Home Loan Modifications..pls explain
I have no background in mortgage industry but I think that the l
I have no background in mortgage industry but I think that the lender calculates the income based on the documents provided by you.
That is the frustrating thing..is they DID NOT use the numbers w
That is the frustrating thing..is they DID NOT use the numbers we provided.
Irs
I do know someone that works in the mortgage industry and works specifically with the HAMP program. When it comes to self employed borrowers, the main income is determined by the tax returns. While they may ask for an update P&L statement, you probably filled out a form 4506-T, which allows the company to get a copy of your filed return directly from the IRS. So they probably did not use the income information you provided. It is very common, for self-employed borrowers to fudge P&L statements.
Submitted by Mary Adkins Matthews on Sat, 04/24/2010 - 05:06