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.
Apply for No-Upfront Fee Hardship Loan Modification Find out for yourself. Apply for no-upfront fee hardship loan modification even if you do not qualify for the Government Making Home Affordable Modification Program. You may qualify for a No-Upfront Fee Hardship Loan Modification. (Currently available in California, Oregon and Washington more states being added)
DIY Loan Modification Kit Are you looking for a DIY Loan Modification Kit that will walk you through the entire process of modifying you loan? Then read on. Gain the competence you need to submit and negotiate like a PRO - with real insider advice on how to negotiate a modification.
Adding Income To Qualify For Loan Modification by: Michael
Would that apply to the Making Home Affordable Modification Program?
I make $1,600 a month and my brother makes $2000 a month. We share the home but he is not on the mortgage.I need to show at least $3,500 gross a month to qualify.
Mortgage Loan Modification Answer:
by Mortgage Loan Modification Expert - Dan North
Yes this does apply to the Making Home Affordable Modification Program, also known as HAMP. You can use all or only a portion of your brothers monthly income to qualify for mortgage modification under the HAMP program.
If you need $1,900 more gross monthly income to be added to the household income then volunteer that amount as contributed by your brother to the household income. He does have to be a resident of the home for his contribution to be considered part of the household income.
DIY Loan Modification Kit Don't know where to start but want to modify your loan yourself? Don't blow your chance. Get the help you need to do it yourself the right way. Submit and negotiate like a PRO - now with insider advice on how to negotiate a better modification
Challenging The Notary Book Force your lender to modify, save house from foreclosure sale or just stay in your home as long as possible. Part of the "Show me the note strategy".
Previously Denied For Loan Modification? End the worry and mystery, don't worry for months waiting to see what your lender will do. Use this powerful tool to prove to your lender that he will make more money by modifying.
AdChoices