Wells Fargo home Modification


LoanSafe Member
I’m past due on turning in my Paper work on my home Modification with Wells Fargo ,
I was 3 payments back before the COVID 19 started and then they offered me to deferred my payments ,
Now my time is over , and I have to do a Home Modification , we are in construction business and COVID 19 caused our business to take a drop , and the payments that we was behind in the beginning before COVID 19 was due to family adduction and paying for rehab amd helping there family and children.
what I’m asking for is help for figuring out the front end DTI and BAck end DTI . So I can pass this home Modifcation .
Our home is valued at $600,000 we owe $311,000. We’ve had it 14 years .
I haven’t filed my 2019 taxes and got the Profit & Loss YTD yet for 2019 , I’m trying to hurry and file them , but I don’t want to pay extra high taxes that’s unnecessary taxes because it was a very slow year , but I also have to show that I can afford my home.
My monthly Mortgage is $ 4,319.34
We are self employ , and pay day labor in cash , I’m showing $13,000 a month gross income
Our Back End DTI ( monthly home bills/ insurance / maintenance /car payments etc. )comes to around $4,344.98
So my front end DTI is 33.22 % and the Back end shows 33.42%
That leaves over $4,335.68 a month . But this number is really to much we don’t have that much left , Should I Show more debt that we owe ? That It don’t ask for on the application . We are making payments to the Attorney General monthly , and need to set up payments with irs back taxes . So it looks like we have a lot left over but not in reality ,
And I think Wells Fargo will think that with $ 4,335.68 that we won’t qualify for home Modification .
it’s hard to predict with self employ , maybe I’m assuming $13,000 a month gross income is way more .