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Loan Modification for self employed

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  • Loan Modification for self employed

    Back in the day I usually would do no-doc loans on my home. Since the housing collaspe this isn't available anymore.

    A few years ago while still able I did a re-fi on my house, but doing a no-doc meant paying a bit higher interest rate.

    Listening to the news about the loan modifications I thought I would look into getting info. I called my mortage co and dicussed what was needed and how to go about applying for a loan modification. Much to my surprize there is a program for the self-employed. All I had to do over the phone was update my financials, utilities, auto loans, insurance, etc. Lo and behold I was qualified and reduced my mtg by $600 a month. I have three months to furnish a profit/loss statement from my business, which is no problem. My interest rate was 7% and is now 3%. The loan didn't change just the interest rate. Happy Dance here. It certainly doesn't affect your credit rating, which I was concerned about since I have excellent credit.

    So for those of you self employed and may need that extra please take the time to look into this program.

  • #2
    Do you happen to know if there is a name to this program? Also, what if you were self employed and husband is not? I need to do a modification myself. We had always done no doc loans as well since when we bought this house and out last house we both were self employed. We also are on an ARM, thinking we were only going to be in this house until that 5th year. We are kind of stuck here for now, and would love to get some sort of modification and have a lower and solid monthly payment.
    What does a dog do on it's day off?

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    • #3
      I believe that it is a Federal back modification. You need to call your mtg company directly and talk to someone.

      I did call once about this and was blown off by a rude person. good thing I called back.

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      • #4
        what mort company?? Citi could care less.

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        • #5
          Baddog

          I have Citi. The first time I called this woman blew me off. Apparently the info she gave me was wrong.

          I talked to a gentleman by the name of Mathew. I'll pm you with his ID#. Maybe you can get hold of him directly.

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