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I guess it took all the time to even look at the one document they were waiting on. I reminded my rep of this and waiting for a response. Most of the lenders want you to update your financials every thirty days. You are in Modification Hell right now, what is commonly referred to as the Hampster Wheel. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from paperless payday loans their underwater mortgages.

I am self employed and was doing good until I expanded my instant online payday loans business a couple years ago. Shortly after relocating to a warehouse out main source of growth ceased totally.

Foolishly, I overspent when we were surging and I was slow to reduce spending and overhead and now have 45k in revolving personal debt and 10k on a business CC that we used to pay off monthly. My online payday loans indiana income the last two years filed was around 36k and 24k, I am on an extension for 2012 and will file what I am estimating to be around 15k in income at that time. I have been slashing expenses and we are stabilized but it will be a long road back to actually accumulating money. My DTI is horrendous and I assume it does not matter that it is mostly all business expenses.

This downtrend in income is terrible timing as the 5 yr mod is up in August and there will be a huge increase as I have one of the crazy 2005 deals that can get into the double digit interest rates. I have been slashing expenses and we are stabilized but it will be a long road back to actually accumulating money. My DTI is horrendous and I assume it does not matter that it is mostly all business expenses. This downtrend in income is terrible timing as the 5 yr mod is up in August and there will be a huge increase as I have one of the crazy 2005 deals that can get into the double digit interest rates. Welcome and thanks for coming back to the community, I hope we can help you through the process this time around as 100 payday loan well. Without going into too much detail, it looks like your DTI and income will be secure payday loans the main issue when trying to secure another modification. If BofA determines you do not have the means to support a modification after your payment adjusts, they may offer a temporary 6-12 month forbearance plan while you work on increasing your earnings. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular i need a loan fast issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. I secure payday loans am self employed and was doing good until I expanded my business a couple years ago. Shortly after relocating to a warehouse out main source of growth ceased totally.

Foolishly, I overspent when we were surging and I was slow to reduce spending and overhead and now have 45k in revolving personal debt and 10k on a business CC that we used to pay off monthly.

My income the last two years filed was around 36k and 24k, I am on an extension for 2012 and will file what I am estimating to be around 15k in income at that time. I have been slashing expenses and we are stabilized but it secure payday loans will be a long road back to actually accumulating money. My DTI is horrendous and I assume it does not matter that it is mostly all business expenses. This downtrend in income is terrible timing as the 5 yr mod is up in August and there will be a huge increase as I have one secure payday loans of the crazy 2005 deals that can get into the double digit interest rates. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer I am working on getting my numbers up to date in quickbooks. I am making some income and cutting expenses so things are slowly turning around. So do they typically do the forbearance and then consider you for a mod?

I am working on getting my numbers up to date in quickbooks.

I am making some income and cutting expenses so things are slowly turning around. So do they typically do the forbearance and then consider you for a mod? No, a forbearance is not required before they offer permanent assistance. These forbearance plans are only temporary assistance that will buy you some time to increase your earnings. This is not something you will necessarily apply for, only if the servicer determines you need more income to support a modified payment will they offer such an agreement. The figures that are submitted will be verified through past tax returns, profit and loss statements, and credit report.


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The information needs to be accurate and truthful in order for the payment to be affordable. If you present figures that are not accurate your payments will be based on income that you may not be able to show consistently. Each self-employed borrower must provide his or her most recent quarterly or year-to-date profit and loss statement. If consistent with the Verification Policy, servicers may require up to four consecutive months of bank statements as an alternative to obtaining a profit and loss statement or if, following receipt, it is determined that the information in no fax loans the profit and loss statement is insufficient. Servicers should not modify a mortgage loan if there is reasonable evidence indicating the borrower submitted income information that is false or misleading or if the borrower otherwise engaged in fraud in connection with the modification. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the low cost personal loans individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer ok thanks for the quick response, sorry I missed the notification it was responded to so soon!

Another complication I have is that I am on an extension to file taxes in October so my last filed year was 2011. But what you did probably saved my home or at least saved me from going through a serious long-term hardship to keep it.

I hope things are well for you, you deserve them to be.

But what you did probably saved my home or at least saved me from going through a serious long-term hardship to keep it. I hope things are well for you, you deserve them to be. Thank you so much for your kind words, it has truly touched my heart. I do love helping members of LoanSafe any way that I am able and I am so glad that the advice given helped you save your home. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most secure payday loans of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.


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The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Congratulations on getting the modification! If you want to think about the future, they are changing guidelines on a daily secure payday loans basis for loans that have previously modified for traditional financing.

Right now as long as there has been no significant changes in loan terms and you have made payments consecutively without missing a payment for the past 24 months we can refinance that loan as long as the other criteria is met. I would take a look at the Margin to see what the potential increase could be when the loan adjusts. I have written an article regarding the Index and Margin here: Get free mortgage help today. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I do not remember any members who have and I could not locate any right now when I searched our archives. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose secure payday loans of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Having said taht, the relationship manager also explained to me that US Bank offers no real options as far as modifications or debt forgiveness or other options until the home gets into pre-foreclosure status.

She mentioned that for the home to enter this status it is necessary to ahve been denied TWICE for a loan modification where you fill out that multi page application and hardship letter.

Only after the second time you are denied will they begin the foreclosure status within 30 days of rejecting your 2nd attempt.