Is Mortgage 31% More than Income

Fixed-rate mortgages defaulting is on the rise 10/2009 according to statistics from the Mortgage Bankers Association.Is your Mortgage 31% More than your gross income? There are options available for today's homeowners before they slip into foreclosure.Contact the lender or servicer as soon as you know you could have a problem on your hands.
Homeowners can meet with bank representatives to renegotiate mortgage payments.Discuss ways to save your home from the possibility of foreclosure. Having zero income can be devastating,faced with a layoff, there are ways to escape foreclosure and stay in your home.
People with Mortgages 31% More than their gross Income are talking about "Government Modifications"
1.The Government's Home Affordable Modification Program,lowers monthly payments for borrowers on a debt-to-income ratios. You the borrowers may have to complete a three-month trial period before the modification is finalized.
Is your home your primary residence?
Is the amount you owe on your first mortgage equal to or less than $729,750.00
Have you had a significant increase in your mortgage payment and can not meet your payments,OR
Have you experiences a reduction in your income since you got your current loan OR
Have you suffered a hardship that has increased your expenses (like medical bills)?
Did you get your current mortgage before January 1, 2009?
Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income?

This site "Home Affordable Modification"can help you determine if you are eligible, but only the servicer of your loan can tell you if you qualify. To qualify, you will generally need to show that you have adequate income to make the reduced payments on an ongoing basis.Plus the modification could be an option given on your mortgage and the value of your home.