The Economic Consequences of Homelessness in The US

Calculating the Percentage of Each Partner’s
Contribution to the Mortgage
by John C Johnson III
Now, having said all that, the question becomes how much of each partners’ income
should go toward the twenty-five to thirty-six percent (25% - 36%) mortgage.
The simplest way to calculate this would be to determine what percentage of each
partner’s income makes up the total household income. For example, when I was in
professional school,
I was blessed to bring-in around 75% of our household earnings. Therefore, we
reasoned, that I should bear around 75% of the household debts, including rent. Using
this formula, we were able to live quite comfortably and, for the most part anyway, I was
able to pay cash for my professional education, leaving absolutely no student loan debt
at the end of my schooling.
And I was able, therefore, to pursue my professional passions without the anxieties of
having to consider the financial drain most people in my position had, after graduation.
Talk about a major blessing!!!
5. Finally, Flexibility Dictates that Job Adjustments Will
Trigger Re-Alignment of the Formula and Either Increase
or Decrease the Mortgage Term and the Monthly
Payments
Traditional Mortgage Modification and Debt Restructuring
Mortgage modification is a process where the terms of a mortgage are modified
outside the original terms of the contract agreed to by the lender and borrower (i.e.
mortgagee and mortgagor). In general, any loan can be modified, and the general
process is referred to as loan modification or debt rescheduling.
In the normal progression of a mortgage, payments of interest and principal are made
until the mortgage is paid in full (or paid off). Typically, until the mortgage is paid, the
lender holds a lien on the property and if the borrower sells the property before the
mortgage is paid-off, the unpaid balance of the mortgage is remitted to the lender to
release the lien. Generally speaking, any change to the mortgage terms is a
modification, but as the term is used it refers to a change in terms based upon either the
specific inability of the borrower to remain current on payments as stated in the
mortgage, or more generally government mandate to lenders. A loan modification will
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