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