Can my mortgage company keep asking me for paystubs after closing?
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Can my mortgage company keep asking me for paystubs after closing?
I recently purchased a home; the closing was about 3 weeks ago. As a commercial truck driver, I switched positions within the same company from a local driver to an over-the-road driver. Naturally, the mortgage company, not understanding the trucking industry, asked me to provide my paystub dated after we closed in order to verify that I was still with my company and making money. This was a condition of the approval which I signed before closing. No such condition was covered during the closing. That check was not representative of a regular check, as I took time off to close and move. So, the mortgage company contacted me and asked me for my next paystub. My pay was more than the average check in my previous position. Now, today the mortgage company contacted wanting this week’s paystub. How long can this continue?
Asked on July 13, 2017 under Real Estate Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You only legally need to provide, post closing (i.e. once the loan has already been funded) what you are required to provide in the mortgage agreement itself; review the agreement, to see if they have the right to keep demanding new paystubs. If the agreement gives them that power, you have to provide the pay stubs; otherwise, not. Remember: the mortgage is a contract: like with any contrract, you have those obligations, and only those obligations, that are required in the agreement itself.
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