Simple answer: no.
Lenders Can’t Understand The Finances Of The Self-Employed
I suppose they just don’t want to. Maybe they fear they cannot verify the financial information submitted by a self-employed person. Whatever the reason, this has been a very difficult issue for quite a number of years and given that a large number of people in the United States are self-employed, this issue effects many people.
What, Then, Can A Self-Employed Person Do To Qualify For A Modification?
Start with audited financial statements by a certified accountant. This will go a long way in convincing your lender that your numbers are real.
It would also be helpful if you have been in business for a number of years. Many businesses fail in less than five years. If you have been in business for more than five years, you have proven that you have a reliable income.
Another approach may be to pay yourself a regular paycheck each month just like regular employees do who are not self-employed. This can be helpful to a lender when underwriting your loan modification.
Understand how the mortgage lender thinks and prepare and submit your information in a form that the underwriter expects and can understand.
It will be an up-hill fight but if you start with the ideas above, you may have a chance.