How Do You Request Loan Modification When Seperated?
(Chicago, IL USA)
I am submitting for a loan modification but currently separated from my husband. We are still married and file taxes jointly because of the kids.
I bought the house before I got married. I pay all bills since he moved out and all bills are in my name only.
I have the tax paper work to submit but his name is on them.
How do I go about this?
Mortgage Loan Modification Answer:
by Loan Modification Expert - Dan North
Since you bought the home before you were married I assume that your name is the only one on the mortgage. That actually makes the MHA Request for Modification and Affidavit form (RMA) simpler to submit with just your income and the loss of your husband's contribution to the household income as a valid hardship.
Since you and your husband file joint tax returns, you will be required to submit either copies of the joint tax returns or a signed (only one signature is required) IRS form 4506-T, Request for Transcript of a Tax Return, to obtain your tax information to verify your income.
Report Only Your Gross Monthly Income For Qualifying
If yours is the only name on the mortgage, only your income is required for determining eligibility for loan modification. Your husband's income would not be included in the household income unless you elect to include it.
If your husband is paying any child support, you can add that amount to the household income, but only do that if you need to increase the household income to qualify for the loan modification. You are not required to report those payments as part of the household income.
The Hardship Letter And Affidavit
Your hardship letter should explain the separation and loss of your husband's contribution to the household income as part of the hardship. You will need to explain if this will be temporary or will become permanent with a divorce. Only your signature will be required on the affidavit.
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