Posted on: 23rd Mar, 2012 02:43 pm
My wife went through a short sale about a 1 1/2 years ago. She qualified and purchased the home on her own. I was only on title and NOT on the mortgage note. The short sale doesn't even appear on my credit (By the way this is occurring in California).
Fast forward to the present and we're ready to buy again. However, I will be the one purchasing the home in my name because I fully qualify on my own income and credit score. After fully disclosing our situation to our loan officer, she said it wouldn't be an issue. So I signed a purchase contract and put down my deposit with the builder and was pre-approved for the loan within 48 hours based on my credit score and income.
Today, we got a call from our loan officer stating that she did not know that I was on title (We were very surprised because we explained this from the get go). My wife was instructed to provide the lender with the actually mortgage note as proof that I was not on the note. She has faxed that over but was told that now our deal has to be approved by the lenders investors before a final approval can be given.
My question to the forum is in regards to the situation I outlined above, is our deal dead? We've spoke to several underwriters (my wife was a DE Underwriter for 3 years until we had twins) and they've all said this should not be an issue. Does anyone have any insight into the current lending guidelines and our situation? Any insight you all can provide would be greatly appreciated!!
Fast forward to the present and we're ready to buy again. However, I will be the one purchasing the home in my name because I fully qualify on my own income and credit score. After fully disclosing our situation to our loan officer, she said it wouldn't be an issue. So I signed a purchase contract and put down my deposit with the builder and was pre-approved for the loan within 48 hours based on my credit score and income.
Today, we got a call from our loan officer stating that she did not know that I was on title (We were very surprised because we explained this from the get go). My wife was instructed to provide the lender with the actually mortgage note as proof that I was not on the note. She has faxed that over but was told that now our deal has to be approved by the lenders investors before a final approval can be given.
My question to the forum is in regards to the situation I outlined above, is our deal dead? We've spoke to several underwriters (my wife was a DE Underwriter for 3 years until we had twins) and they've all said this should not be an issue. Does anyone have any insight into the current lending guidelines and our situation? Any insight you all can provide would be greatly appreciated!!
Hi TWINBYZ,
If your name is not mentioned on the mortgage docs, then the short sale won't affect your credit score or report in any way. Also, the short sale is not mentioned in your credit report. So, it shouldn't be a problem for you to get a loan solely in your name.
Thanks
If your name is not mentioned on the mortgage docs, then the short sale won't affect your credit score or report in any way. Also, the short sale is not mentioned in your credit report. So, it shouldn't be a problem for you to get a loan solely in your name.
Thanks
thanks for the reply. Its no in the hands of the imvestors. If we clear this hurdle then we have to worry about MI........ I will report back once we get a response back from the investors..
That will be great, twinbyz!! Do let us know ultimately what happened! :)