Liquidating mortgage

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When reviewing the statements, every deposit—no matter how small—must be verified as to its source.Lenders cannot work with untraceable funds from a borrower.In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank.In 2005, GMAC (now Ally Financial), a subsidiary of General Motors, transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (Res Cap) and contributed billion of equity.

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So do not blame your loan officer, who is just following guidelines when he has to verify your assets.If you had one or two incidences that can be explained in a letter, that might be excusable. So keep a cushion In your accounts, and stay on top of your balances.You can use a cash gift from a family member, employer, or close personal friend to help with a down payment or closing costs.The easiest path, with the least amount of pain, is to comply.Here are the habits you should avoid and should adopt to make the process easier, and speed your application on its way to approval.

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