Loan modification?

[LA Guy]

Since my father-in-law passed away, my mother-in-law would like to use a loan modification program, but she was told by someone at her bank that her income alone was too low. I was wondering whether any of you guys know where the formulae used to calculate whether someone qualifies is. Is there a federal website with this information? And is there some way of including life insurance money into this? Seems like there ought to be. Any help would be highly appreciated. Styleforum points to people who can help!

Cheers,

Fok.

 

[Dakota rube]

PM me, fok.

 

[thekunk07]

email me, i've been through the process.

Originally Posted by LA Guy

Since my father-in-law passed away, my mother-in-law would like to use a loan modification program, but she was told by someone at her bank that her income alone was too low. I was wondering whether any of you guys know where the formulae used to calculate whether someone qualifies is. Is there a federal website with this information? And is there some way of including life insurance money into this? Seems like there ought to be. Any help would be highly appreciated. Styleforum points to people who can help!

Cheers,

Fok.

 

[MetroStyles]

If you whine to their collections team long enough they will give you a mod.

 

[Icarus]

First of all, they count household income. Secondly, it's hard to lie, because they execute 4506-t, so they know what the applicants reported to the IRS, as they get transcripts from them. Insurance money goes under annuities in the application if its an annuity, under assets if its a lump sum pay out. You could always use the lump sum to purchase an annuity, but I wouldn't recommend it.

Once you submit the application, they cannot increase your payment, and in about 90 days (varies by lender) you will get an offer from them. You can accept it, or offer them a counter-offer.

 

[Icarus]

Originally Posted by LA Guy

Since my father-in-law passed away, my mother-in-law would like to use a loan modification program, but she was told by someone at her bank that her income alone was too low. I was wondering whether any of you guys know where the formulae used to calculate whether someone qualifies is. Is there a federal website with this information? And is there some way of including life insurance money into this? Seems like there ought to be. Any help would be highly appreciated. Styleforum points to people who can help!

Cheers,

Fok.

varies, as they take into account assets/income differently, but your DTI (debt-to-income) should be 33%, like the limit of a conventional mortgage. There are plenty being done at the 50% DTI level as well.