Asc Success!! - Page 2 - Home Loan, Loan Modification & Foreclosure Help Forum

Mary Salzer · #26 (**permalink**) IP: 76.25.101.94 03-03-2008, 03:04 PM

Jen, you really need your accountant to preform this function...a friend is great, but they are not a professional, if your accountant needs help, they can effectively contact me through the forum...I will be glad to assist. For that matter it is best to do a YTD ending 2007 for this process......and then the 2 months showing that the business had problems and the relevant data that shows that the business is now up and running profitably again....this is something that you accountant should address. This is important enough that the data should have "legs" under it for the purposes of Modification.

I can not begin to stress how important it is.

jennifer123 · #27 (**permalink**) IP: 65.11.188.153 03-03-2008, 07:49 PM

hello again,
i spoke to asc a few minutes ago to verify if they received my fax info on my hardship and financial worksheet and the guy in default services asked about the profit and loss on the business. i told him it is in the works. he then told me as far as the p&l statement goes all that is needed is for me to take what was made in the last year and divide it by 12 and write that down as profit and do the same for loss. he told me i dont need to list each expense individually. i know i am driving Poppy crazy with this topic and i am sooo sorry. i just wanted to know if that makes sense about what default services told me how they expect p&l statements to be. he also told me they do a credit check to verify what is paid out each month. just wanted to see if anyone else submitted a p&l like the one i was told to do. thanks again for being here and poppy, i am sorry to be a pest about this. the rep threw me off when he started asking how i was going to submit my p&l statement and when i told him that our account was going to get one to me with all the businees espenses he said no to do it the way he explained it. this is so consuming.

Cat Damiano · 03-03-2008, 08:15 PM

Jennifer,
Give him what he asking for now, but in the mean time have the accountant draw up the other one too. They will say one thing and further down the road you will be asked to add to what you gave.......better to be prepared for it than not.....
Also I am going to merge your threads together into your original post.......we like to follow the stories of our members in one thread, it is easier for people who are dealing with similar things to locate info in one place....so it isn't necessary to start new threads with an update, just go to your original thread and give it there.....o.k.

Keep us posted on your progress in the original thread.....

jennifer123 · 03-10-2008, 02:53 PM

hi everyone,
can u tell me how to add updates to my existing thread so i don't keep making new ones. sorry about that. spoke to asc today and i sent them my hardship and financial worksheet but they are still in need of my p & l statement and our accountant is on overload with tax season here so she doesn't know when she can get this info to me. i esplained to asc the situation and they told me to just send over two of my husbands paystubs. just want to be sure this is right. i told asc that this is my husbands business but he is an employee of the corporation and asc said that is fine that they just want to see the proof of income that is reflecting our financial worksheet of him making 6,750.00 a month. thanks for your input. talk to you soon.
jennifer

Cat Damiano · 03:03 PM

Jennifer......you just stay with this original thread and hit post reply.....

Mary Salzer · #31 (**permalink**) IP: 76.25.101.94 03-10-2008, 03:26 PM

Jen your husbands paycheck stubs do not reflect that amount of income if I recall correctly, they are at a minimum since you are putting capital back into the business....You really need the accountant to get the job done for you...

jennifer123 · 03-10-2008, 04:28 PM

hi poppy,

i had an idea that was not going to work. our accountant is not really putting this on her priority list because we have a balance for some previous work she has done. it was no problem when i first asked her if she could create a p & l statement but it seems to be a problem now. do you think this is something i could try and tackle on my own so i don't have to rely on her. i do have all of our bank statements and also have previous p & l statements that she had done from the years past. this is really consuming me because this is the only thing holding my file up. i really want this loan mod. to go thru for us with no problems. thanks again for your support.
jennifer

Mary Salzer · #33 (**permalink**) IP: 76.25.101.94 03-10-2008, 04:51 PM

Jen do you have access to another accountant or bookkeeper....cause we have gone through this with the prospect of you doing it before and I think that you really need the professional assistance to get the job done properly.

jennifer123 · 03-10-2008, 06:23 PM

we did talk about me doing it and i remember u telling me i should have a professional do this for me and i agree. i was just thinking if i could find someone who could walk me thru it i could possibly get this done myself. i think i am going to have to go thru the yellow pages tomorrow and call around to see if i can find an accountant or bookeeper who can do this. if i can, what info should i give them. can u recommend anyone? i am sorry to keep bothering u about this but this is the part of the loan mod that i feel my hands are tied on getting this p & l statement completed and sent to asc. t to u soon.
jennifer

Mary Salzer · #35 (**permalink**) IP: 76.25.101.94 03-10-2008, 06:58 PM

Jen we can not do the work of accountants or bookkeepers here, nor can we recommend anyone...we are not allowed to do that in this forum...I would suggest that you call your accountant and say, hey you do not have time to do this, who do you recommend that is a bookkeeper that can do it that has the time...she will either do it then or give you a name....

jennifer123 · 03-10-2008, 07:06 PM

i will try that and see what she says. in the mean time should i be gathering up our bank statements and previous p & l statements in case she refers me to someone else or possibly doesn't get back to me in a reasonable amount of time which i would then i have to find someone on my own. thanks again poppy i appreciate all your help have a great night.
jennifer

jennifer123 · #37 (**permalink**) IP: 72.144.210.70 03-13-2008, 06:45 PM

hi everyone,
spoke to asc today yesterday and basically i call them everyday. they must have my acct. flagged that i call everyday. i was assigned to a negotiator yesterday. they told me to check back on april 13th for a status check but i will be calling on monday. i was wondering if there is a shortage in my escrow acct. will this affect me getting this loan mod? i also wanted to ask do i need to send that qwr that everyone is talking about or do i wait? thanks for you support.

Mary Salzer · #38 (**permalink**) IP: 76.25.101.94 03-13-2008, 07:34 PM

No an escrow shortage should not hinder you from getting a modification, however how large is it, bigger than a bread box....????

jennifer123 · #39 (**permalink**) IP: 72.144.210.70 03-13-2008, 07:43 PM

my statement shows that my escrow balance is is minus 8,000! not good i am sure. that is for my current taxes and the past due they paid last year. do you think that will be an issue with the loan mod?

Mary Salzer · #40 (**permalink**) IP: 76.25.101.94 03-13-2008, 07:54 PM

Since there are unpaid taxes they will now collect them in the payment, they way they handle the shortage or unpaid taxes is to either run them out over 24 to 48 months in the payments or to capitalize them on the principle of the loan. This will depend on a lot of things, like how large your arrearage with them now is, what you demonstrate you can afford, how much latitude they have with the interest rate from the investor, value of the property and what the investor will allow the shortage to run in the payment stream i.e. 24 to 48 months....shorter or longer.

That is a fairly large shortage and it is really not an escrow shortage it is taxes that they paid for you since the taxes were not part of the payment that you made to them.

jennifer123 · #41 (**permalink**) IP: 72.144.210.70 03-13-2008, 08:44 PM

yes, i never was an escrow account until we ran into trouble paying our property taxes and insurance so asc said they can make my acct. an escrow acct. and pay my taxes and insurance and stretch the shortage out over a 3 yr period. i guess if it was going to interfer with the loan mod they would not of offered me the loan mod. i have to say asc has been pretty good to us so far. i am of course very cautious since reading some of the other posts on how some people didn't have a good experience dealing with asc. i am hoping and praying that i will be posting a positive post on my turn out and experience with asc. talk to you guys tomorrow. good night