Payment Calculator For Loan Modification Reductions
This calculator provides a good idea about what monthly reduction you might be eligible for on your primary mortgage payments, in accordance with the Making Home Affordable program. Under the Home Affordable Modification program, the target maximum amount for your mortgage payment (or mortgage debt-to-income) should be 31% of your gross (pre-tax) monthly income.
This Payment Reduction Estimator will determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for a modification.
Do not include any payments on your second mortgage. You may have taxes and interest in escrow added to your monthly payment already, so be careful to count taxes and escrow only once.
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I have 3 personal home mortgages – (homestead, 2nd home, & rental home) and 1 partnership 50% shared expense on a property development mortgage. Can you help on all 4 mortgages? They are obviously causing a serious hardship on maintaining payments, taxes, and expenses. Payments for all 4 are $110K (just P + I). Gross income is $252K. Wealthy people have hardships too.
Thank you for your inquiry. It sounds like you are very well invested in Real Estate. We always encourage everyone to at least try to apply for any and all special programs for Real Estate owners. The process is very simple with our free consultation. There are three ways we can do this. The first is over the phone, by email or in person at one of our offices. Please let me know, which one is most convenient for you. We look forward to assisting you.
Fixmybadhomeloan.org Team
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