Positive in income qualifies for a loan modification?
I’ve been denied for a loan modification 3 times now by the investor, my mortgage servicer said the reason is “deficit income.” The deficit income is after I included my mortgage amount (if I had pay it) and others bills versus our income. I’ve missed about 9 payments, then I paid $ 900/month for 4 months due to a forbearance payment plan when I went on disability leave, after the 4 months, I submit a new mod. package, and it was just recently denied (3rd time). I’ve asked the rep that I have to have a positive income to qualifies for assistant? She said my investor does not participate in loan modification and therefore does not decrease interest rate or extend the term of the loan. I then said so it won’t help me at all to lower my payment, the rep said if I have a negative, they can’t really help. It doesn’t make sense to me. Please advise on how much positive to qualify for them to consider helping me. What if they said I have a positive income and won’t decrease the payments that much? I have no hope on this investor since every time they said my investor doesn’t do loan mod. Should I just gave up and request for a short sale before they set an auction date (which is anytime now)? Thank you for your advise.