Posted on: 28th May, 2010 10:02 pm
What do Underwriters look for when considering a mortgage modification in regards to bank statments and income tax returns? We have been struggling so our checking account goes negative almost every month until our payday. Will this hurt us?
Hi Lily
'Willingness to pay the debt' in-spite of all the difficulties is the prime most consideration any underwriter will look in the borrower.
Now secondary consideration is that whether after paying all the necessary bills (which are ought to pay each month) some amount is remaining for paying the mortgage installment is also a one more consideration from underwriter.
Now coming to your case, you said that you are almost negative in your checking account then I need to tell you that still there is hope that underwriter will approve your modification if you are willing to minimize your monthly expenses up to that level so that you would be able to pay the installment peacefully.
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'Willingness to pay the debt' in-spite of all the difficulties is the prime most consideration any underwriter will look in the borrower.
Now secondary consideration is that whether after paying all the necessary bills (which are ought to pay each month) some amount is remaining for paying the mortgage installment is also a one more consideration from underwriter.
Now coming to your case, you said that you are almost negative in your checking account then I need to tell you that still there is hope that underwriter will approve your modification if you are willing to minimize your monthly expenses up to that level so that you would be able to pay the installment peacefully.
****