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Mortgage Loan Modification Tips For Success! Part 2
Mortgage Loan Modification Tips For Success! Part 2
7. Keep your eye on the goal and stay positive.
By modifying your home loan, your mortgage lender is attempting to reach a target percentage of your gross income per month that goes to your house payment, typically 31%. This is known in the industry as your "housing ratio" which is the percentage of your gross income per month that is spent on your house payment, including; principal, interest, real estate taxes, homeowner's insurance, homeowner's association dues and any special assessment charged to you as the homeowner. Please note that the gross monthly income we are talking about is your qualifying income that you can document. If you are self employed, your qualifying income is derived from your last two years tax returns and your year to date profit and loss statement. Please be aware that not all of the employees in the loss mitigation department will be trained or familiar with how to calculate self employed income, if that is the case ask for an experienced supervisor or underwriter to calculate your qualifying income.
The main reason you should stay positive is because you have undoubtedly heard the unreal stories that ... more

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