Qualification

[adamil]

What number(expendalble income) do lenders need for loan modification?

What do they use the mortgage factor for?
25%
35%
50%

Dose that include money after mortgage factor or before?

If someone could please help with a system to use for qualifyng. :confused

[877YouKeep]

There are different rules, depending on the investor. The % is not a rule for any investor unless you are talking about LTV. You should be concerned with Surplus income in $ not %.

[lisannem]

877, could you elaborate. I know it varies by lender/investor but are there any general guidelines? Thanks for your help.

[877YouKeep]

Most loss mitigation companies are delegated, means they have the ability to work most cases and exceptional cases which are defined in a P&S Agreement. The general rule for the Fannie and Freddie are no more than 115% of original loan balance for a Loan Modification, otherwise you have to have approval. Remember it is not current value but original loan balance, depreciating real estate is not impacted because again it is original loan balance.
Income this again varies depending on investor, typically you must have a surplus and it is based on modified balance not current loan balance.

Get updates on our To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. and To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.