What is used to calculate the 31% for mortgage restructuring?
Josh L questioned:
What is used to calculate the 31% for mortgage restructuring?
My actual mortgage payment is less than 31% of my monthly income, but, my mortgage plus escrow is greater than 31%. Which counts?
What is used to calculate the 31% for mortgage restructuring?
My actual mortgage payment is less than 31% of my monthly income, but, my mortgage plus escrow is greater than 31%. Which counts?
Total monthly payment. It is 28% for mortgage, and 36% for total recurring expenditures (car, mortgage, insurance)… as a rule of thumb.
they use the total monthly payment including escrow amounts.
It’s mortgage plus escrow.
All a restructure would do for you is reduce it to 31%. What percentage are you at right now? If it’s something like 34-35% you aren’t going to save much money in a restructure. Is it really unaffordable or are you just going to try to save a few bucks at the expense of your fellow Americans?
excellent luck!