[Dancing Gerbil]

...avoid foreclosure without conformed income? Any way to get a lower mortgage payment to avoid foreclosure without conformed income?

I posted a similar question earlier for my friend, but I think I made him sound bad.

Basically, he can't afford his mortgage anymore, he is self employed without a confirmed income. He is currently trying to sell his house, but is prepared to let it foreclose. Right now he will fall 30 days behind in payment tomorrow, and he can't pay it.

The bank won't refinance him or lower his payment due to not having confirmed income.

Any way to get this payment lowered so he can continue to pay on his house and avoid foreclosure?

It is for sale now and he does not plan to pay anymore, he is hoping that it sells before it gets foreclosed.

Thanks
I did mean confirmed, conformed was a typo.

Also he has talked to the bank and they won't lower his rate or payments, which is why he is trying to sell.

I'm not sure which department he spoke with on this however.

[PremierOne]

There are SIVA (Stated Income Verified Assets) loan programs out there, if he has enough assets he should be able to refinance. It just may not be beneficial for him. What is his current rate?

He could get a 6.875 rate, and that's Par, we could buy it down a little to 6.625.....

But he'd need a....

90% MAX Loan to Value
45% MAX Debt to income Ratio
680 Minimum FICO score

and he can't have any lates on his mortgage.

If refinance isn't an option, he's really just going to have to work it out with the lender.