Loan Modification Success Tip
Frederic’s Loan Modification Success Tip
Getting your loan modification proposal accepted.
Click HERE to start SAVING money Now on your current mortgage. No Appraisal or Credit Report Required!
Let’s be very clear about things, make sure you represent the facts surrounding your debts and obligations correctly. You want to be honest with your lender at all times.
In this loan modification success tip we’ll talk about which monthly payments count as part of your loan modification debt-to-income ratio. This is a figure your lender will use to calculate your ability to “qualify” for the loan modification and repay the existing mortgage.
Credit card minimum payments. This is the minimum payment amount for your credit cards on a monthly basis. If you owe $1,000 and your minimum payment is $30.00, this is the amount you will list. You do not want put down that you pay $100 per month.
Automobile loan payments. You list your car payments as long as they are personal vehicles and not used for business purposes. Meaning if you have a company car that is paid for by your business, do not list the debt on your personal financial statement.
Installment loan payments. These are the monthly payments for installment loans other than credit card and auto loan payments, such as personal bank loans etc.
Expected NEW mortgage payment. This is the amount you want as your new mortgage payment by completing the loan modification. A loan modification will change the terms of your loan to lower your interest rate, lower your monthly payment, and perhaps lower your overall debt owed.
Your annual property taxes expressed as a monthly cost. For example, if your property taxes are $1,200 per year, the cost would be $100 per month.
Your property insurance calculated as a mothly cost. For example, if your property taxes are $600 per year, the cost would be $50 per month.
The following list of Expenses do not count as part of your debt-to-income ratio for the purpose of getting your loan modification accepted. Please understand, I know these are very real expenses and they affect your monthly budget, however they do not count towards your debt-to-income ratio for loan modification purposes.
These items include the but are not limited to the following, food, cable/utilities, daycare expenses, vehicle used for business, personal family loans (ie loans from mom or dad), tuition expenses, etc.
These items do not count towards the lenders requirement of debt-to-income ratio for loan modifications. We try to keep your overall debt-to-income ratio at 50% or less. Some lenders may require lower ratios at no more than 38%, however it all depends on your specific situation.
Follow Frederic’s tips for loan modification success you will obtain your loan modification approval quickly and easily.
Do You Need help with a loan modification?
I will help you legally modify your home loan and mortgages to help you lower your monthly payment, lower your interest rate, and lower the amount you owe on your loan overall. Simply down load the following form to begin the process including a no obligation review. Remember, the loan modification process is a legal process and should be handled by professional legal representation. Do not accept imitations and do not seek help without the counsel of an attorney. The services that I provide are reviewed by attorneys who know real estate and mortgage banking laws, do not accept or settle for less.
Click HERE to start SAVING money Now on your current mortgage payment. No Appraisal or Credit report required!
Ask about my service guarantee*
~if we do not obtain a loan modificaiton that saves you money, we will refund your fees * restrictions apply.