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income for modification

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Icon Mini Profile fbjclark





Joined: 22 Sep 2009

Posts: 4

2.37 Dollars($)
Post Posted: Tue Mar 16, 2010 7:08 pm    Post subject: income for modification
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If a family member is giving you $700 per month to help pay your mortgage indefinately! And our income is not enough probably to get a modification or so i have been told can i use that $700 to boost our income so as to qualify with enough income to get a modification.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10258
Location: ALASKA
1044.81 Dollars($)
Post Posted: Tue Mar 16, 2010 9:27 pm    Post subject:
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Hi fbjclark,

The lender will consider your income while giving you a loan modification. I don't think that $700 will be considered as your income as it is given to you by someone else.

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Icon Mini Profile gunzijjistaff
gunz.ijjistaff




Joined: 07 Apr 2009

Posts: 712

4.51 Dollars($)
Post Posted: Tue Mar 16, 2010 10:07 pm    Post subject:
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Yes,

700$ will not be considered as you income. It will consider as a gift money & its could not help you to boost your monthly or annual income numbers.

Thanks & Regards.
gunz.ijjistaff
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