| Re: asc asking for profit & loss statement-need advice
Jennifer,
Unfortunately, there is no getting around what they need for the modification.......the original loan was a stated income loan and now in order to do a modification the lender wants proof that the income is there in order to approve. If you are showing 3k left over at the end of each month, they are not going to think of that as a hardship if that is the reality of the situation. In a hardship case they are looking for around 100-250 left after household expenses are taken away from income in most cases, but each lender and each case has been different and there are no magic numbers or formulas that we can tell you to improve your situation.
__________________ >Cat< Email: Cat@loansafe.org  The LoanSafe Advocacy Group™
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. You should contact your attorney to obtain advice with respect to any particular issue or problem.
Last edited by Cat Damiano; 02-26-2008 at 05:56 PM.
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