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SEASONING ON PITI

Posted on: 03rd Dec, 2006 08:19 am
IS THERE ANY WAY AROUND A 60 DAY SEASONING. I'VE DONE IT BEFORE BY PUTTING THE PERSONS NAME ON A BANK ACC. BUT THAT IS NOT TO SECURE FOR ME. BEING THEY CAN TAKE ALL THE MONEY OUT OF THE ACC. IS THERE ANOTHER WAY. BESIDES THE RITE WAY(IF THEY HAVE NO MONEY)
If you're referring to seasoning of assets, there's really no legitimate way to get around it. The lenders have their guidelines for a reason. However, there are lenders that don't require asset seasoning.

But also keep in mind that assets can be verified with stocks, bonds, 401k, insurance policies with cash value, certain promissory notes, etc. It doesn't have to be just cash in a bank account.


8)
Posted on: 03rd Dec, 2006 04:19 pm
Hi Guest,

As far as seasoning of assets are concerned, a 60 day seasoning of 6 months of principal, interest, taxes and insurance is often verified. This verification involves all kinds of accounts that a borrower can have. It can be checking account, savings account, money market account, IRA, 401k, stocks, bonds, home equity line of credit and others.

Thanks,

Sara
Posted on: 03rd Dec, 2006 08:48 pm
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