Financing in 33328>Question Details

Pearl, Home Seller in Florida

during a loan modification period the lender ask you for your financial statement do you have to show all

Asked by Pearl, Florida Wed May 13, 2009

banks accounts. The reason I am asking is that the lost of income put me in default, the money I could afford was very litle so I save that and over the one year I have accumulate less than $20,000. Do I show that account to my lender?

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Every case is different, in my opinion hire a professional to help you with this....and take the best decision for you... how much money you make can't help if you are still underwater, or probably will help to do a repayment plan with the lender, but if you are an investor and the property shows positive cash flow, they will ask you for all your assets to make a real picture of your financials....
0 votes Thank Flag Link Wed May 4, 2011
Typically on a loan modification you can have no more than three months payments in reserve. They usually calculate ratios based on your current income and reduce the payment to an affordable level.. They add the balance to the end of your loan..

I hope this helps you!
0 votes Thank Flag Link Fri Apr 15, 2011
Please call me and I will explain fully after I know which bank you have. best regards, Chris Snyder PA
0 votes Thank Flag Link Thu Apr 14, 2011
If you need help on your mortgage, how did you accumulate $20,000? Something doesn't sound right here.
0 votes Thank Flag Link Wed Jan 26, 2011
Disclose all information.Loan Modifications are based upon financial hardships.
Web Reference:
0 votes Thank Flag Link Wed Jan 26, 2011
Yes. Look at how the question is worded. Does it say all accounts or simple list accounts?
0 votes Thank Flag Link Wed Sep 29, 2010
Best way to look at situations like this is to do so from the other guy's perspective. If roles were reversed and it was your money you had lent to someone now asking to change the terms under which you agreed he would repay that debt, would you want that person to be completely open and honest about their finances so that you could make a honest assement and informed decision? And if you found out later on that person was not completely honest with you, how would you feel? And simply because wall street and lenders may have been less than forthcoming about their own business dealings and where bailed out nonetheless, while everyone else on main street had to take it on the chin...does 2 wrongs make a right? I think the simply fact that you asked such a question in a forum like this says you're someone who has a conscience and basically trys to always do the right thing...Continue to do so. It alwasy works out for the best in the end.
0 votes Thank Flag Link Sun May 30, 2010
You need to disclose all accounts and income.
0 votes Thank Flag Link Sat May 29, 2010
Pearl, So what you want to do is lie? Go ahead, fraud isn't that bad! (just in case you can't tell, i'm joking.)
0 votes Thank Flag Link Thu May 14, 2009
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