| Your monthly income is the gross amount prior to | | | | to be used by you, to help support the mortgage |
| any deductions made through payroll. They will | | | | payment. The servicer will use this income and |
| calculate your wage or your salary based off of | | | | calculate this income in the same way as they |
| numbers that included any overtime you receive, | | | | calculate your income. You do not have to worry, |
| commission you make, tips or bonuses you get, | | | | just because they use this income does not mean |
| allowances for housing and include any other | | | | that the other person will be now liable for your |
| payments you get for the service you provide. If | | | | loan nor will it be on their credit. |
| there are changes to your income either in the | | | | If you have property rental income on another |
| form of an increase or decrease that you need | | | | home you own the monthly net rental income |
| to have in order to qualify then I suggest for you | | | | that is used to calculate for the HAMP qualification |
| to get a verification from your employer of the | | | | is 75 percent your gross rent, they will deduct 25 |
| pending changes along with clear explanation of | | | | percent as a cushion for maintenance expenses |
| the change and the date it is expected. Otherwise | | | | and potential vacancy losses. Remember the |
| the servicer's negotiator will go by what she sees | | | | current HAMP is not for non-owner occupied |
| on your paycheck stubs and if the income looks | | | | properties only for your principal residence. |
| consistent it will be used. | | | | After your initial trial period the servicer will |
| If you receive any social security payments either | | | | reverify your most current income documentation |
| for yourself or a minor or have insurance | | | | to make sure the changes are not more than a |
| payments made to you or annuity payments, | | | | 25% difference from the pretrial numbers, |
| pension income, retirement income, | | | | otherwise you will have to start a whole new trial |
| unemployment insurance income that is expected | | | | period and be reevaluated for eligibility to for the |
| to continue at least 9 months or other benefits | | | | Home Affordable Modification Program, as |
| such as disability or death benefits this income will | | | | required by the program guidelines. If this happens |
| be used as well with the proper acceptable proof. | | | | it is important to be aware that it is because it is |
| If this income is not taxable they will multiply this | | | | a guideline requirement and not because they are |
| income by 125% to get to the correct monthly | | | | trying to make your life difficult. While they are |
| gross income they will use to qualify you. | | | | evaluating you for the HAMP program they must |
| If you voluntarily provide income from household | | | | put any foreclosure sale on hold. Just make sure |
| sources for people that are not on your loan but | | | | to verify this and keep current with the dates. |
| contribute to your household such as boarder | | | | Make the call to verify they are not proceeding |
| income (room rental) the servicer should include it | | | | with foreclosure proceedings and escalate to a |
| just so long as you have documentation and | | | | manager if necessary. Keep calling until you can |
| verifiable proof that you can rely on this income | | | | verify any sale date has been postponed. |