self employed question about financials

[Jerseygirl]

Hi Everyone, I just wanted to update on our "mortgage crisis". After SPS denied us for a modification, in Oct. we have been trying to play catch up with our payments. It hasnt worked. We now owe Dec. and Jan's payment. It has gotten so stressful that we are trying to get operation hope to help us. We need to RE WORK budget sheet again because I had left out about 1100.00 plus in various business expenses from our take home pay. I didnt even think about adding business expenses in.(Hubby is an owner operator truck driver). I just showed our bills but operation hope said I really should re work financials and include the expenses. Has anyone else done a budget sheet that is self employed? Did you add in business expenses? For example I didnt add in the 500.00 monthly average toll expense. Or the cost of food for him on the road or even the average up keep to the truck. I guess when they say take home pay I would deduct that from his paycheck? Anyone else self employed and filling out a budget sheet? Thanks for your help!!

[brokemama]

I am self-employed and included all expenses. The net should be the net after all your business and personal expenses. I submitted a P&L as well as 2 years tax returns, business and personal. Good luck!

[Jerseygirl]

Thanks brokemama, did you show the 100-150.00 surplus or did you show a negative? Showing business expenses we would be in the negative..

[brokemama]

I showed a 230 surplus. I have heard and read that they want a surplus, although each lender has their own criteria. If your negative is not significant, maybe you can work out the numbers so there's a small positive? Gas/food/entertainment?

[FlyOnTheWall]

FWIW - with IndyMac we showed a surplus of $150, and were told we did not have sufficient income for a loan mod.

So then we went the other route, showing more income, and now I'm sure we'll be told we make too much.

Until this thing resolves itself, you might consider the timing on your tax return.

Being self employed gives us a lot of flexibility to match the banks income requirements. The riddle is figuring out what number the investor is looking for.

[less_stress]

I'm self employed and find this all very confusing as well.
I just submitted financials of my personal expenses only -- we'll see what happens.
My income is very irregular, so I based monthly income on what I averaged per month in '08.

The most confusing part: If I have a surplus on income, why would I need their assistance with my mortgage? I have more expenses than income. Getting my housing expenses down would help a lot. I've had to use credit cards, HELOC to make up for lost income due to business downturn over the last 6 months.
All of my debt is on Business credit cards.

If you don't have enough income to qualify for mod, do they foreclose?

We shall see...