What is used to calculate the 31% for mortgage restructuring?
March 1st, 2010 | 
Author: Whаt іѕ used tο calculate thе 31% fοr finance restructuring?
Mу actual finance payment іѕ less thаn 31% οf mу monthly income, bυt, mу finance plus escrow іѕ greater thаn 31%. Whісh counts?
Posted in Mortgage FAQ
Total monthly payment. It is 28% for finance, and 36% for total recurring expenditures (car, finance, insurance)… as a rule of thumb.
they use the total monthly payment including escrow amounts.
It’s finance 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 restructure. Is it really unaffordable or are you just going to try to save a few bucks at the expense of your fellow Americans?
excellent luck!