 Anyone Here Modify their Mortgage using the new Federal Programs?
Have started the process and don't want to get turned down or have my payments be too high.
If you are accepted you can basically have your mortgage re-written at 2% for the next 5 years and ammortized over 40 instead of 30 years.
They claim that you payment will be around 31% of your monthly gross if you are accepted. So, obviously you want to keep your income amount down (which is easy since many of us are paid in methods and don't receive W2's or 1099's) to keep your payment down. But you don't want to keep your income too low and be turned down. So if 31% of the number that you give them is adequate to cover the payment based on 2% at 40 years...Will you be accepted?
I figured work it backwards...
1)Figure the monthly payment based upon the above mentioned numbers
2)Take that amount and calculate what it is 31% of.
3)List that as your "anticipated" monthly income.
If anyone has any insight on this I would sure appreciate it. | 
