- Loan Balance= 191,000
- Past Due= 17,200 (not included in loan balance)
- Gross Income= 890
- Mortgage Payment= 1,427
- Taxes= 144.00
- Association: 239.00
- Insurance= 0.00
- Home Value= 150k
- Investor= don't know. Not Fannie/Freddie
I have a mortgage with BOA, and want to apply for a loan mod.
My income is limited to Social Security of $890/month.
A relative, who lives with me, is willing to pay me rent or contribute to the household.
The relative has monthly gross income from employment of $5,167
What income do I need to qualify for a modification ?
Would it be better to list the money from my relative as rent, or as household contribution ?
Is it true that the bank will reduce the rent income by 25% of the stated amount ?