This is all documentation including balance sheets, proof of income, and all other debts and liabilities or other financial information proving that the borrower cannot repay the loan.
Documentation often includes bank statements, credit card statements, insurance policies, student loans, copies of paychecks, or other records of income like unemployment or disability checks, tax returns, credit reports, medical bills, utility bills, household expenses, etc.
It is best to be truthful and honest about the seller’s financial situation and disclose all assets.
Proof of Assets
This is all documentation including balance sheets, proof of income, and all other debts and liabilities or other financial information proving that the borrower cannot repay the loan.
Documentation often includes bank statements, credit card statements, insurance policies, student loans, copies of paychecks, or other records of income like unemployment or disability checks, tax returns, credit reports, medical bills, utility bills, household expenses, etc.
It is best to be truthful and honest about the seller’s financial situation and disclose all assets.