Posted on: 05th Dec, 2009 05:04 pm
I bought my home. My name is the only name on the paperwork. Why is my husbands income considered now when I am trying to restructure my mortgage?
If your husband's name is not on the mortgage, then his income should not be considered while you apply for a refinance or a loan modification. I would suggest you to speak to your lender and clarify the issue.
When applying for a loan modification the Lender takes into account the ability for the entire household to make a new payment, not just the name on the mortgage. In fact you could be unemployed and have a spouse working and they would still consider you for a loan modification.