Question Re: modification offers. HELP!!!

[Questions]

I'm working with NACA who submitted a forbearance to Aurora for me but Aurora said they are processing as a modification. NACA didn't send a proposed amount or anything so not sure how that process will go. My question is for people who have gotten modifications. Will ALS just offer me a mortgage payment that is 31% of my income (if I get approved for the modification)? I've been hearing about these modifications that end at 31% of the income but for the first 5 years start at like 2%. Wondering if I can ask for something like that. I am going to ask NACA to submit something but if they don't, I will submit myself.

Any help would be appreciated.

My loan servicer is Aurora Loan Services, my investor isn't Fannie or Freddie but I'm not sure who it is. I know a lot depends on the investor but just wondering what everyone else's experiences have been.

Also, I know I need a $150-$200 surplus, this is after the proposed modified mortgage amount, right? Do they count the 31% income amount or the amount that you would initially pay? I know all of this varies but would just love to hear from people with past experience.

Thanks so much!!!!

[Walking Away]

Questions, the surplus of around $200 is for your current situation; assuming your particular investor has similiar guidelines as most. Have you gotten your credit report to see if it says your investor? Some do and some don't. Mine says Aurora Loan and adds at bottom of Auroras section-Fannie Mae. Because almost no one understands the logic behind a small surplus BEFORE the new lower amount and because most borrwers are clueless about acceptable hardships; most borrowers lose their homes. If you only have a small surplus now; you should not own the home anyway; but if you takle a small surplus and add it to what you save after the new lower payment; then you would have enough of a surplus to justify owning a home. If for example you have a deficit of $300 and the loan mod saves you $300 off your current payment; it means you have a $0 surplus each month which means you'll most likely redeafult anyway. But ig you have a $200 surplus andthe new loan mod saves you $300; it means you'll have a $500 surplus at the end of each month which allows you to maintain the home and save a bit each month for any large repairs or costly other bills--that's the logic behind having a small surplus BEFORE any potential payment reducing mod. Good luck Questions