Comments on: Just Because Your Bank Modified Your Mortgage Doesn’t Mean It Will Stick http://getoutofdebt.org/7075/just-because-your-bank-modified-your-mortgage-doesnt-mean-it-will-stick Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Fri, 25 May 2012 02:12:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Steve Rhode http://getoutofdebt.org/7075/just-because-your-bank-modified-your-mortgage-doesnt-mean-it-will-stick#comment-11134 Steve Rhode Tue, 23 Jun 2009 13:57:02 +0000 http://getoutofdebt.org/?p=7075#comment-11134 Keith, It would be best to ask your specific lender for their modification criteria. Not all lenders participate. But what is more alarming is that in order to maintain your current situation you are spending down assets. That is not a prudent move if their is no end game in sight. The 60K in the S corp is not a personal asset of your. The corp is a separate legal entity. However, the corp is an asset of yours since you are probably the only shareholder. Steve Keith,

It would be best to ask your specific lender for their modification criteria. Not all lenders participate. But what is more alarming is that in order to maintain your current situation you are spending down assets. That is not a prudent move if their is no end game in sight. The 60K in the S corp is not a personal asset of your. The corp is a separate legal entity. However, the corp is an asset of yours since you are probably the only shareholder.

Steve

]]> By: Keith Davidson http://getoutofdebt.org/7075/just-because-your-bank-modified-your-mortgage-doesnt-mean-it-will-stick#comment-11109 Keith Davidson Tue, 23 Jun 2009 01:48:06 +0000 http://getoutofdebt.org/?p=7075#comment-11109 Hi, My house is worth less then my mortgage ($3,100), my expenses are more than my income (loss of $900/mo). I have never missed a mortgage payment but have 20k in personal savings and checking, 60k in a business account (S corp with different tax ID) and about 60k in mutual funds. When my ARM adjusts in January my payments will go up another $600. Would a bank ever approve a loan modification considering my liquid reserves? 60k in my business account is under my business name, do you think it is necessary for to report this in my personal financial statement as requested by my lender? Thank you. Hi,

My house is worth less then my mortgage ($3,100), my expenses are more than my income (loss of $900/mo). I have never missed a mortgage payment but have 20k in personal savings and checking, 60k in a business account (S corp with different tax ID) and about 60k in mutual funds. When my ARM adjusts in January my payments will go up another $600.

Would a bank ever approve a loan modification considering my liquid reserves? 60k in my business account is under my business name, do you think it is necessary for to report this in my personal financial statement as requested by my lender?

Thank you.

]]>