[Mary Salzer]

They do not look at it that way, the fact that there is so much left over at the end of the month will not allow a modification to go through...in other words that kind of money at the end of the month allows the payment on the house. I really think that you need to go see your accountant and deal with this issue through them. The profit and loss for a corporation is entirely different than a sole proprietor, I understand the carry over as that is my job to be able to analyze a financial statement, but the folks you are dealing with on modification do not have that ability.

Please see you CPA/Accountant and have them jump on line with me and I will explain the concept that she needs to report for the basis of modification. There are some things that can be done legitimately to report the income properly on a corporation that you do not do with a sole proprietorship. Your husband may have to start taking a larger paycheck to accommodate the requirements on this situation, however I am not sure that the W-2's from the prior year will allow the amount of income required to qualify...this is something that you accountant will have to do. I do not think that if you submit this financial data that you would be approved for the modification as the monthly amount left over for the corporation is far to great for the allowance of modification.

I have to ask if the corporation is doing that well, why not take a larger draw against profits and accommodate the adjustment? I know the business needs carry over, however, that degree of carry over every month could and will allow for the adjustment in payments....apparently your business had some set backs, I would question the 2 months statements if that is the case, since there were set backs.....has the business recovered? These are all questions that you need to have the accountant address....immediately.