Strategy for modification

[brian18330]

What is the best way to get a loan modification? Should you be behind or current on the mortgage? How much DTI is optimal? How much cash in bank account? All accounts on CR are currnet now, apply now or after the become delinquent? They owe 350k to Greentree on a home worth 275k and paying 8% interest from a no doc loan in 2008. Thanks

[Seaduck]

This reply may be late but since the question has been posed before, maybe this will help others. I found a lot of good information regarding DILs, HAMP debt to income limits vs conventional bank limits etc on this site.

 

http://www.operationrest.org/InfoYouNeedMods

[goturtlego]

If you're current most won't take you seriously. You have to have proof that you're in a hardship. If you have hundreds in your bank account after all bills are paid then a hardship is hardly proven. Our debt far exceeded our income and we had no problems getting a mod through Citi.