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MT Box 42: Average Monthly Payment - Insurance, Taxes
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Probably old news to most of you, but I've been working this issue this
morning: Where insurance, taxes (and even HOA) are not impounded in escrow
nor part of the mortgage payment, these can be adjustments to and included
with the mortgage payment in Box 42. If they are not paid, lienholder can
foreclose. This could make the difference in pass or fail of the means
test.
I don't know if the OUST is challenging this in our division, but the above
seems to be a sound position.
The harder part is guessing what an adjustable loan will have "contractually
due" in, say, month 43.
Hale
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MT Box 42: Average Monthly Payment - Insurance, Taxes
Probably old news to most of you, but I've been working this issue this morning: Where insurance, taxes (and even HOA) are not impounded in escrow nor part of the mortgage payment, these can be adjustments to and included with the mortgage payment in Box 42. If they are not paid, lienholder can foreclose. This could make the difference in pass or fail of the means test.
I don't know if the OUST is challenging this in our division, but the above seems to be a sound position.
The harder part is guessing what an adjustable loan will have "contractually due" in, say, month 43.
Hale
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