Cancelled Check Images -vs- Landlord Checkup by Lender

Guest 0.10 Dollars($)

HI, trying to purchase my first home, a C0-0p. Preapproved, debt free, 800+ credit score.

In tight situation leaving 10+yr rent stablized apt in nyc, lease expires may 1, 08. Landlord a 'slumlord', issued non renewal notice to put family member in the apt. I want to move and buy. Currently bidding on a Co-op, reading over pre-approval loan documentation. Without saying, the Landlord is a jerk, and not to be trusted and has excommunicated himself. I have 10+yrs on on-time rent, and have the cancelled check images from my bank.

Do lenders call Landlords to verify payments even though you already have the cancelled checks to prove payment? How should I proceed?

thx

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi brooklyngirl,

Welcome to the forum.

The lenders need not to call the landlord. If you have the canceled checks, these are good enough to prove that you have made your rent payments on time. You may need to provide 12 months of canceled checks.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Wed Apr 02, 2008 9:00 am Post subject:

your first, best move is to advise your loan officer of the circumstances. that way, it can be conveyed to the underwriter and a direct check with the landlord can be avoided.

you ought to be in terrific shape with your canceled checks.

Samantha

Well I agree with you george, the poster needs to inform the loan officer about the situation and then the latter will act accordingly.

Brooklyngirl, some lenders will be glad to verify your rental payemnts by checking the canceled checks while others may seem to cross check and call up your landlord. however, if there's no contact with the landlord, that's simply not possible. So, in such cases the lender will only verify the canceled checks without calling up the landlord.

Hope this helps...

God bless you.

Samantha

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