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Old 01-27-2009, 02:20 PM
 
1 posts, read 4,340 times
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I was recently called by my bank with great news that they will be willing to forgive my mortgage payments which are 3 months behind and cut my interest rate to help me get into the right payment plan which is awesome! but one huge catch. I have to provide proof of income or paystub to show that i qualify. I am self employed and I dont pay myself an income. Is there any other way to show it. when I first got loan they had a no-stated income. thanks for your help invance.
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Old 01-27-2009, 02:26 PM
 
Location: Moon Over Palmettos
5,975 posts, read 17,154,705 times
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You can provide last year's tax return with your Schedule C. That should show both your business income and expenses. Most banks have a formula that estimates your annual income based on prior year's. They may ask you for more than one year for them to be able to determine a trend.
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Old 01-27-2009, 03:56 PM
 
28,384 posts, read 67,998,510 times
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bibit612's info is spot on. Also be prepared to produce bank statements. As far back as possible. Ideally there is a pattern of deposits. If you were paid all in cash and tend not to put that cash in a bank, lenders tend to treat you poorly...
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