive rental income must provide evidence of that income, which is generally
documented on IRS Schedule E (Supplemental Income and Loss) of the borrower’s tax return for
the most recent tax year.

When Schedule E is not available to document rental income because the property was not
previously rented, servicers may accept a current lease agreement and bank statements or
cancelled rent checks.

If the borrower is using income from the rental of a portion of the borrower’s principal residence,
the income may be calculated at 75 percent of the monthly gross rental income, with the
remaining 25 percent considered vacancy loss and maintenance expense.
If the borrower is using rental income from properties other than the borrower’s principal
residence, the income to be calculated for HAMP purposes should be 75 percent of the monthly
gross rental income, reduced by the monthly debt service on the property (i.e., principal, interest,
taxes, insurance, including mortgage insurance, and association fees), if applicable.
Rental income should not be included in a borrower’s monthly gross income if there is currently
no income due to vacancy (even if rental income was identified in their tax return or tax
transcript). The servicer must reconcile any differences between what the borrower
communicates and the borrower’s information. For example, the servicer might choose to
perform a property inspection of the rental property.



If you need some help with the RMA, you can contact Michael with the Loan Mod Help Center and he can help. His information to contact him is located in his signature in the following thread where he helps members to see if they qualify for a modification;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation