Question : Foreclosure: What income determines what type of loan modification program you qualify for?
My relative is in foreclosure. He's been in contact with the lender and is trying to work out a modification. They ask about income, rental property, all expenses, etc, then determine what type of program you qualify for. What determines which plan? They have said that he may not qualify for any based on his income. Is there a certain calculator they use or a certain percentage?
- asked by noluck
All Answers:
Answer #1
Payments will be kept at 33% of income. What isto prevent someone who earns 100k from crying tothe bank.
- answered by Iffy
Answer #2
he probably would have had to have a LARGE incomeDECREASE (loss of job), etc since he got theoriginal mortgage to have any chance of getting amodification - if it's just gotten too expensiveor he had an adjustable rate that just went up -he won't get any modification
- answered by Doctor Deth
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