top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Mortgage Modification $$$

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Mortgage Modification $$$

    I am happy one of our own in here seems to be lowering his mtg from the mid $3,000 level to the mid $1,000 level.

    When you do a loan modifcation (this is the only way we can save our house prior to filling Chapter 7) what is the target number debt/income level are you shooting for?

    For instance when I first looked into applying the lady on the other end for Chase "worked" with me well to get into the range...I just want to know she knows what she is talking about. With everything they take into account she basically said we need to have more income than debt and her range seemed to be around $750+.

    So...for thoseof you that have modified your home loan...how much did you have to show in the plus column?
    $70k- Unsecured Debt
    $88k- Secured Debt (HELOC/2nd)
    $200k- Land investment gone bad. (Land secured)
    1st- $366k / House Value- $300k

    #2
    For the record they don't count everything that would be counted in a BK so you are able to show positive cash flow...
    $70k- Unsecured Debt
    $88k- Secured Debt (HELOC/2nd)
    $200k- Land investment gone bad. (Land secured)
    1st- $366k / House Value- $300k

    Comment

    bottom Ad Widget

    Collapse
    Working...
    X