Do I have to count both my pension and my social security for a modification?
Posted by Dolores
Motherbear Twelve asked:
I applied for a loan modification and was denied for having too much income. I do not even have to pay income tax, my income is that low.
I applied for a loan modification and was denied for having too much income. I do not even have to pay income tax, my income is that low.
Can I reapply with just my pension as income? It is my only taxable income, even though it is not high enough to have to file a return.
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April 26th, 2010 at 8:37 am
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The forms ask for ALL of your income. Do not lie on the forms–this is a felony!
April 27th, 2010 at 5:56 pm
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In loan modifications, ALL sources of income are counted, taxable or otherwise. The issue analyzed is whether or not your cash flows allow you to make the payments to which you have agreed. If the lender deems your total income sufficient, any loan modification will be denied.
April 28th, 2010 at 5:10 pm
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