Bank Statements for Your Loan Modification

You must submit EVERY SINGLE PAGE of your bank statement, EVEN IF BLANK

Why does a bank need my bank statements for a loan modification?

Many people ask why they need my bank statements for a loan modification. There a few reasons. One they can see what your monthly expenses are. Second, they can see what income you have coming into your account. And third, they can see if you are responsible with your financial resources. You need to provide two months of your most RECENT bank statements. They will generally not accept computer printouts so if you no longer receive hard copies in the mail you may have to go to the bank.

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What do I need to know about my bank statements?

One great thing about bank statements is that they can sometimes be used to verify certain income when the original documents may not be available. So borrowers may be able to verify social security or a pension without an award letter. It can also be used to show cash or rental income but they will want a profit and loss and leases to back these up. The biggest issue with bank statements is that borrowers routinely send in incomplete bank statements. The banks require EVERY PAGE. When the statement says there are eight pages the bank needs every single page, even if there are some blank pages.

Another issue often encountered is with online statements. Many people print statements from their online accounts. Online statements are usually not acceptable. Often the borrower’s name is not on the online statement and the only identifying feature is the 4 digits of the account holders account number. It’s also always a good idea to make sure the statement has the address of the home that you are trying to get a loan modification on. Obviously, this would only be relevant for someone’s primary home but homeowners that are trying to claim a home as their primary in order to get a better modification have been caught trying to claim a home is their primary residence when it is not.

Why do I have to keep sending them in?

Most financial documents that you send in for a loan modification become stale or outdated after 60 days. Since servicers can sometimes take over 6 months to evaluate loan modification applications they will generally become stale a number of times. Collect your bank statements every month so that you are ready to send new ones in or you could even be proactive and send in all updated financials every two months.

If you don’t have bank statements you can go directly to your bank and request a 2 month printout. Be sure to have your bank stamp and sign the statement if it does not have all of your identifying information.

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