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.Does my mortgage lender have the right to view checking account info if I am applying for a loan modification?
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.
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