Comments on: Understanding Debt-To-Income Ratio

By: Yvonne McNeil

Yvonne McNeil — Thu, 30 Apr 2009 22:41:48 +0000

Can another bank do a loan modification on a loan we received thorugh Lehman Brother’s Bank and Aurora Loan Services?

By: kimmy

kimmy — Wed, 29 Apr 2009 09:04:29 +0000

I have the same problem with country wide every time I call they always say please call back in two weeks this is still new for us but since march and now I just call them on 4/27 they say the same thing what going on do they try to lie to us ?…

By: G

Fri, 24 Apr 2009 21:40:15 +0000

Julie: And you blame it on Citi? When will we Americans learn that we are responsible for our own actions? Did you take more debt that you can afford? It’s your mistake, not Citi’s. Period. You can add, right?

By: Julie

Julie — Fri, 24 Apr 2009 15:13:55 +0000

If I did this right, mortgage payment/ monthly income=Front-End DTI Ratio, I get a number of .770 actually it was .769###### (lots of numbers) I rounded up to .770. How the heck did Citi Mortgage give us this loan? that’s more than 75 percent of our income.

By: Shashi Singh

Shashi Singh — Fri, 24 Apr 2009 12:44:17 +0000

At least we can get some cash damages for wronged borrowers, and often a ‘reconstructed, affordable’ loan which is NOT qualified for. Remember, the job of all the ‘phone answerers’ is to make you GO AWAY. If you don’t easily fit into one of their ‘boxes’…too bad. While there are many scams, there are those entities who CAN help.

By: meggybell

meggybell — Sat, 18 Apr 2009 08:59:23 +0000

Great articles Ralph, you really explain things well.

By: M. Smith

M. Smith — Wed, 15 Apr 2009 14:46:27 +0000

I am interested in getting a loan modification if possible but not real clear on the qualifications. Our front end debt/income is 29% (certainly not bad). However due to accumulated medical debt over the last 13 years our back end debt/income ratio is 79% ( at least half of which is related to medical debt). I was laid off last month, and my husband has had to take a 15-25% paycut( variance due to loss of all bonuses on top of 10% pay cut). Do I understand you correctly that we may qualify if we go for financial counseling through HUD? And will I need to get paper proof of all our medical bills over the last 13 years?

By: Luis D Roque

Luis D Roque — Tue, 07 Apr 2009 05:47:17 +0000

I am a VP loan officer at Bank of America and I know people that work in the loan modification department. Although the Bank has received the details of the Obama loan modification plan, they have not yet put it into effect to be offered to the public. Remember, not all banks are doing this modifications but I was told that they will be putting this loan modifications in place very soon. Just be patient and they will start offering this modifications. The best number to call is 800-846-2222 or 800-934-6608

By: Jarvis

Jarvis — Sat, 28 Mar 2009 15:43:14 +0000

Let’s all be real here. None of these banks/lenders want to ‘help’ homeowners. If it’s good for their bottom line, they MAY work with someone. If not, it’s down that foreclosure road. Loss mitigation is another qualifying process. It is mostly a ‘band aid’ on a gushing wound. Unfortunately, not all homeowners realistically can expect to keep their homes. They should never have been allowed to ‘qualify’ for them in the first place. I now work with a mortgage audit program where we deal with the legal department and NOT loss mitigation. At least we can get some cash damages for wronged borrowers, and often a ‘reconstructed, affordable’ loan which is NOT qualified for. Remember, the job of all the ‘phone answerers’ is to make you GO AWAY. If you don’t easily fit into one of their ‘boxes’…too bad. While there are many scams, there are those entities who CAN help. We don’t make false promises, but often the not knowing is what is stressful. As usual, those ‘free government resources’ are also a joke.

By: saul

saul — Fri, 27 Mar 2009 22:31:39 +0000

countrywide is a horrible company. in my opinion they make things extremely difficult and challenging so they dont have to help. their customer service is horrific and their people dont seem to have any answers as well. i am experiencing similiar troubles. they DONT WANT TO HELP!