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I need to submit an application in order to be considered for a loan modification. Does anyone know what Debt/income ratio they look for? Please help!

2 Thoughts on How can I get qualified for a loan modification of a WAMU home equity line of credit?
  1. Reply
    Paul H
    December 22, 2012 at 1:54 pm

    They are not looking at your D/I. They are looking at your housing ratio. Modifications aren’t generally given in regard to other bills, but to your total p & i payment, any escrow, home owners assoc. fees, etc; compared with your gross income. They will ask you for proof of any income reported. Most mortgage companies now qualify anyone with an H/I of >30%. They reduce interest rate on a temporary basis to get the H/I within an acceptable 30% H/I.

    If you’re H/I with honest gross income is <30% you're very lucky, and you don't need a modification.

    Modifications are temporary, keep that in mind, and are meant for mortgage holders with reduced income, unemployment income, disability, etc., so that they can have 4+ years to sort out income shortages (hopefully!).

    Be patient through the process. It's very tedious, and long, and frustrating. If you qualify they'll let you know.
    Good luck!

  2. Reply
    EXSCreditCardProcessing.com
    December 22, 2012 at 1:56 pm

    I would suggest contacting http://www.AMALoanModification.com or call 877-865-7744. They are assisting homeowners who are facing potential foreclosure to modify their existing mortgage for lower payments, rates etc. They are associated with President Obama’s new Homeowner Affordability and Stability Plan for homeowners in crisis of losing their homes. Apparently, they are attorney-backed and provide a 100% money back guarantee if they do not provide solid results.

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