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Answers (3)
- JoAnna Jensen, "realestateadvocate"
- Contributions:78
Hi,
need to know what your gross income is.
You can figure this out your self very easily.
Treasury Guidelines say the new loan payment, if you qualify should be 31% of your gross income. the modified payment should be fully amortized, {ITI and hoa).
so if your current income is $4,300 or above you will not qualify for a mod. You will need to have a gross income below $4,000 to get you anything that makes sense.
Depending on the type of loan you have you may qualify for a streamlined refi that does not go off equity. Your rates are fairly close depending on your credit.
If you post your type of loan and gross income should be able to give better answer.
need to know what your gross income is.
You can figure this out your self very easily.
Treasury Guidelines say the new loan payment, if you qualify should be 31% of your gross income. the modified payment should be fully amortized, {ITI and hoa).
so if your current income is $4,300 or above you will not qualify for a mod. You will need to have a gross income below $4,000 to get you anything that makes sense.
Depending on the type of loan you have you may qualify for a streamlined refi that does not go off equity. Your rates are fairly close depending on your credit.
If you post your type of loan and gross income should be able to give better answer.
- Georgina OBryan, "GOBryan1"
- Contributions:483
There are a combination of mods so it really depends on what your lender can give you based on your financial situation.
A modification can not be attained because the value is upside-down or the interest rate is too high. There has to be a financial hardship in order to qualify along with other criteria necessary for approval.
The lender does try to base your new monthly payment around 31% of your household's gross monthly income (husband & wife's), providing it's a viable number they can work with since it's designed to cover principal, interest, insurance and taxes.
If you're GROSS income is $3000. a month (combined) then payment should be around $930.00 monthly approximately, providing your current payment is higher than that now and it's not something rediculous like $3000. a month. They have to be able to fit the figures into that number, per se.
a financial hardship in order to qualify along with other criteria necessary for approval.
- wetdawgs
- Contributions:26854
There are too many "it depends", the answer may be zero. Modifications are not automatic just because the house value has dropped.
Are you having difficulty making payments? Has there been a significant change in your income?
Are you having difficulty making payments? Has there been a significant change in your income?
can anyone give me an approx. mortgage payment if we were to modify?
we are currently at 5.75%apr
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