It turns out that there was something else Sheryl had to do to validate her income.
You see, she had been widowed and, because of the loss of her husband’s income, she fell behind in her mortgage payments.
For the purposes of this rule, "valid, arm's-length transaction" means a sale of real estate not affected by unreasonable or unusual personal influence or control, as defined in literature prepared by the international association of assessing officers.
The department shall consider the following sales in distressed markets if the following foreclosure related transactions comprise more than 20 percent of sales in a specific market area for model calibration and ratio studies, in accordance with the International Association of Assessing Officers (IAAO) standards: The department may verify sales information by submitting to the parties participating in a sale transaction the sale verification form.
The department shall review sales evidenced by an RTC to determine whether a sale was a valid, arm's-length transaction.
One document you’ll be asked to provide with your loan mod request is your bank statement.
If you have several bank accounts, you’ll need to show statements for each of them.
Completion of the sales verification form may be accomplished during on-site discussions with the buyer or seller, or through telephone conversation or written correspondence with the buyer or seller, or their representatives.
To get a mortgage loan modification requires patience and paying close attention to the smallest details.