Based on the newest "denial of mortgage modification software" obtained in the BofA modification division, we did not meet up with the national recommendations they express they're required to utilize to find out if one qualifies to get a change. Among the places reported like a reason behind denial may be the stability owed about the present mortgage vs. Exactly what the nearby market-rate happens to be. From what I Have find out about these recommendations, an applicant CAn't be rejected based on the sum total mortgage sum (so long as it's under the large mortgage number - which we're below) due so long as the regular mortgage cost is 31%, or more, of the pre tax revenue. I'm wanting somebody could possibly offer me a caution of the difference. Additionally, the very first denial cited revenue at about $900 less monthly than exactly what the real revenue is. The 2nd denial cited a level reduced quantity that will be nearer to $1000 monthly lacking real revenue. Who's working the calculator for that change procedure in the lender?
0 comments