Overtime and Per Diem pay - Loan Modification Forum

krschaefers · 11-01-2008, 07:07 AM

Can the mortgage companies use your overtime pay and per diem to determine your eligibility for a loan? My understanding was that they could not because it is not your normal income and varies depending on how often you work overtime?

Can anyone explain to me how that would work?

Moe Bedard · 11-01-2008, 10:36 AM

Each investor treats overtime differently................some will average it according to how much you have worked it over the last 12 months........it would be best to call and ask how they treat it.

11-01-2008, 07:07 AM	#1 (permalink)
krschaefers Member Join Date: May 2008 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Overtime and Per Diem pay Can the mortgage companies use your overtime pay and per diem to determine your eligibility for a loan? My understanding was that they could not because it is not your normal income and varies depending on how often you work overtime? Can anyone explain to me how that would work?

11-01-2008, 10:36 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Overtime and Per Diem pay Each investor treats overtime differently................some will average it according to how much you have worked it over the last 12 months........it would be best to call and ask how they treat it. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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