Legal Question in Real Estate Law in Florida
Is it a Federal requirement that you must proivde bank statements to mortgage lenders when applying for a loan or a loan modification? Are pay stubs, tax returns, pension statements, etc. suffucient to meet the requirements of financial information?
Asked on 5/20/11, 8:34 pm
1 Answer from Attorneys
It's probably a bank and/or federal regulation on certain loans, not a law.
But look at this way, you are trying to borrow THEIR money. So the reasonable request of them to insure the safety of the loan is a necessity. Often these mortgages are sold, and who would buy them without proper backup showing the loan is secure.
Answered on 5/21/11, 5:17 am
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