Home Affordable Income changes and review process for loan servicers

Home Affordable Income changes and review process for loan servicers

Additional income

Changes to income analysis under qualifies them for HAMP, the servicer is allowed to remove this income and see if they Home Affordable continued with other income sources like (child support, alimony, and separation maintenance) do not have to be provided unless disclosed on the application. Servicers may not require these types of income to qualify for Home Affordable HAMP program. If the borrower chooses to provide this income it will have to be documented by either providing a divorce decree, separation agreement, or some other form of legal documentation. You will have to show deposits of this income by providing bank statements for the past two months or receipts of payment. If the borrower voluntarily provides this additional income and it diswould qualify without it.

If you have rental income, part time income, bonus/tip income, investment and benefit income you do no need to document this income if it is less than 20 percent of the borrower's total gross income. Servicers reviewing mortgages for loan modification must identify the specific sources and amount of the borrower's passive or non wage income and cannot assume that a portion of the borrower's income is passive. Servicers must obtain documentation to verify passive or non wage income when it equals or exceeds 20 percent of the borrower's total gross income.

Verifying Income

Your servicer must not consider the following items when verifying the borrower's income:

- Income tax returns

- Non borrower non house hold income

- Grants including mortgage assistance programs

- Severance payments, and

- Unemployment benefits

Occupancy

A non borrower who claims to live in the primary home with borrower must be verified and documented that he/she lives in the primary residence. Servicers will also obtain a written verification to pull the non borrowers credit report.

Foreclosures, loan modifications, short sales and deed in lieu's all have programs under the Home Affordable Modfication program. There are lots of options to modify your mortgage payment.

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