The manner the question is posted looks like this is a homework for school. there are many calculators avalable to answer this question. Visit my website www.victorcatalan.ca and plug in the numbers so you can get the answer. You need to understand how this question will be translated to the calculator to get the answer.

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"the administration, launching what it calls the "making home affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the $75 billion loan modification program, which runs through 2012." http://news.yahoo.com/s/ap/20090304 /ap_on_go_pr_wh/obama_housing

Why are people getting nasty about this? Not everyone is looking for a hand out. I myself had no problems making my mortgage payments until my salary was cut by 8% when the economy tanked out.Now, I'm struggling to pay all of my bills in a timely fashion. The government allowed for this to happen by not regulating certain industries and not looking out for the everyday person, the government SHOULD step up and help people out of this crisis! I'm not one of those stupid people who went out and got an ARM loan. I have a fixed rate, 30 yr mortgage that I'm struggling with. The people getting nasty about this question need to realize that not everyone is as lucky as they may be and they need to accept that right now the average person is struggling to support their families and survive!

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My lender contacted me in the 11th hour to ask for information on a 4506-t, it was the day before closing, we already have a commitment letter, yet i was told that this would be required. i have provided all of my w2's and pay stubs.

Section 1411 of the newly passed Wall Street Reform Bill (Frank Dodd Bill H.R. 4173) mandates that ALL mortgage applications have an executed third party income verification (4506T) form pulled. A lot of lenders, including federal agencies like Fannie Mae and Freddie Mac are already requiring it in preparation. You can obtain a copy for free from the IRS - but they can take upwards of 60 days for a turnaround time. For my re-fi, I used a 3rd party verification service (www.veri-tax.com) that cost $15 bucks, but turned it around in 1 day. They were pretty solid and easy to deal with and you can apply for it online or call them. Hope that helps...

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Do they just use tax returns? or do they use/require tax returns and other things (like pay stubs, bank statements). let me know!

They asked me for a proof of employment letter from my work, four pay stubs and looked at my bank accounts.

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To make it simple. we applied for a modification and got put on and agreed to a 6 mth moratorium instead. during this period we were to decrease our debt to income ratio making the income ratio higher than the debt. we have succeeded in doing so and our debt is pretty much gone now since we weren't able to make mortgage payments. however, there's a balloon of $8000.00 due by 04/05 unless other arrangements are made. we have completed a hardship letter, financial worksheet, pay stubs everything required for loan modification has been sent in. our paperwork to approve the moratorium did state that the balloon was final unless other (arrangements) were made with the bank. in the hardship letter i asked if we could be approved for hamp which is the original reason we applied for a home modification but at that time there was no way they would approve it because we our debt to income ratio was too high, (then) not now. so the bank says not to send in any mortgage payments because it would prove to the bank that we can make the full payment and the purpose of the moratorium was to pay off debt and to get rid off as much of it as possible then send a hardship letter saying why we couldn't pay the balloon, noticeably because we spent all our cash not used on our necessities on paying off major debts. so people are we going to get screwed? is this the banks slick way of foreclosing on our home? i'm so scared and confused even though i know the numbers and the reason why.still i'd just like to hear other people experiences and knowledge on moratoriums, their aftermath and if anyone else out there has been able to pull off their lender putting a balloon unto the end of the note and getting approved for the hamp modification after the moratorium period ended? note: i saved money and tried to pay my full mortgage payment a few times during the 6mth period and the bank gave a strong no and confirmed each time decrease your debt increase your income, that is the purpose of the moratorium. i was also told by a rep. that almost everybody who's moratorium period is about to expire can not pay the balloon and try to make arrangements for a modification. witty, respectful answers please. the details of my situation are drastic to say it best.

Drastic it is, and enough said. At least you are more attuned to your serious situation than others and want to do something about it, which is good for you. You are feeling the economic crunch as it relates to your mortgage, no doubt. Just hang in there. Knowledge is power. Here's an informative article on tips to avoid mortgage defaults, and one of them includes what you are doing--realizing and not ignoring that you have a financial crunch, which you seek the fix: http://yourhandymanzone.com/Your_Handyman_Zone_How_To_Pages_Real_Estate_Zone_Buying_Your_House_Mortgage_Default_Avoid_Foreclosure.htm Hope you find this helpful. . . Source(s): The Internet is what I use. I'm pretty knowledgeable about the Internet. I have a firm belief in helping people with what I know, including from my development of sites, such as the one cited above. Sharing really is caring, and I wish those who I help can reciprocate by sharing what they know.

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I read on the ucis website that you need to send the following documents: 1)photocopy (front and back) of your green card 2)two identical color photographs, with your name and alien registration number 3)the check or money order for $680.00 i also read that you need to send the following documents, but i don't know if it only applies if you've been out of the us for 6 months or more 1)an irs tax return “transcript” or an irs-certified tax return listing tax information for the last 5 years (or for the last 3 years if you are applying on the basis of marriage to a u.s. citizen). and rent or mortgage payments and pay stubs. i have never been outside of the us for more than 6 months, do i still need to send or take the "transcripts"? where can i get those?

I have dealt with the USCIS a fair bit going through the same process. I would include it. Can't do any harm. No reason not to.

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I am trying to rent an apartment at purdue. i recently got a job there and have been working for three months. in order to secure a lease i must a) provide 6 months worth of pay stubs or b) get a co-signer i do not have 6 months worth of pay stubs since this is my first job after college and i've only been there three months. i tried to get my parents to be co-signers but their credit is not good enough. so i asked what my other options were because i don't enjoy the idea of asking other relatives to be a co-signer. the apartment complex said that they only other way to get the apartment is if i pay the entire 12 month's worth of rent up front. i knew landlords could ask for one month rent as a security deposit, but i didn't think they could require all 12 months up front. is this legal? or are they just trying to get my money up front. i really don't want to pay up front because for one thing i don't have the money right now because i just started my job. and secondly if i pay the whole rent and the landlord evicts me or stops paying the mortgage i may not get my money back. please help me out, especially if you are a lawyer in indiana. once again, this is an indiana law question.

The landlord's demand for the rent upfront is not illegal, but it was meant as a ridiculous suggestion. You need to consider the landlord like a house seller. If you can't get a loan that you can make monthly payments, you need to buy the house with cash of your own. No laws were broken here. But to get the apartment I think you need to use your negotiation skills if you have your heart set on this one complex. You could offer 3 months rent as a security deposit to show you are vested in keeping up your end of the lease (because if you default you automatically forfeit your security deposit). A larger deposit sort of serves as a personal guarantor to the lease. If they agree I suggest adding an addendum to the lease to make them return two thirds after 6 months pass and you can show pay stubs . But the bottom line is that you might simply have to make other arrangements until you can meet the credit requirements of the landlord. I suggest you shop around because not every landlord is as stringent on proof of income especially if you tell them upfront what you situation is. Upfront honesty is the best policy with potential landlords.

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My husband and i want to apply for our first mortgage under just his income. every year for 6 weeks he gets a furlough. but he has had the same job for 5 years and there is always a guaranteed come back date, they just don't like paying for holiday time due to economy. is this going to prevent us from getting a home being we are limited on providing check stubs for that 1 1/2 months? we need to apply now for preapproval because rental lease will be up end of march. but we dont have any check stubs for december, and beginning of january. we only have 1 check stub so far that he just got this week from going back to work last week. if we were to explain that to the credit union would they understand or most likely turn us away? he has great credit, funds for downpayment and closing costs would be gifted from parents, the loan would be fha, makes 35k a year, gets 2 bonuses a year. we already know all the costs involved with a home and can afford payments and are debt free, have only a few credit cards that are completely paid off. we have all required documents just not 2 months of check stubs. we have about a years worth of rental history too. how do you think a lender would respond to this information? appreciate any advice. thanks. his employer sets up unemployment income for the 6 week furlough, so that is the only income we get around that time of year. we were recieving $250 a week from unemployment. he is back to work now and will have steady income till this coming december again.

This scenario is actually addressed by FHA so it is not uncommon. The current guideline is 2 years' tax returns, year to date paystubs for one month and verification of employment. If it is common in your industry as it is in ship building and construction, then they will take the 2 yr avg OR the annualized year to date whichever is the lesser amount. The good thing with a credit union is that they have done loans for others who work at the same place and they are familiar with the pattern.