Disclosing Bank Accounts to my Mortgage provider
Hello Terry, my forbearance plan will end soon and I’m looking to do a loan modification request as I am still unemployed due to the pandemic. My husband is the only one employed, and our question is regarding savings accounts and a checking account, do I have to legally disclosed this to them if they require it?
Terry Says
Well, it will help you get your refinance if you can demonstrate the ability to pay in the long run. It is illegal to lie about your financial assets and inflate them. I’m not quite sure if an omission qualifies as fraud on an application for a loan — unless the account is in collection and materially would negatively impact your application. But Quicken Loans, surely an authority on the subject has this to say about it:
https://www.quickenloans.com/learn/why-does-my-mortgage-lender-need-my-bank-statements#:~:text=Mortgage%20lenders%20require%20you%20to,accounts%20that%20hold%20monetary%20assets.
