Copyright 2018 CashOne. All Rights Reserved. Cash Reserves on Mortgage Loans Can Trip Up Borrowers. By Credit star payday loans Cornett | May 26, 2011 | © HBI, all rights reserved. Some mortgage lenders are requiring more cash reserves today than they did in the past.
Its part of the less-risk mentality adopted in the wake of the housing crash. For borrowers, it means one more hoop to jump through when qualifying for a mortgage. And for a rising number of home buyers, it can be a painful lesson in mortgage rejection. What are Cash Reserves. The term cash reserves refers to extra money the borrower has in the bank on closing day.
I have called three times, most recently on the 20th of January. That was on Tuesday. It is now Saturday the 24th and still no letter. This company has been in contact with me credit star payday loans an old debt which I had thought had been paid. I agreed to make payments once it was verified that the debt was valid. The collection agency, Progressive Financial Services, stated that after 3 monthly payments, I would be on a reduced interest payment plan.
This was stated on several different dates. The individual who was the primary contact was Thaxton. This individual verified in 2009, 2010, 2011, and 2012 that I was on the reduced interest payment plan.
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