Loan Restructure And Adding To Household Income To Qualify For Loan Modification
by Vladimir Delienne
(Hollywood, FL ,USA)
If I need to add my wife's income to qualify for a loan modification does her name get add to the mortgage loan contract as part of the loan modification agreement?
Mortgage Loan Modification Answer:
by Loan Modification Expert - Dan North
If your wife's name is not on your mortgage loan contract try to qualify for a loan modification with out her income first. If your lender's loss mitigation department turns you down because you do not have enough income then you can add your wife's income to try to qualify.
Do not add anyone's income to the household income if they are not on the mortgage unless you have to. And if you do need additional income to qualify for a loan modification only add as much as is needed to qualify. For instance if you only need $400 more a month to qualify and your wife makes $2,000 a month, say that she contributes $400 to the mortgage every month.
Ask The Loss Mitigation Department How Much More Income To Qualify
Do not add more income to the household income than you have to. The more income you add to the household income the less of a reduction you will get in your mortgage payment. Remember the modified mortgage payment will be 31% of the gross monthly income.
You only want to add what is required to qualify. So if you are turned down find out how much more you need to qualify. Tell the Loss Mitigation Officer that you will get another to move in and contribute if you need more income but you need to know how much more income is needed to qualify.
To answer your question, no. Anyone in your household who contributes to the mortgage payment can be added to the household income but they are not added to the mortgage contract. They do have to live in the home to be included in the household income.
