Mortgage  Question?
Disclose retirement account apply loan modification?

Do you have to disclose your retirement account information when you apply for a loan modification?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

Borrowers are typically not required to disclose their retirement account information when they apply for a loan modification. Lenders usually require borrowers to provide their checking and savings account statements but not their retirement account statements because money in a retirement account may not be freely available to pay a mortgage. The one exception is if borrowers do not have sufficient funds to meet the lender's reserve requirement. So if a borrower does not have a lot of money in savings then the lender may use the borrower's retirement account information as supporting information to determine if the borrower can afford the modified mortgage.  Lenders, however, should not use the retirement account information to require borrowers to make a higher monthly payment, have a higher modified loan balance or to disqualify borrowers from modifying their mortgage.

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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