Bank statements for mod? - Loan Modification Forum

Lazaro · 08-11-2009, 02:31 PM

Hello everyone,ffice

ffice" />>>
>>
I am trying to help my mother modify her loan. I know mortgage holders are asking for couple of months worth of bank account statements, however will having some money in the account affect our modification outcome. It is a couple of years worth of emergency savings which is rapidly depleting due to her hardship.>>
>>
Thank you in advance for your responses

Evan Bedard · 08-11-2009, 06:41 PM

Hi Lazaro welcome and thank you for joining the forum.

Quote:

Hello everyone,ffice

ffice" />>>
>>
I am trying to help my mother modify her loan. I know mortgage holders are asking for couple of months worth of bank account statements, however will having some money in the account affect our modification outcome. It is a couple of years worth of emergency savings which is rapidly depleting due to her hardship.>>
>>
Thank you in advance for your responses

This will make the process more difficult but it depends just how much she has. Try sending in an LOE along explaining her savings is quickly draining with her high mortgage payment...

Lazaro · 08-12-2009, 07:08 AM

Thank you Evan, but what is an LOE?

yomann · 10-25-2009, 09:27 PM

I believe LOE stands for Letter Of Explanation.

Evan Bedard · 10-26-2009, 09:16 AM

Thank you yomann. Yes an LOE is a Letter of Explanation..

JS1scuba · 10-26-2009, 10:58 AM

With the bank statements you also need to highlight the DEPOSITS made each month. What your assets are are not critical to what the CASH flow is.

ALSO --whenever you send any documents to anyone make sure you:

1. Number each page in sequence (1 of 24, 2 of 24 etc)
2. Sign and date the bottom of each page.
3. Attach a cover letter as the LOE AND include that the attached 24 (xxx) pages are part of the complete document.

4. Mail them to a named person with a return reciept.
5. Fax them to a names person while on the phone with them and have them
confirm receipt.
6. Document your sending the documents

If at all possible do all the faxes from your local Bank office (if you have one) this sets up the papertrail. The bank may not want to take part in it but be nice to one of the bank people there and they will fax it for you.

Cheers
JDS

08-11-2009, 02:31 PM	#1 (permalink)
Lazaro Junior Member Join Date: Aug 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Bank statements for mod? Hello everyone,fficeffice" />>> >> I am trying to help my mother modify her loan. I know mortgage holders are asking for couple of months worth of bank account statements, however will having some money in the account affect our modification outcome. It is a couple of years worth of emergency savings which is rapidly depleting due to her hardship.>> >> Thank you in advance for your responses

08-12-2009, 07:08 AM	#3 (permalink)
Lazaro Junior Member Join Date: Aug 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank statements for mod? Thank you Evan, but what is an LOE?

10-25-2009, 09:27 PM	#4 (permalink)
yomann Senior Member Join Date: Oct 2009 Location: Northern Calif. Posts: 92 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank statements for mod? I believe LOE stands for Letter Of Explanation.

10-26-2009, 09:16 AM	#5 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank statements for mod? Thank you yomann. Yes an LOE is a Letter of Explanation.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

10-26-2009, 10:58 AM	#6 (permalink)
JS1scuba Senior Member Join Date: May 2009 Location: Arizona Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank statements for mod? With the bank statements you also need to highlight the DEPOSITS made each month. What your assets are are not critical to what the CASH flow is. ALSO --whenever you send any documents to anyone make sure you: 1. Number each page in sequence (1 of 24, 2 of 24 etc) 2. Sign and date the bottom of each page. 3. Attach a cover letter as the LOE AND include that the attached 24 (xxx) pages are part of the complete document. 4. Mail them to a named person with a return reciept. 5. Fax them to a names person while on the phone with them and have them confirm receipt. 6. Document your sending the documents If at all possible do all the faxes from your local Bank office (if you have one) this sets up the papertrail. The bank may not want to take part in it but be nice to one of the bank people there and they will fax it for you. Cheers JDS __________________ ========== Joel S..... "Every Day is a Day Closer to the Solution"

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