My lender has the right to control window account information, if I am to apply for a loan modification?

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If so … This is common practice to ask if I have access to electricity and last W2 forms, pay stubs?

  1. Reply
    January 22, 2011 at 4:24 pm

    Always had to show 2 years of bank statements whenever applying for a mortgage or refi
    This ensures that your monthly expenses have not been understated.

  2. Reply
    January 22, 2011 at 4:48 pm

    If you’re modifying your loan then it obviously shows that you’re past financial decisions may not be the best. You either got a bad loan, paid too much for your house, or just took on a payment you couldn’t afford. Your rep doesn’t care how much you make or what your reserves are, his underwriters have an obligation to insure your ability to repay a loan modification. So they do have a write to ask for your bank statements. Besides if you’re modifying your loan then that means you can’t refinance. So put up or shut up, because you can’t take your business elsewhere.

    The time of no questions asked stated income loans that got us into this mess is over. Expect to have to show full documentation every time you get a loan for the rest of your life. It may seem excessive to you but banks have their guidelines. Unless you hold millions in your bank account.

  3. Reply
    June 5, 2012 at 1:34 pm

    When you request a loan modification it’s like your applying for a home loan all over again. You can expect to have to submit all of your financial documents to the bank.

    Also, expect to have to update all your financial documents every 90 days for as long as the modification process takes.

    Modifying a loan is a bit of a catch 22.

    If you make too much money they will say you don’t need the help.

    If you make too little money they will say you can’t afford the modified payment.

    good luck.

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