Collect Data For Legal Massachusetts Collections Forms For Free

Every lender will perform income and employment verification before a loan goes through the underwriting process. Many lenders will repeat income and employment verifications before closing to confirm nothing has changed. This helps the lender reduce risk of a loan buyback.

Mortgage lenders verify employment by contacting employers directly and requesting income information and related documentation. Most lenders only require verbal confirmation, but some will seek email or fax verification. Lenders can verify self-employment income by obtaining tax return transcripts from the IRS.

Without a regular paycheck or W-2 statement, it can be harder to prove how much you make, and how reliably you make it. That's why most lenders have stricter rules for self-employed borrowers. Just because you work for yourself doesn't mean you're guaranteed to have a hard time getting a mortgage, however.

Proof of one- or two-years of 1099 earnings from bank statements, pay stubs or year-to-date earnings statements. Two or more years of self-employment with the same client. Maximum loan-to-value (LTV) of 90 percent if your credit score is at least 700 (or 80 percent if it's between 640 and 699)

A demand letter is the first formal step in collecting a debt. It clearly lays out the amount owed and the circumstances that led to it. Sending a debt collection letter makes it clear that you are serious about collecting on the debt.

To request verification, send a letter to the collection agency stating that you dispute the validity of the debt and that you want documentation verifying the debt. Also, request the name and address of the original creditor.