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is it possible to qualify for a loan modification when your mortgage debt to income ratio is 28%?

Posted on: 09th Nov, 2009 05:01 pm
have gone through a very tough time after the birth of our child and ended up filing bankruptcy so now our debt to income ratio looks better but since filing we have had a very bad strand of luck come our way with vehicles breaking down and many things just didn't go our way so we are still struggling making payments.
also have lost income due to new technology in the medical trasncription area just to add to the stressors
Posted on: 09th Nov, 2009 05:02 pm
Hi Guest,

I would suggest you to go ahead and apply for the modification. Write a hardship letter to the lender informing him about your financial crisis. The lender would judge your financial situation and check out whether or not you would capable to pay the dues after loan modification. If the lender is convinced that you can make the payments, he would agree to it.

Thanks
Posted on: 09th Nov, 2009 07:49 pm
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