question on if husband not on mortage

[gail177]

I have tried to get a loan modification from INdymac, the first one did not work because they said that my husband was not on the mortgage so they could not count his income. They gave me this loan with out my husbands income, never even asked his income, and knew that my salary could not pay the mortgage.

I am now trying a second loan modification, they said that my husband could sign a renters agreement , so my income so an increase. Has anyone heard of this.

gail

[Dan Bailey]

That is feasable...

[gail177]

when you say that is feasable , have you heard of any mortgage companies doing that
gail

[Dan Bailey]

It is feasable because it counts as "income" . From what Ive heard previously on the forums, most couples count as joint income, since your husband is not on the loan-that may be the way they need to include his income for their "spreadsheet".

[gail177]

thank dan for you reply

[Dan Bailey]

No problem

[LHarveyMadman]

Strange. *** has said several times before that all household income is used to calculate the feasibility of loan modification, regardless of whether a person is on the mortgage note or not.

[Moe Bedard]

They can use household income and most will ask for it on their financial forms.......regardless of who is on the loan itself...............but again...........that is up to the investor on the loan...............I am speaking from personal experience............I am not on my son's loan either..........and he can't afford it by himself.............I pay it............and Chase did include my income too for the modification.

[dajets68]

This is exactly what my dilema is. I'm on the loan - but unemployed. If you add my unemployment income with my wife's income I go above the 31% ratio. Unemployment however doesn't last forever and if I calculate walking away from the house I would make out big time. All I really want is to lower my rate from 7.75 to today's rates.

[Moe Bedard]

For the modification under the new plan.............it is good if your payment is currently over 31% because you would have met one of the criteria to qualify to get the help needed...............as the target is to modify the rate to get the payment down to 31%.

[dajets68]

Originally Posted by *** Damiano

For the modification under the new plan.............it is good if your payment is currently over 31% because you would have met one of the criteria to qualify to get the help needed...............as the target is to modify the rate to get the payment down to 31%.

And that is where I'm in a catch 22. If you count my unemployment and my wifes income I'm at about 33%. But I can't add my wife onto the mortgage because of her credit. So I either should:

1) Try to refi through the new Obama refi.

or

2) Not include my wife's income since she is not on the note.

[Moe Bedard]

Ahhhh...............I see...............quite the dilemma..............

[angel83]

[quote=*** Damiano;68861]For the modification under the new plan.............it is good if your payment is currently over 31% because you would have met one of the criteria to qualify to get the help needed...............as the target is to modify the rate to get the payment down to 31%.[/quote



is the 31% inclusive of taxes and insurance as well?

[Moe Bedard]

Front-End DTI is the ratio of PITIA to Monthly Gross Income. PITIA is defined as principal, interest, taxes, insurance (including homeowners insurance and hazard and flood insurance) and homeowners association and/or condominium fees. Mortgage insurance premiums are excluded from the PITIA calculation.

The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.

[angel83]

Bonus should not be included ...that is totally discretionary and cannot be guranteed, especially NOW. Amazing how that is used depending on who gets the advantage.

[gail177]

does anyone have current email contact to indymac, I am on my second attempt to modify, now they say I can use my husbands income as rent, I just have a feeling once again I am getting the run around. would love to get some email address to start writing
gail177

[gail177]

I am on my second try for modification with Indymac, Now they say that i can use my husbands income as rent since he is not on the note, any one hear of that

Also does anyone have any email address or phone number for the CEO etc of Indy Mac, Just keep getting the run around.

Also looking over my loan docs they have me listed as an income of $7000.00, I work part time and I only bring home 2000.00, they never asked me for any proof of my husbands income since he is not on the mortgage, I know I signed the mortgage but do I have any recourse. Should I mention this to them or just keep my mouth shut.

Gail 177

[Dan Bailey]

Gail,
No that is not unusual in order to count a spouses income who is not on the loan.

[RAMD05]

It looks like Chase will offer me a "Forbearance Agreement", th 90-day plan under new Obama plan, don't know the detailes yet, but want to be prepare. Anybody had experience with that? Thanks a lot.