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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] MODIFY the Loan Posted by mk on September 09, 2003 at 2:19 PM I have a seller who's in default who just wants to get rid of the house. But instead of flipping it, I'd like to work with the bank to modify the loan - whether it be a forbearance or a repayment plan or have the back payments placed to the principal - and sell the house on a l/o or cfd. So this would be solely for cash flow purposes. My question pertains to the paperwork the bank is requesting to be filled out in order to modify the loan. They basically want a financial statement from the owner outlining assets, monthly liabilities, wages, etc. My question is, what is the minimum they are looking for, as far as assets and debt/income ratio is concerned? Have any of you ever been "creative" with this documentation when the seller's financial picture looks like it won't make the cut? Thanks for any forthcoming help... Follow Ups: Creative deals can be dicey. Ward-CA- 1:24 AM, 09/10/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have a seller who's in default who just wants to get rid of the house. But instead of flipping it, I'd like to work with the bank to modify the loan - whether it be a forbearance or a repayment plan or have the back payments placed to the principal - and sell the house on a l/o or cfd. So this would be solely for cash flow purposes. : My question pertains to the paperwork the bank is requesting to be filled out in order to modify the loan. They basically want a financial statement from the owner outlining assets, monthly liabilities, wages, etc. : My question is, what is the minimum they are looking for, as far as assets and debt/income ratio is concerned? : Have any of you ever been "creative" with this documentation when the seller's financial picture looks like it won't make the cut? : Thanks for any forthcoming help... Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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