NACA - BOA - Income needed to qualify for modification

[member]

1. Loan Balance= 191,000
2. Past Due= 17,200 (not included in loan balance)
3. Gross Income= 890
4. Mortgage Payment= 1,427
5. Taxes= 144.00
6. Association: 239.00
7. Insurance= 0.00
8. Home Value= 150k
9. 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 ?

thank you.

[Cat Damiano]

Hi there,


Welcome to the forum and thank you for joining.......

If you post the required figures into the following thread, Michael will be able to let you know;

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

[lwillhite]

Hello member,

There is no way to determine from the information you have posted what may or may not be possible. There are numerous other factors to take into consideration, ranging from household expenses to the guidelines the investor has for modifying your mortgage. the only way to determine what will happen is to actually try.

If you have not done so already, please go on line to www.naca.com, click on the blue "Home Save" button and begin the process there. I wish you the best!

Tim Trumble
NACA Online Operations
ttrumble@naca.com

[member]

tim, Thank you for your reply