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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12554
Experience:  I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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When filling out the Homeowner Financial Assistance Form in

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When filling out the Homeowner Financial Assistance Form in the Loan Modification Plan there is a section concerning monthly household income. There is a borrower (sister) and co-borrower (brother) on the mortgage, however they do not live at the same address. When filling out the household income section do I use both incomes or just the one that is living at the address where the loan modification is happening?

Both parties just came out of chapter 7 bankruptcy, The co-borrower has never lived at the address in question and does not contribute to household expenses.

Dear Customer, My name is XXXXX XXXXX I am a Pennsylvania Licensed, Practicing Attorney and my goal is to provided you with Excellent Service,

 

 

Are you referring to the Federal "Home Affordable" Programs created under President Obama ?

Customer: replied 3 years ago.

I don't know, its called Home Affordable Modification Program (HAMP) I live at the address in question, but I am not one of the borrowers. The forms were forwarded through the borrowers attorney, which came from the attorney representing Wells Fargo Bank.

Hi, Brian,

 

Yes, HAMP is part of the Home Affordable Program. When filling out those forms, only the income of the borrowers should be listed because that is what is taken into account for purposes of calculating the percentage of income of which the mortgage payment is,

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Customer: replied 3 years ago.

To clarify, both borrowers income need to be listed even though one does not live there and has no intention of contributing to household expenses?

Hi, Brian,

 

Technically, the borrower should be living at the residence in order to have his income included in the computation, but if both individuals were on the original loan, the bank would expect the same individuals to be named in the loan modification documents.

 

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Please be kind enough to rate Excellent Service" so that I receive credit for assisting you,

 

Bonus and Positive Feedback on survey is very much appreciated,

 

ANDREA

 

 

 

 

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