Need help in loan mod application - Loan Modification Forum

mantri2003 · 04-13-2009, 01:10 AM

I need help to complete the loan modification application sent by lender.
1) If I write I have 20k in checking and 30k in 401k will I be qualify for loan modification?
2) Suppose say my Net/Take-Home pay is 5,500 and my wife she is not a borrower, she does home business. Her monthly income 400-450. so our total net take-home pay is 5950. How much monthly expenses I can show? what percentage will be acceptable for LM?
3) What should write in Other Home loans, Rent & Liens?
Thanks for help.

3)It has asked

Dan Bailey · 04-13-2009, 04:14 AM

Mantri,
1) It depends upon what the invester takes into account, Some look at savings as liquid-some do not
2) Be honest about your expenses
3) If you have other income from rental property, liens on your properety, or have other loans on your property- write them in the provided space.

cachase · 10-15-2009, 06:22 PM

Hi if I have a second home other than the primary residence - does this entry include all the PITI on the rental home + primary homes property taxes + insurance + primary home mortagage amounts or what is included for this entry?

04-13-2009, 01:10 AM	#1 (permalink)
mantri2003 Member Join Date: Jan 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Need help in loan mod application I need help to complete the loan modification application sent by lender. 1) If I write I have 20k in checking and 30k in 401k will I be qualify for loan modification? 2) Suppose say my Net/Take-Home pay is 5,500 and my wife she is not a borrower, she does home business. Her monthly income 400-450. so our total net take-home pay is 5950. How much monthly expenses I can show? what percentage will be acceptable for LM? 3) What should write in Other Home loans, Rent & Liens? Thanks for help. 3)It has asked

04-13-2009, 04:14 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need help in loan mod application Mantri, 1) It depends upon what the invester takes into account, Some look at savings as liquid-some do not 2) Be honest about your expenses 3) If you have other income from rental property, liens on your properety, or have other loans on your property- write them in the provided space. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

10-15-2009, 06:22 PM	#3 (permalink)
cachase Member Join Date: Oct 2009 Location: Northern CA Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need help in loan mod application Hi if I have a second home other than the primary residence - does this entry include all the PITI on the rental home + primary homes property taxes + insurance + primary home mortagage amounts or what is included for this entry?

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