Home Loans and Support

Did they call to verify your income with your employer or IRS?

Discussion in 'Loan Modification' started by cdf77, Sep 3, 2009.

  1. cdf77

    cdf77 LoanSafe Member

    Currently trying to modify our mortgage through making home affordable. We are BARELY current and struggling more each month. Just a quick question, does the loan modification call and verify income that we submit?

  2. cdf77

    cdf77 LoanSafe Member

    Anyone know?
  3. ALBMH

    ALBMH LoanSafe Member

    They don't call your employer. But remember they will ask your for your pay stubs.
  4. Hopefull2009

    Hopefull2009 LoanSafe Member

    You'll need to submit filed income tax forms along with a signed IRS for 4506-T (which allows them to access a transcript of the filed return). In addition, you'll be asked for the most recent paystubs with YTD showing. In short, yes, all income will be verified since a lot of what's going on, unfortunately, was caused by the easy accessibility to mortgages a couple of years back without all the verifications.
  5. art4ari

    art4ari LoanSafe Member

    I wroked part time in the past two years due to a lay off and an accident, I signed the 4506-T wich shows unemployment and little income. I did not file 2008 because I did not work at all, just an extension was filed automatically. Now I am part time and I do freelance. Half of my salary in pay checks with stubs without withodlings cause they are temporary jobs (W-9). On the other half of income I get company checks no stubs (1099).

    Anybody know how this will be calculated? Will it affect me not having records of 2008?

    Will all the income be calculated as net since I have mostly canceled checks?

    Thanks! I have to submit today

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