Too much surplus income
You are exactly right if you show too much surplus income you will be placed on a repayment plan. Your best bet would to quit the job because it is making it harder to work the numbers. You will be dragged through the credit bureau each and ever month during a repayment plan/forbearance. First Franklin does usually require a forbearance to mod typically 3 months and with a loan modification you will be current and reported current with the credit bureau, or at least not reported late. A mod will cover all but in some instances not capitalize late payments or other charges. A mod will capitalize attorney fees, past due interest and corporate advances.
You probably need to break the plan and report new income without the job, your call but First Franklin will probably reduce your rate if you are showing a deficiency or a slight surplus monthly. Hope this helps
Thanks for the assistance Komara - good stuff - right on
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