gross income? - Loan Modification Forum

jefferrson · 07-25-2009, 01:17 PM

I am filling out the financial numbers form for AHMSI. They are asking for gross income not net. Do they use the gross income or do they adjust the numbers later to get the net income? I thought that the target was to be 100-200 surplus after net income.... Thanks

SillyWorld · 07-25-2009, 09:11 PM

Most if not all Bankers are using the GROSS income times .31 or 31% to see what your mortgage payment should be then they work out a deal...

jefferrson · 07-26-2009, 01:14 AM

thanks for the reply.... but just to be clear... i hope i am understanding this ... we have a rental home besides our primary residence. The mortgage on it is 1500 .. the rent we receive is 900 .... So we get dinged with 900 more income a month even though we are negative 600 every month?

If they are looking at gross income this would be the case......

SillyWorld · 07-26-2009, 01:22 AM

Yes gets a little complicated, if they do a work out it will only be on the first home your primary home, but the 900 income would be added to your gross to make the gross so its hard to do anything, they may ask if you want to sell the rental

jefferrson · 07-26-2009, 01:56 AM

So maybe I am better off if the the house is not rented ?

SillyWorld · 07-26-2009, 02:03 AM

If your Debts are that bad it could be possible for you to go BK and let rental go and then MOD the Primary, I would contact a realastate Atourny, If you cannot make agreement with the Bank, in some cases some mortgage comp have made Mods for Investment and Primary Loans, but only if they are both owned by the same banker..And same investor if there is an investor and your bank is just a servicer..

SillyWorld · 07-26-2009, 02:06 AM

Then again if they want to claim the rental you would need a lease for them to count it. So most likly they will n ot count it anyhows...

07-25-2009, 01:17 PM	#1 (permalink)
jefferrson Member Join Date: Oct 2008 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	gross income? I am filling out the financial numbers form for AHMSI. They are asking for gross income not net. Do they use the gross income or do they adjust the numbers later to get the net income? I thought that the target was to be 100-200 surplus after net income.... Thanks

07-25-2009, 09:11 PM	#2 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: gross income? Most if not all Bankers are using the GROSS income times .31 or 31% to see what your mortgage payment should be then they work out a deal... __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

07-26-2009, 01:14 AM	#3 (permalink)
jefferrson Member Join Date: Oct 2008 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: gross income? thanks for the reply.... but just to be clear... i hope i am understanding this ... we have a rental home besides our primary residence. The mortgage on it is 1500 .. the rent we receive is 900 .... So we get dinged with 900 more income a month even though we are negative 600 every month? If they are looking at gross income this would be the case......

07-26-2009, 01:22 AM	#4 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: gross income? Yes gets a little complicated, if they do a work out it will only be on the first home your primary home, but the 900 income would be added to your gross to make the gross so its hard to do anything, they may ask if you want to sell the rental __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

07-26-2009, 01:56 AM	#5 (permalink)
jefferrson Member Join Date: Oct 2008 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: gross income? So maybe I am better off if the the house is not rented ?

07-26-2009, 02:03 AM	#6 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: gross income? If your Debts are that bad it could be possible for you to go BK and let rental go and then MOD the Primary, I would contact a realastate Atourny, If you cannot make agreement with the Bank, in some cases some mortgage comp have made Mods for Investment and Primary Loans, but only if they are both owned by the same banker..And same investor if there is an investor and your bank is just a servicer.. __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

07-26-2009, 02:06 AM	#7 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: gross income? Then again if they want to claim the rental you would need a lease for them to count it. So most likly they will n ot count it anyhows... __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode