 deborahg123
Joined: 25 Feb 2010
Posts: 1
1.47 Dollars($)
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Posted: Thu Feb 25, 2010 12:51 pm Post subject: We are self employed
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Hi,
We recently agreed go a loan modification, however, the bank approved the loan with only a verbal assessment of our financial condition. The loan modification has a DTI ratio of 82%. Before signing the mod doc's, I called the bank for an explanation, and they said they did not have one. I felt under duress to sign the doc's and now feel that Predatory Lending practices have been done. Before, the app for the loan mod my husband suffered a heart attack and had to have heart surgery, we had a true hardship. I have lobbied two State Senator's who have sent letters to the President of this bank, and the bank has now gotten a hold of me. We made two months payments and now we are 2 months in default. The only people who benefited from this modification was the bank. They are now requesting the following: two months bank statements, P & L, etc. etc. I am worried that our personal bank statements do not show very much income, but our LLC does. How do I document our income? Should I give the bank our company bank statements for two months since we are self-employed? Our tax returns are current and show 80k in income, will they base the loan modification on this amount? Or will they take our personal bank statements, business bank statements and tax returns and do an average? We also have upcoming work that is not on the books, so how do I calculate this? I do not have any additional funds for a CPA.....we pay $1500 for health care, because of my husband's pre-existing conditions.
Would appreciate any insight.
Thank You
Deborah |
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raymond
Community Expert
Joined: 03 Jul 2009
Posts: 1166
Location: Irvine, California
24.79 Dollars($)
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