Documenting Your Finances

Almost everyone endures some kind of financial hardship during his or her lifetime. However, not everyone remembers to diligently document their financial troubles, which can lead to misunderstanding and misrepresentation of your own financial situation. When facing bankruptcy or foreclosure, it is very important to have accurate documentation of your financial circumstances, including income, debts, and other monetary concerns. If you do not have accurate and thorough documentation of your finances, it may be difficult to prove that you need to modify your mortgage or receive an extension on payment deadlines.

If you are thinking of modifying your mortgage or would like to explore refinancing options, contact an experienced Maryland mortgage modification attorney at Chaifetz & Coyle, P.C., today at 443-546-4608 to discuss your specific financial and legal circumstances.

Important Documents to Keep

Ideally, you should preserve and make copies of any document that is related to your finances, including:

• Documents of property ownership
• Monthly income paychecks / statements
• Bank statements
• Outstanding debts / repayment stipulations
• Stocks / bonds / other investments
• Tax forms

There are many other documents that are critical for recording your financial situation, but the above are some of the most important. Not having these documents may make mortgage modification or refinancing difficult or even impossible.

Contact Us

Finances can be complicated, but recording them is absolutely essential for clarifying your specific financial circumstances. If you are considering mortgage modification or refinancing to avoid foreclosure or bankruptcy, documentation of your finances is very important. Contact an experienced Maryland mortgage modification attorney of Chaifetz & Coyle, P.C., today at 443-546-4608.