Todd Murphy Law

(862) 217 2361
  • Home
  • About
    • Schedule An Appointment
  • Foreclosure
  • Loan Modification
  • Sheriff
  • Research
    • Webinar
    • Case Studies
    • Home Loan Modification
    • Foreclosure
    • Bankruptcy
    • Sheriff Sale Help
  • Contact
    • Schedule An Appointment
Home | Will I Qualify For A Modification If I Am Self-Employed?

Will I Qualify For A Modification If I Am Self-Employed?

self-employed loan modificationSimple 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.

To find out if you qualify for a loan modification, read our post: Do I Qualify For A Home Loan Modification?

It will be an up-hill fight but if you start with the ideas above, you may have a chance.

Good luck!

 

 

 

Share Button

Related Posts:

  • I’m Beginning to Fall Behind On My Mortgage Payments, What Should I Do? Many people struggle to make their mortgage payments, you are not alone. If you're saying to yourself "I'm beginning to…
  • Why Should I Act Fast In Applying For A Loan Modification? Don't Wait! Why Should I Act Fast In Applying For A Loan Modification? A fundamental mistake most people make is…
  • Why Is Loan Modification The Best Tool? What Makes Loan Modification The Best Tool? Why is Loan modification The Best Tool? It is one of the essential…
  • Why Are Loan Modifications Frustrating? Is Your Lender Constantly Giving You The Runaround...Why Are Loan Modifications Frustrating? There are a million and one reasons why…
  • I’m Falling Behind On My Mortgage Payments, Are There Ways To Fix… "I'm Falling Behind On Mortgage Payments, Are There Ways To Fix The Problem?" First - You're Not Alone, AND Yes, There Are…
  • Foreclosure Doesn’t Stop While You’re Applying For A Loan… Most People Don't Know That A Foreclosure Doesn't Stop While You're Applying For A Loan Modification, But Don't Get Discouraged…
  • Save My Home From Foreclosure Navigating The Foreclosure Process: Where Should I Start? If you're saying to yourself, "I want to save my home from…
  • When Is A Chapter 7 Bankruptcy Useful? There are 3 scenarios when a chapter 7 bankruptcy can be a great tool: 1. You mean I can still save…
  • Is A Short Sale Or Deed In Lieu Of Foreclosure Better For My Credit Than… Is A Short Sale Or Deed In Lieu Of Foreclosure Better For My Credit Than A Sheriff Sale? Many people…
  • 10 Things You Should Do If You’ve Been Served With Foreclosure Papers Top 10 Things You Should Do Right Now If You Just Got Foreclosure Papers   The Court Says I Must File…

Filed Under: Featured, Foreclosure, Home Loan Modification, Learn about Mortgages Tagged With: home loan, modification, mortgage, self-employed

Search This Site

American Bankruptcy Institute Logo National Association of Consumer Advocates Logo
Avvo - Rate your Lawyer. Get Free Legal Advice.
Designated A Debt Relief Agency Under U.S.C. 528
( see required bankruptcy disclosures )
The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Todd Murphy Law and the user or browser.
Lawyer J Murphy | Featured Attorney Foreclosure
(862) 217 2361

© Todd Murphy Law | Site design and SEO by jbQ Media

Google+