dti requirement?

knitty

LoanSafe Member
#1
Hi everybody,

I'm trying to figure out if I am eligible for a modification to either my mortgage or my home equity loan or both.

I am only a month late on both. My net income is about $4k per month. My mortgage payment is $1052 and my home equity loan is $980.

My husband had cancer in 2016 and we are still paying bills related and finances are extremely tight.

I think that based on my mortgage alone I would not qualify, but if both are factored in then maybe I do? They are both with different lenders.

Thanks in advance!
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#2
Based on my experience unless things have changed (I focus on new home loans now) they usually would modify to 31% of your GROSS monthly income. However there are exceptions to that rule where the investor/servicer does whatever they feel like doing at the time.
 

knitty

LoanSafe Member
#3
Based on my experience unless things have changed (I focus on new home loans now) they usually would modify to 31% of your GROSS monthly income. However there are exceptions to that rule where the investor/servicer does whatever they feel like doing at the time.
Thanks, but I guess what I really want to know is, if I'm approaching the servicer for my home equity loan, would they be looking at what I'm paying for that as well as my 1st mortgage?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#4
They will most likely, I haven't personally dealt with mods in a long time. Your other debt they won't so much care about but you want to look at your gross income, not your net.