I have a couple house/mortgage questions...

[winona55987]

Related question.

I am trying to reaffirm with former countrywide mortgage current BofA to reaffirm my first mortgage. Does anybody have recent experience as to when we receive the reaffirmation agreement.

thanks

[justbroke]

at what point does the trustee think your mortgage is too much? is it a % of your net or gross?

There is no magic number. Mine is like 45% of my income, including principal, interest, taxes and insurance. Not even a blink by the Trustee. This will vary by District and Trustee. I'm paying nothing (0%) to unsecured creditors. I thought someone would complain, but no one did.

along those lines...they rent out their old house because the market tanked. they plan on giving it up but what happens with the rent money (is it considered in the past income???)

Yes, to the extent that it offsets the expenses of having that "old house". For example, if the rent is $1,000 and their debt service for the "old house" is $750, then they have a net income of $250 a month.

and what about the renter...can they break the lease early and tell them they have to move out???

I wouldn't do anything until they actually file.

[indebt00]

at what point does the trustee think your mortgage is too much? is it a % of your net or gross? My family member is worried about that because they bought their house about 1 yr ago at our neighborhood's high point.
the payment is about 40% of their net income.
they absolutely want to keep the house...should they be concerned??

along those lines...they rent out their old house because the market tanked. they plan on giving it up but what happens with the rent money (is it considered in the past income???)

and what about the renter...can they break the lease early and tell them they have to move out???

thanks for any insight you guys have.