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Old 01-31-2011, 08:56 AM
6 posts, read 12,312 times
Reputation: 10


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
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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.
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