The current economic crisis and the chance of an impending recession has driven the average real estate market, which worked on speculation and gambling to a virtual standstill. The credit that usually sustained it has disappeared as savings associations have started to massively recall their loans and to bring foreclosures down upon those who have defaulted.
Although loan modifications have become very common, it is important to remember that no all mortgage modifications are given by the bank. In deciding whether to approve an application, the bank will normally study the main element in the approval process: the debt-to-income ratio.
Each time you earn income, the IRS will require you to state it as part of your income. At the end of the year, you add to your total income and declare this amount on your tax return the IRS.