Loan Modification Budget Strategy -DTI Goals!
How lenders interpret the loan modification guidelines and how to develop your modification budget strategy. The key to a successful loan modification boils down to math. Different banks also interpret these guidelines differently. The main problem homeowners have in applying themselves is not knowing these rules. So get your budget out and work up your numbers. Drill them into your head and be prepared to deliver supporting documents every month that match your strategy if you expect to succeed. After the hardship letter As I have stated in previous posts, the number one qualification to apply for a loan modification must be financial hardship which has impacted your ability to meet your current payments using this Debt to Income test. These factors may be temporary or permanent so the hardship affidavit (letter) is your starting point, followed by your budget analysis. Regardless of whether you are applying for a HAMP, MHA or HARP or private bank program; they all share one foc