Estimating monthly expenses for the lender when modifying a loan - Better to over estimate or under estimate?

I called BofA before I was late on my mortgage to request a loan modification. I had been borrowing frequently from credit cards to help pay the loan. The woman asked me what my monthly expenses were, and I was not prepared because I thought she would mail me out a packet. I over estimated thinking that would make the need seem greater. She advised me that I did not qualify because I owed quite a bit more then I made. I then decided to stop making the payment and now that I am going on three months delinquent I again requested a modification, and this time I am faxing them the information. Am I correct to assume that after calculating (mortgage calculator) what I desire (realistically) in a payment, that it is best that my expenses when subtracted from my net pay should leave me with, for example, $200-$300, above what I would want me mortgage payment to be? That way showing that after the payment and monthly expenses I at least a have a couple of hundred dollars left over for the month.

2 months ago - 1 answers