Lets say I wanted to get a mortgage modification on a non reaffirmed mortgage. I was single when I filed but now I am married. Would it just be MY income that would be considered since my DH never had anything to do with the mortgage? We got married in 2010 and I was discharged in 2008.
Nope, sorry... not just your income, Mods are based off of household income. Even if you weren't married (just as example) and had a live in partner, that income would still legally count toward qualifications for a Mod. The good news is, they take many factors into account even private school tuition and many other expenses that aren't part of a std mtg qual.
Additionally most Mods will require the 2nd mtg to Mod before a 1st will Mod. So don't immediately write this off, there may still be decent options for you. Who is the mtg holder? Also, what type of loan is it? (FHA, FNMA, VA, Conv, etc). With this info might be able to give you a bit more insight as what to expect.
It's a FHA w/ Wells Fargo.
My husband works in construction and last year was awesome for him. This year, he basically just started working. If they see last years tax return they are going to tell me to take a hike, but there is no way we're going to make what we made last year.
So, there is no point of him opening his own account for his paycheck, right? I was just going to try to pay for everything w/ my check and let him keep his since it was my mortgage that I was trying to modify.
They won't use last yr's tax return, it will be based on recent pay stubs. They may eventually ask for last yr's return but this shouldn't have an impact. FHA doesn't offer some of the same options as FNMA and other mtgs. Part of the entire thing about a modification is due to hardship, like loss of income. They also usually take into account net pay and net of all expenses and they will usually consider things like private school, no matter how expensive it is so you may still qualify. It costs you nothing to find out what the options are and there is really no downside that I know of.
FHA's priority of offers are something like this:
Repayment plan, meaning temp hardship but you can catch up the pymts over 6 months or so. Forebearance plan, similar to repayment plan with a lower pymt but a balloon pymt at the end. Modification. You'll have to be 3 or more pymts in arrears and have a documented default reason, not just we didn't want to pay. PMI claim - This is when they make a claim against the mtg ins to catch up you pymts <nice>. Hamp mod, similar to mod above. Short Sale and Deed in Lieu of Foreclosure. Usually the last two options will result in a cash incentive for moving exp, etc, not to mention many, many months of free living expenses.
OR Foreclosure, whcih again will result in a yr or more of free rent. Just how it is in most areas. Short sale, Deed in lieu and Foreclosure will all ruin you for a future mtg from FHA for 3 yrs from date of transfer but this doesn't seem to be an issue for ABC; great. Seems like it is a matter of playing out the system until you are ready to do something else. No hurry.