Financial Statement question

[daniel18]

Hello. I cannot seem to find the requirements for a mortgage modification. I don't know whether to include the current mortgage payment with tax/insurance/hoa even though it is not asked for on their form.
Do I want the TOTAL expenses to add up to $150 less than the total income?
Of course my income is variable as its commission...

Any help is appreciated!!

[Maia7]

Hi Daniel,

I've downloaded and taken a look at their current financial analysis form located at oomc.com (once you sign in, click on Payment Help to download)

Looks like they are asking for "other mortgages" in the expense sheet:

Other Mortgages/Liens/Rents $ $
Alimony/Child Support $ $
Homeowners Assoc. Dues $ $
Child Care $ $
Health Insurance $ $
Medical $ $
Credit Card/Installment Loans $ $
Auto Loan(s) $ $
Auto
Expenses/Gasoline/Insurance $ $
Food/Spending Money $ $
Water/Sewer/Utilities/Phone $ $
Other $ $

Are you seeing the same list in your sheet? You definitely want to include taxes, insurance, hoa dues, etc. You should include every expense you have on this worksheet even if they don't specifically ask for it. Of course, if you list a 300 dollar per month cable bill they'll ask you to remove that. You really only want a budget that includes necessities and not luxuries.

Hope this helps and keep firing away your questions as you work through your budget.

Maia

[elpjohnson]

You want to include all expenses and income....if your income varies, then try to average it (that's what they will do). You'll want to have a small surplus at the end of each month $100-$250 (no more than $300) per month.