Secret Rule that no one else will tell you.

The 31% Rule Determines whether or Not You Get A Loan Modification!

There are secrets about getting a loan modification that most people don’t know.

Everything is decided on a monthly basis. First determine what your monthly income is before taxes. Your personal monthly gross income before taxes. For people who have a regular paycheck, that part’s easy. For people whose income varies, you or I find a way to turn that difficulty into an advantage.

Once you determine your monthly gross income before taxes, you take that number and multiply it by 31%. The result you get is the bank’s target monthly mortgage payment for you. Your target payment includes property taxes and insurance, broken down to a monthly amount.

Once you have your target monthly payment, you compare it to the payment you already have. If your target monthly payment is lower than the payment you already have, then you meet the first test for mortgage modification approval. If your target monthly payment is higher than the payment that you already have, then your mortgage modification application is in trouble, and you will need to deal with the issue. Too much or too little income are the main reasons for denial.

Now compare your target payment with your acceptable payment. If your target payment is higher, then you have a good chance for a modification. If your target payment is lower than your acceptable payment, then you have a problem that needs to be solved.

Feel free to let me know how this one SECRET helped you to save Your home!