| Answers |
| Posted By: LoanModMan on Jan 03, 2010 08:26AM |
| A: The answer is NO you are not required to include your income as part of the modification process. You are not on the original loan, you did not sign the "promise to pay" NOTE, and are under no financial obligation to make mortgage payments yourself. If you WANT to include a portion of your income to obtain a modification the bank will require you to prove that income with a letter of spousal contribution and bank deposits that match the contribution amount. Most people who include the spousal contribution will do so if they need it to get their income housing ratio work at 31% - the HAMP guidelines. ............................................ Regards, Dan Harris **************...................... Http://www.LoanModMan.com |
| Posted By: loanmodpro on Dec 09, 2009 04:23PM |
| A: Yes you do since you are in the same household and hence contributing to the household expenses. |
