How To Prepare A Loan Modification Budget

Perhaps the single most critical document that we submit to the bank is your budget.

If you have non-owner occupied properties, you should prepare a budget for each property and your personal income and expenses: Ex:

Non-Owner Occupied

EXPENSES:
Mortgage Payment:
Property Tax:
Maintenance:
Liability Insurance:
Utilities:
HOA Dues:

INCOME:
Rental income:


Owner Occupied:

EXPENSES:

Transportation (including gas):
Auto Insurance:
Property Tax:
Medical:
Food:
Utilities:
Garbage:
Water:
Phone:

INCOME:

Wages
Passive Income

After the modification you should have at least at 20% debt to income ratio: Ex: Income = $10,000 Expenses- $8,000.00

Wonderful Loan Modification Result

There are many loan modification companies out there just taking money from people and not even working the files, not even contacting the bank with a power of attorney.

Loan Deal Inc. distinguishes itself from the other firms as we offer face to face consultations and we really work hard on our files.

Last week we were able to cut a client's first mortgage in half and their second by 85%. Instead of paying $4,300 monthly. The only have to pay 2, 100.00. They will make up the fee they paid us in about six weeks.