Upside Down Mortgage

Obama Mortgage Help Plan

Question: I have questions about the income requirements on the Obama mortgage restructure plan. Can anyone help?

When my husband and I bought the house, my husband was the only one that signed the mortgage papers. And the only income it asks for in the recalculation is that person. On the other hand it also asks for income tax returns, so I'm not sure what income to use for recalculation purposes.

Answer: Is your husband self employed? If so yes you will need Taex returns. You can always add a co-borrower, if you need to be added due to the requirement of the tax returns and if your on them. You should be ok if tax returns confirm an honest account of your REAL income.

Hope this helps, that is a broad question,

Jason

Balitang America: Mortgage Help

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