Jaax, your mortgage to income ratio is 25%. Regardless, looks like you wouldn't be qualified. What about the refinancing option? Is your house upside down?
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Jaxx
Does the figure you gave include taxes and insurance? From what I understand, your PITI is the figure they are using to calculate front end DTI to get to 31% and if you don't qualify that way they can figure out your back end DTI should be no more than 50% of income, this will take into account other obligations (ie 2nd mortgage, car loan etc).Comment
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How do you find out who backs your mortgage? My mortgage is with Chase?Comment
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I live in a Townhouse complex, around 25% of the homes in the complex are in foreclosure and the going price is around $125k. I am definitely underwater, I paid $283k.
EddieP the $1965 mortgage payment does include taxes + insurance.Comment
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ansky007
you can call Chase and ask them. I hear Chase can be difficult to deal with but it won't hurt to call and see if you qualify for Obama's plan or some other option they may have available. Obama's plan, if nothing else should cut down on the games they have been playing. and besides they are getting paid to motify your mortgage, so there is something in it for them.
Check out www.loansafe.org, there is a lot of great advice about how to get a loan modification there too.
I also found some info on Fannie Mae that may help you out. This is how to find out if Fannie or Freddie owns or backs your mortgage without contacting your lender/servicer (Chase)
Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers will provide or enter information to determine if either agency owns or securitized the loan. This information is not a guarantee of eligibility for the refinance program, as other qualifying criteria must also be met.
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For Fannie Mae,
1-800-7FANNIE (8am to 8pm EST)
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
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