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loan modification, Loans, mortgage modification, Mortgages

Is a NJ Loan Modification Possible Without a Documented Income?

On Behalf of Veitengruber Law | Oct 31,2021

If you've always had an entrepreneurial spirit and have worked mostly for yourself, and/or have worked "off the books" to support your family in recent times, you have very likely experienced difficulty when it comes to being approved for a mortgage loan. The pandemic of 2020/2021 has led to some changes among many lending institutions, and it's now possible for you to qualify for a mortgage or a NJ loan modification without the traditional proof of income.

Lenders have really had to adjust, just like the rest of the world has, over the past nearly two years. Mortgage moratoriums and forbearance were just the tip of the iceberg. Now that many people are expected to start making mortgage payments again, we've seen a lot of clients who are panicked about being denied for a mortgage modification because they aren't employed in the traditional fashion.

Simply because you can't provide two years' worth of paystubs to a lender does not, as we all know, mean that you don't have a solid stream of income. There are so many different ways to make a living in 2021, and more and more lenders are aware of this. Whereas before 2020, if you couldn't produce proof of documented income for a specified amount of time, you would have had an extremely difficult time being approved for a mortgage loan or a modification.

Many borrowers who applied for and received a mortgage loan "pre-Covid" are now attempting to pick up where they left off with their mortgage payments sometime in 2020. The end of a mortgage forbearance combined with shifting employment statuses mean that many borrowers are realizing they simply can't afford to make the same mortgage payments they were making before the pandemic. Because of job loss, decreased hours, layoffs, limited unemployment benefits, illness, moving, divorce, and many other Covid and non-Covid factors, many Americans got creative and started making money in non-traditional ways.

If you need a loan modification in order to afford your monthly mortgage payments but are afraid you would be denied due to an inability to show proof of income because you make money in a non-traditional manner, reach out to Veitengruber Law. You may have options that you don't yet know about; there are new modification programs available that we can help you apply for.

Veitengruber Law is a very successful foreclosure defense, bankruptcy, credit repair and debt relief law firm in New Jersey. If you're facing potential NJ foreclosure, call us now so we can get an automatic stay in place while we help you get approved for a mortgage loan modification. Investing in our services will give you a solid return on investment when you are able to keep your home, avoid eviction, and potentially save big on your mortgage payments with the right loan mod.



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