loan modification employment verification process

[courage]

Hey does anyone know how \Chase verifies employment when you are in a trial modification, do they call the HR dept by looking up the number or do they just use the number you listed on the application and do a verbal verification of employment?

[zander]

Courage, i haven't heard of chase verifying employment by contacting employer, i think the pay stubs, tax info and p & l for self employed is what they are looking at.

[courage]

Zander, thanks for the information. Maybe you can answer this additional question or maybe someone else could add their input. How do they know that the documents they are reviewing are real? I would think with today’s technology you could create almost any document the mortgage company needs. Which leads me to my next question; are the mortgage companies just looking to fulfill a document requirement check list and some ratio analysis and if you provide the documents and meet the ratio analysis then you get the modification? fficeffice" />>>
Thanks again for your input,>>
Courage

[litehouse01]

They look for things like white out marks eraser marks things not lining up I read that in one of the gov't mandates they put out there..and most important they comapre everything to your actual tax returns..In our case my hubby has a new employer thats not on last years tax return and he had to get a letter from human resources stating his employment when he started his hourly wage and job function. we are with chase. Also because the IRS plays a part in this MHA/HAmp trial they will see what is claimed for 2009 tax and going forward when you file your taxes. Its not worth any risk. Better to be honest. Not implying anything just my opinions.

[zander]

exactly litehouse read the same thing although new directives state can accept paperwork with white outs as long as you can verify it was to update old information, looking to see where in the guidelines i read that will find it. absolutely should be above board though with numbers, don't mess with the IRS!!

[Jillian118]

I know Chase did contact my employers. I only know this b/c my one company does not do verbal employment verifications they only do it by fax. So that was one of the things that I needed to fax to them at one time.

[johngor]

Wife started a new job in mid Feb of this year so the tax info in 2008 did not show this new job, this put up a red flag and they called to verify unemployement. She is a admin asst. with a small company and she was the one that picked up the call. I also was told IRS/Banks are doing compliance checks with the 2009 tax returns as there are some folks out there playing games. It is fairly easy to make up income/bank statements on excell sheets and the banks are aware of it, unfortually this slows the process for the legit homeowner that is trully struggling.

[johngor]

loan modification employment verification process