self employed, looking to refi or modify my loan?

The problem is that when I first bought my home, it was a stated/no doc loan. I didnt have to show my tax returns because the income would have been too low to qualify. Now, with the rates being so low its hard to resist. The problem: stated/no doc loans do not exist anymore. How can I modify my interest late or refi? The last person who answered my question on another posting was called "help is here!" and he had some good advice. I'd like to find him/her again. Is anyone else in the same boat as me? Should I hire an attorney? Thanks.

2 Answers

  • 1 decade ago
    Favourite answer

    An attorney would be no help whatsoever.

    If you can't document your income you will not get the loan. It's that simple. The days of banks trusting people are long gone.

    You won't be able to refinance without proving that you make enough to handle that loan.

    Modification is for people in over their heads. If your mortgage payment exceeds 31% of your gross income you might qualify for a modification, but they are voluntary for lenders and you need to show some economic distress to get approved.

    Really, if you can afford your payment and aren't in an interest only payment (or an ARM loan) then your best bet is to continue paying as agreed.

    good luck!

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  • Anonymous
    1 decade ago

    sounds as if you should start declaring what you have actually earned.....

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