Is there a certain amount of money that you need to make on a monthly basis to qualify for a Loan Modification
Is there a certain amount of money that you need to make on a monthly basis to qualify for a Loan Modification?Mortgage Loan Modification Answer:
The short answer is yes. The amount of money you need to make to qualify for a mortgage loan modication is ENOUGH MONEY TO BE ABLE TO AFFORD your monthly debt obligations including your mortgage payments.
According to HAMP Loan Modification Guidelines
, your mortgage payments, including PITI: principal, interest, property tax, and insurance - should not exceed 31-38% of your total gross income. So if you make $1000 gross income per month, your PITI should only be $310 to $380 per month.
If your PITI is much higher than 31-38% or your gross income, you should qualify for a loan modification. Please see the HAMP Loan Modification Guidelines
as well as the Traditional
Loan Modification Guidelines
. If you are in California, go to No Upfront Fee Loan Modification
for further assistance.