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Minol, Other/Just Looking in Los Angeles, CA

need info on paystubs for self employed doing cash business, need this for a loan mod thanks

Asked by Minol, Los Angeles, CA Mon Dec 14, 2009

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Emily Knell’s answer
If your property is negative by $100k or more you should seriously consider just short selling it. You may be able to buy in the same neighborhood within 1yr & have a mortgage balance that is much lower than it is now!!

The bank will ask you for min. 3mos P&L statements, along with min. 4-6mos bank statements. You probably originally purchased the house on a Stated Income program, programs like that don't really exist anymore, not for people with lower credit scores.

The bank will want to see that your new payment is 31% of your income & no more than 38% of your income vs. all of your monthly living expenses.
0 votes Thank Flag Link Mon Dec 14, 2009
If you need to verify income than take your bank statements to verify your deposits. Your lender will likely need 6 months worth.
0 votes Thank Flag Link Mon Dec 14, 2009
Sorry you need to find ways to help you scam somewhere else.
0 votes Thank Flag Link Mon Dec 14, 2009
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