Hamp question. Voluntary. Excluding spousal income... Ratifications?

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I she on the mortgage or are you on the mortgage note alone? Was her income used in any previous attempts at a HAMP modification?
 

givemeabreak

LoanSafe Member
Oct 2, 2009
68
1
0
lower hudson valley, NY
I am alone on the note,.. I never did a hamp before.. I know it is voluntary to provide her income, but would n't they find out when they our 1040? I am new at this and just confused with all the information here.. My income is 7966/ mos. and my mortgage is 3298/ month 34 moths behind. btw and house appraised at 360,000
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I am alone on the note,.. I never did a hamp before.. I know it is voluntary to provide her income, but would n't they find out when they our 1040? I am new at this and just confused with all the information here.. My income is 7966/ mos. and my mortgage is 3298/ month 34 moths behind. btw and house appraised at 360,000
If she isn't on the loan then you would just list your income and don't worry about the tax return income, they would be just using the year to date income that you submit. They would be using the tax returns as a comparison but they will not be averaging that income in. Since your spouse isn't on the mortgage note, it would not be necessary to include their income unless there is a household contribution from their income. If you are not certain about the income needed to qualify then you can email Michael at the Loan Mod Help Center and he can let you know if you are making to much or too little to qualify.

Have the following inputs ready and he can tell you if you would have to include your spouses income or not;

[FONT=&amp]1. [/FONT][FONT=&amp]Loan Balance Now=[/FONT]
[FONT=&amp]2. [/FONT][FONT=&amp]Past Due if any=[/FONT]
[FONT=&amp]3. [/FONT][FONT=&amp]Gross Monthly Income for Borrower and Co Borrower=[/FONT]
[FONT=&amp]4. [/FONT][FONT=&amp]Mortgage Payment without taxes and insurannce=[/FONT]
[FONT=&amp]5. [/FONT][FONT=&amp]Real Estate Taxes per month=[/FONT]
[FONT=&amp]6. [/FONT][FONT=&amp]Hazard [/FONT][FONT=&amp]Insurance and/or HOA per month=[/FONT]
[FONT=&amp]7. [/FONT][FONT=&amp]Home Value (check zillow.com or [/FONT][FONT=&amp]chase home value estimator)=[/FONT]
[FONT=&amp]8. [/FONT][FONT=&amp]Investor (if you know, always check if fannie or freddie below[/FONT]
[FONT=&amp]9. [/FONT][FONT=&amp]Other monthly debt payment total for credit cards and collections =[/FONT]

For Fannie Mae: 1-800-7FANNIE (8am to 8pm EST)
www.FannieMae.com/loanlookup

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
www.FreddieMac.com/mymortgage

He can be reached here;
855-678-6690
[email protected]
 
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