There is incentive to show a lower income because then the modification waterfall can be applied to lower you payment to a 31% of that lower income. However you to be careful. You may need to include other household income not directly paid to a borrower of the loan in order to meet the minimum amount necessary to pass the Net Present Value (NPV) test. I will discuss the net present value test in more detail however one unfortunate problem with that test is that different lenders have discretion in how this test is applied. So you need to make sure that you don’t show a gross household your income so low that a corresponding HAMP eligible payment would cause the NPV test to fail. . . . → Read More: How to find the right HAMP monthly mortgage payment ratio
 Leave a comment  Cleveland short sales, Loan modifications, Stay in my house  10 Years, Abacus, Association Dues, Business Judgment, Clothes Hamper, Find Mortgage, First Mortgage, Forebearance, Gentleman, Gross Income, Hafa, Homeowners Association, Household Income, Income Ratio, Incomes, Judgment, Mortgage Payment, Mortgages, Payment Arrangement, Pdf, People, Phrase, Principle Interest, Relationship, Rtsl That is a good summary of the standard modification waterfall. This is a series on the standard modification waterfall and you will soon see more posts giving you the details so that you can keep your lenders on task. This knowledge is vital in making sure your lender follows the guidelines in offering you a modification. More often than not your lender will get the waterfall wrong so as to turn you down and foreclose on you. . . . → Read More: Use the HAMP standard modification waterfall to reduce your payments with a loan modification in Cleveland Ohio. Leave a comment Cleveland short sales Beautiful, Cleveland Ohio, Facing Foreclosure, First Mortgage, Gross Income, Hamp, Home Affordable Modification Program, Insurance, Loan Modification, Love, Metaphor, Mortgage Industry, Mortgage Payment, Nature, Niagra Falls, People, Piti, Principal Interest, Sounds, standard modification waterfall, Swimming, Target, Treasury Department, Waterfall, Waterfalls Here are a few more details about the Obama spending plan to help homeowners. I wrote about some of the benefits to the borrower for doing loan mods last week. 1.) The new plan incentives banks to offer plans that the homeowners can actually afford. After 3 months of the homeowner remaining current on . . . → Read More: More benefits to Clevelanders in foreclosure Leave a comment Uncategorized Andy Morris, Bankruptcy Judges, Billion Dollars, Borrowers, Clevelanders, Continuation, Cramdown, Credit Report, Economic Meltdown, Financial Assistance, Foreclosure, Gross Income, Households, Incentives, Individ, Interest Rate, Interest Rates, Lien Holder, Lienholder, Loan Balance, Obama, Objective, Principal Balance, Principal Interest, Principle Balance, Real Estate Broker, Realtor, Spending Power, Target, Tax Burden, Tax Payers, Threshold, Time Value Of Money, Time Value Of Money Formulas, Value Of Money, Video Lesson |
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