Alternatives to Foreclosure Financial Statement April 7, 2011

So you’ve decided to get help but your mortgage lender is asking you for a financial statement and you have no clue about what they really need.  Here’s an idea of the financial information they need to know in order to consider you for a work out option, keep in mind they will need this information for both borrowers or any other third party whose income will be contributed to the household .Property Information and Status

Is the property occupied, if so by whom? If by a tenant are you receiving rent? 

Is the property for sale?  List Date, List Price, Realtor Name and Phone Number.

Total Monthly Income  

•·         Gross Salary or Wages before taxes and withdrawals

•·          Overtime Wages

•·         Commissions and  how often paid

•·         Bonus and when paid

•·         Disability

•·         Social Security

•·         Alimony

•·         Child Support and how old children are

•·         Other Income

•·         Rental Income

Total Monthly Expenses

•·         1^st  and 2^nd Mortgage

•·         Other mortgages, property taxes and homeowners insurance

•·         Auto loans

•·         Credit or Department cards

•·         Personal debts

•·         Student loans

•·         Alimony Payments

•·         Child support payments

•·         HOA, Club or Union Dues

•·         Food

•·          Utilities (Water/Gas/Electric)

•·          Transportation (Fuel, Maintenance)

•·         Child Care

•·         Tuition or School Expenses

•·         Life, Auto, Homeowners Insurance

•·         Medical Expenses/Health Insurance

•·         Cable or Satellite

•·          Cell or Home Phone

•·         Internet

•·          Entertainment

Assets and Liabilities

•·         Cash 

•·         All Checking and Savings  

•·         All Retirement Assets (401ks, IRAs, etc.) 

•·         Primary Home 

•·         Other Real Estate 

•·         Automobiles  

Your mortgage lender will use this information to determine whether you can afford the home or not and in most cases they will also run a credit report to make sure you haven’t left anything out.    

 

 

 

 

 

 

 

 

If you are looking for a home in the Houston

(Harris or Montgomery County) area please visit

website www.HousesByJoanne.com

Joanne Dungca

Prudential Gary Greene Realtors

936-499-4267

Joanne@HousesByJoanne.com

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