U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-31-2011, 08:56 AM
 
6 posts, read 12,312 times
Reputation: 10

Advertisements

I am trying to get loan modification and want to know what might be helpful for me while filing the application.

I live in jersey city/NJ.( father of one kid and other one on his way)

My Condo value went down almost $60,000 since I bought .Taxes are higher and my interest rate is $5.75.

I am 1099 consultant and I get $60,000 (as gross) per year.
My monthly mortgage payment ( mortgage+ tax+ home maint) $ 1900.
Would I be able to qualify for loan modification.

I have a lot of other debts plus monthly exp as well.
As when u fill application they ask you to give the net income. How will I calculate my net income, I don’t pay taxes until @ the end of year. And its also said your exp should be more than 31% ? is that figure correct. What is the formula to figure out debt to income ratio as 1099 consultant. I don’t want to file application and get denied later. As a lot of people saying that you have to be very careful while showing the expense as if they are higher than some certain limit , bank won’t approve loan modification and will refer you to foreclosure. What is that % . And as bank also ask for recent taxes and I don’t want to show too many exp in tax filing they might reject it for less income.

I know my question is very confusing, but I am sure some of you must have the answer to it .

I would really appreciate you response.

Please give me idea what should do and if u need more info I can help you.

Thank you
Rate this post positively Reply With Quote Quick reply to this message

 
Old 01-31-2011, 09:32 AM
 
Location: NJ
17,579 posts, read 43,302,640 times
Reputation: 16210
Probably would be better to post this in the mortgage forum.
Rate this post positively Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top