Mortgage Forum

Mike

Hi, after searching for help on loan modification (http://www.zinomortgage.org) with WAMU for weeks, I am so happy to finally get here. I worked with CCCS and my cash flow reflects a surplus of $512/mo. with my income of $4,500/mo I'm a self-employed and make no income as the current market, and worry that I can't prove my income since my deposits are all by cash saved over the years and borrowed from family, Wamu requirement is 2 mo bank statement which is ok to show $4500 deposit monthly but for self-employed they need income tax OR proof of extension if not filed. I worry so much on my eligibility to prove income to qualify for the loan modification (http://www.modifyloan.net). My current rate is 5.125% at 3/1 arm interest only which will be reset next month and I've been struggling already not to mention it being reset...I tried to sell it but could not so hoping to ask for the rate freezed for at least 3 or more yrs so I can sell it when the market gets better. Do you have any comments or stratagies on how I can prepare for the proof of income and hopefully get this loan modified to freeze the rate to a few more years? Also, please let me know if Wamu would ask for more documents after we send in hardship letter, finacial worksheet, 2 mos bank statement and proof of tax extension, i don't have paystub to send in. i could not sleep and it's so hard on my family with the 2 todlers. Thank you for any help.