Foreclosure: What income determines what type of loan modification program you qualify for?

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My relative is in foreclosure. He’s been in contact with the lender and is trying to work out a modification. They ask about income, rental property, all expenses, etc, then determine what type of program you qualify for. What determines which plan? They have said that he may not qualify for any based on his income. Is there a certain calculator they use or a certain percentage?

2 comments to Foreclosure: What income determines what type of loan modification program you qualify for?

  • Iffy  says:

    Payments will be kept at 33% of income. What is to prevent someone who earns 100k from crying to the bank.

  • Doctor Deth  says:

    he probably would have had to have a LARGE income DECREASE (loss of job), etc since he got the original mortgage to have any chance of getting a modification --

    if it’s just gotten too expensive or he had an adjustable rate that just went up -- he won’t get any modification

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