Richard asks…What is used to calculate the 31% for mortgage restructuring?What is used to calculate the 31% for mortgage restructuring?
My actual mortgage payment is less than 31% of my monthly income, however, my mortgage plus escrow is greater than 31%. Which counts?Mr. Thin Brick answers: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
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