I need to get Loan Modification, I have no proof of my income. I am self employed.
Is it possible to get loan modification?
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Tags: Currently, Employed, Loan, Loan Modification, Modification, Proof, Self Employed, Should
5 Responses to “What Should I Do To Get Loan Modification If I Am Not Currently Employed?”
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Filled Under: Mortgage Loan Modification
December 1st, 2009 at 2:13 am
Yes. We are now witnessing that most lenders will accept loan modification applications from homeowners who foresee a problem meeting their home loan payments due to interest rate resets or financial hardship. The Federal government is urging lenders to proactively reach out to homeowners who face potential default. The Loan Advocacy Group’s loan modification process allows you the homeowner to apply for a loan modification without being currently un-employed.
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Good Luck…..!
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December 1st, 2009 at 2:51 am
It is harder to prove income, if you are self employed, than if you were working for someone. The tax statements can be very helpful as supporting documents, however, you may show hardship, that your income has come down due to …. what ever.
Here is an article with a few pointers: http://www.articlesonhow.com/
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December 1st, 2009 at 3:15 am
Do you file taxes or receive a 1099?
Sounds like you were one of those who couldn’t prove income so you did a stated income or no doc loan!
Call your lender and ask for the loss mitigation dept and see what they can work out with you. You are employed, but self employment is difficult since they usually go by 2 years of tax returns or your 1099′s.
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December 1st, 2009 at 3:32 am
try contacting loan agents they might help you in finding alternate ways
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December 1st, 2009 at 4:16 am
Contact your lending institution and ask for their customer counselling or mortgage counselling department. They should provide you with all of your alternatives on modifications.
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