I am now totally disabled and make 40% less income. I already have spoken to the Chase Mod Department and they have been actually really helpful and did say I quailify for a modification and sent out an application. What I don't understand is how they figure for my case how much the monthly payments would decrease. My mortgage with taxes is $520 and the monthly HOA is $153 but I pay it seperate, is not included in the mortgage payment. My gross monthy income is $1339. I went to a site that has a mod calculator and below is the result. My question is because the HOA fee in not included in the mortgage how can the monthly payment be reduced to $415? Does anyone know how this works? I called Chase a few times and they said the underwriters handle this and could not answer my question. They said that I would more than likely get a 2% reduction in my interest rate (which is now 5.5%) and a reduction in prinicpal because of my severe hardship. It will take a little while to find out for the final outcome but I need to know now how this is figured. I am doing everything I can to not become homeless and need to know how this is figured with the HOA being paid outside the mortgage. I want to be able to sleep at night.
Thank you for taking the time to read this.
|his is Your Current Debt-to-Income (DTI) Level|
|Target DTI under the Home Affordable Modification|
|Potential New Monthly Payment If You Qualify|
|Potential Monthly Payment Reduction If You Qualify|
Thank you for your reply Kozmo. Actually I do pay taxes on my income as for now it is long term disability and my monthly gross income is $1,339. I had a long talk when I initially talked with Chase which my therapist called for me to state my situation. I was told I would qualify for a 2% interest rate and principal reduction. I sent the paper work in on December 23. But my biggest question is if they include the HOA fee in, how does that work because I pay it myself. Chase already pays my property taxes with escrow.