acceptable income for HAMP loan modification

[johnmc46]

My wife babysits for her granddaughter and gets paid $125.00 per
week. She is paid in cash. Is this acceptable income and what kind
of proof would we need to show Would a notarized affidavit from
my daughter be enough proof.

[Murray12]

So I assume that she just started this year, and that is why it is not on previous tax returns, they may ask this. Perhaps the next couple of times she could get paid by a check so she could show cancelled checks. I have not had experience with self employment income, but found the following here. https://www.efanniemae.com/sf/guides.../2009/0905.pdf

If the borrower is self-employed:

A signed copy of the most recent federal income tax return, including all schedules and forms, if available,

A signed IRS Form 4506-T (Request for Transcript of Tax Return),

The most recent quarterly or year-to-date profit and loss statement for each self-employed borrower, and

Other reliable third-party documentation the borrower voluntarily provides.

[Murray12]

PS I am not an attorney

[Evan Bedard]

Hi johnmc46,

From my personal experience with CW, they would accept a 3-6 month profit and loss statement to prove this income..