Income

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
Is it illegal to state one has no income to a mortgage company, even if they do? Further, they have no rights to check, correct?
 

wanda robo

LoanSafe Member
Sep 29, 2012
3,830
602
113
NJ
You haven't posted in a long time. I don't understand your question, you are going to have to give details, or no one will reply.

Is it a loan mod scenario or a money purchase? You need to provide details, especially since you're asking about the legality of a situation.

If you don't post details, whoever responds may give you the wrong opinion.
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
You haven't posted in a long time. I don't understand your question, you are going to have to give details, or no one will reply.

Is it a loan mod scenario or a money purchase? You need to provide details, especially since you're asking about the legality of a situation.

If you don't post details, whoever responds may give you the wrong opinion.
they are asking for financials in order to approve a short sale
 

wanda robo

LoanSafe Member
Sep 29, 2012
3,830
602
113
NJ
Well, then I'll give you the wrong information (or the do what's best for you information). Do not give them crap, from the crap store.

Don't let them know your business. If they are forcing a short sale, you don't owe them anything. You say you have no income, worst that can happen is they don't approve a short sale. You're not breaking any laws. Let them pound sand, my friend. By doing a short sale, you're doing them a favor, not vice versa. They could care less about you. It's all about the money.
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
Well, then I'll give you the wrong information (or the do what's best for you information). Do not give them crap, from the crap store.

Don't let them know your business. If they are forcing a short sale, you don't owe them anything. You say you have no income, worst that can happen is they don't approve a short sale. You're not breaking any laws. Let them pound sand, my friend. By doing a short sale, you're doing them a favor, not vice versa. They could care less about you. It's all about the money.
Right. So in hardship letter will state no income.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,058
162
63
San Diego, California
www.loansreduced.com
What is the real reason for hardship if you don't mind me asking? That might be good enough rather than saying you have no income if you really do.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,058
162
63
San Diego, California
www.loansreduced.com
I would leave it at affordability, not that you make no income at all. I'm not sure if there are any legalities behind what you put on that form but I would think you can give the same message just a little bit different. This is just a thought, mods and negotiating with lenders is not my area of expertise.