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Real Estate
The Real Estate Adviser |
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August 7, 2008
The Real Estate Adviser: Can lenders challenge loan data after closing?
By Tom Kelly
Special to the Journal
Special to the Journal
The mortgage meltdown has refocused attention on the process of properly verifying a borrower's assets. But just how long is the information stated on your home-loan application considered valid? If you retire or lose your job after your loan closes, can the lender demand payment in full?
Those questions, and others like them, were raised recently by a long-time nurse whose lender demanded that a “reverification form” be signed at closing. She was especially concerned because she had already given financial information — bank deposits, stocks, income — at the time of application. She was a widow and was planning to retire in the next 18 months.
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Previous columns:
- The Real Estate Adviser: Slower market magnifies agents' influential role, 07-31-2008
- The Real Estate Adviser: IndyMac raises old fears about reverse mortgages, 07-24-2008
- The Real Estate Adviser: ‘Option ARM-ageddon’: more loan trouble ahead, 07-17-2008
- The Real Estate Adviser: Wondering where to park that yacht?, 07-10-2008
- The Real Estate Adviser: Flexible loans good option if you understand them, 06-26-2008
- The Real Estate Adviser: Real estate IRAs: Know the 4 no-nos, 06-19-2008
- The Real Estate Adviser: New law is bad news for reverse mortgages, 06-12-2008
- Weekend drive could lead to dream vacation property, 06-05-2008