Are cancelled checks or money order receipts good enough for proof of payment?
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Markita has been called :The Queen of Mortgage Financing especially after a BK". Since 2002, Markita has been a top-producing loan officer with WestStar Mortgage located in Lake Ridge, VA. She offers her clients expert service in mortgage financing regardless of credit history. Markita's former career as a professional basketball player with the "Washington Mystics of the WNBA" has been her foundation for creating a TEAM atmosphere when dealing with her mortgage clients. She truly believes Together Everyone Accomplishes More! You can visit her website at <a>www.TheLendingAdvisors.com</a> for more information and several FREE mortgage reports that reveal lending secrets other mortgage bankers don't want you to know!
Are cancelled checks or money order receipts good enough for proof of payment?
Host: After I have paid the accounts, are cancelled checks or money order receipts good enough for proof of payment?
Markita Aldridge-Woods: Many of times you can show those receipts to lenders and other companies to show those accounts to be paid, but the very best thing that you could do after you have paid an account that was negative, and you have brought that balance to zero through some type of settlement, or payment arrangement, you want to get a letter from that company on that company s letterhead, stating the new balance and a new status of that account. For instance, if you paid off account, you wanted to say the account now has a zero balance and that account was maybe settled for less than agreed. So, the best thing that you could do once you pay these accounts off is to get a letter on company letterhead that shows what the new account status actually is.
Transcripts
Host: After I have paid the accounts, are cancelled checks or money order receipts good enough for proof of payment?
Markita Aldridge-Woods: Many of times you can show those receipts to lenders and other companies to show those accounts to be paid, but the very best thing that you could do after you have paid an account that was negative, and you have brought that balance to zero through some type of settlement, or payment arrangement, you want to get a letter from that company on that company s letterhead, stating the new balance and a new status of that account. For instance, if you paid off account, you wanted to say the account now has a zero balance and that account was maybe settled for less than agreed. So, the best thing that you could do once you pay these accounts off is to get a letter on company letterhead that shows what the new account status actually is.
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