Financing in Stoughton>Question Details

Mimi, Home Owner in Stoughton, MA

my income is rental of rooms and I get 3600 per month. no credit card bills. how much mortgage can i get modified to, my mortgage is 1604 mo.?

Asked by Mimi, Stoughton, MA Sat Nov 6, 2010

taxes 350 mo, house ins, 60, cable,web phone , 135. gas/elec200 .car ins 100, cell phone 70. hairsalon160.meds 80
fuel 120, sundries 190, timeshare 90 total expenses approx 1600/ can i get a modification, I am in a temporary mod now

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Much depends upon how much "Shows Up" on your tax returns.

You will have to provide income taxes to show your income. The banks will look at "Net Income" when calculating hardship.


Gerry Dunn
Associate Broker
Serving MD, VA and D.C.
301-651-8600
0 votes Thank Flag Link Sun Nov 7, 2010
Mimi with a 160.00 a month hairdresser, 70.00 cell, sundries 190.00, and a 90.00 time share you may have a hard time proving hardship.
0 votes Thank Flag Link Sun Nov 7, 2010
Mimi -

So your income is $3,600 and your expenses are $3,204 with the mortgage payment ? Sounds like you can afford everything - so I don;t know why you "need" a modification. Is your ONLY income form room rentals?

Best,
Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
0 votes Thank Flag Link Sat Nov 6, 2010
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