Posted on: 14th Nov, 2008 03:58 am
I bought a home with my mom. the mortgage was taken out in her name. my mom passed away last year. I have been paying the mortgage I wanted to get it modified. I am self employed and cant verify income. Should I leave it alone or try for a modification?
hello guest,
being self employed can create an obstacle when you are trying to provide proof of income for a loan modification, or any workout options with a lender.
usually a lender will accept proof of income in the form of paystubs(which you will not have), 6 months consecutive bank statements, 2 years tax returns, and or w-2/1099, and in some cases 6 months of copies of the checks/money orders that you are paid with from your customers/clients (but the copies need to be of the front and the back of the checks/money orders).
you can still be speaking to the loss mitigation department and get confirmation from them of the exact type of proof of income that they will accept. get this confirmation in writing! (if they will actually accept one of those alternate types of proof from you).
let us know if you still have any other questions.
good luck. :d
being self employed can create an obstacle when you are trying to provide proof of income for a loan modification, or any workout options with a lender.
usually a lender will accept proof of income in the form of paystubs(which you will not have), 6 months consecutive bank statements, 2 years tax returns, and or w-2/1099, and in some cases 6 months of copies of the checks/money orders that you are paid with from your customers/clients (but the copies need to be of the front and the back of the checks/money orders).
you can still be speaking to the loss mitigation department and get confirmation from them of the exact type of proof of income that they will accept. get this confirmation in writing! (if they will actually accept one of those alternate types of proof from you).
let us know if you still have any other questions.
good luck. :d