Short on Assets and Reserves? Part Two

Last time we talked about what you can do if you find yourself short on the assets or reserves you need to qualify, an option would be to ask a relative to add you onto his or her account which has the needed balance or history that you are lacking. Be sure to let your good Samaritan in on this:

It is much easier to add someone to an account than it is to remove him or her.  If they want to take you off of it, the only way to do so is to close it and re-open another one.  This could erase the banking history that this account has provided for them.  Be sure they confirm with the banker that if they close the account and re-open another one, the bank will transfer over their history to the new account.  Furthermore, before they can close a checking account, they will have to make sure all checks have cleared and if they have any electronic or automatic payments coming in or out of the account, they will have to be canceled and reestablished in the new account.  All of this is a bit of a pain and inconvenience for your family member, but is a great way to help you obtain your financing. See www.southernoaksmortgage.com for more information or email me directly at jeff@somloans.com.