Mortgage Statement

1. What is a Mortgage Statement?

A Mortgage Statement is a document provided by your mortgage lender that details the status of your mortgage loan. It typically includes information such as the remaining principal balance, interest rate, payment history, and any other pertinent details regarding the loan.

2. Where can I find my Mortgage Statement?

You can find your Mortgage Statement in the following ways:

• Online Account: Many lenders provide access to mortgage statements through their online banking or loan servicing portals.
• Mail: Mortgage statements are often sent periodically (monthly, quarterly, or annually) to your registered mailing address.
• Mortgage Lender: You can request a copy of your statement from your mortgage lender's customer service department.

3. Is this document known by any other name?

The Mortgage Statement is sometimes referred to as a "loan statement" or "mortgage account statement."

4. What does the Mortgage Statement look like?

Here is a sample image of a Mortgage Statement.

5. Is the date of this document important? Does it have to be for the Date of Separation or the Date of Marriage or cohabitation?

Yes, the date of the Mortgage Statement is important. For the purposes of separation and divorce mediation, statements for both the Date of Separation and the Date of Marriage or cohabitation are typically required. This helps in accurately calculating the net family property.

6. Why is the Mortgage Statement relevant to the outcome of my settlement?

The Mortgage Statement is relevant to your settlement for several reasons:

• Debt Verification: It provides a detailed record of the outstanding balance on the mortgage, which is essential for understanding each party's financial liabilities.
• Interest and Payments: It shows the interest rate, payment amounts, and payment history, impacting the overall debt amount.
• Financial Disclosure: It ensures full financial disclosure, promoting transparency and trust between parties.

Statements for both the Date of Separation and the Date of Marriage are used to calculate net family property, which is crucial for the equitable division of assets and debts.

7. What else should I know about this document?

• Accuracy: Ensure that the statements are accurate and reflect the true state of the mortgage. Discrepancies can lead to complications in your settlement.
• Historical Statements: Be prepared to provide statements for specific dates, such as the Date of Separation and the Date of Marriage or cohabitation.
• Supporting Documents: Keep other supporting documents related to the mortgage, such as the mortgage agreement or any correspondence with the lender.

8. How will the mediator use this document?

The mediator will use the Mortgage Statement to:

• Prepare for Financial Statements: The information from your mortgage statement is crucial for preparing accurate financial statements.
• Assess Financial Position: It helps in understanding each party's financial position, which is vital for fair and equitable division of assets and debts.
• Facilitate Full Disclosure: Ensuring that all financial information is disclosed helps in building a transparent and cooperative mediation process.

By providing your Mortgage Statement, you enable the mediator to facilitate a fair and informed settlement process, leading to better outcomes for both parties involved.