Posted on: 10th Jul, 2009 07:23 am
I took a job at my brothers business just before applying for mortgage. He signed the letter of employment for the pre-approval and it was accepted by the lender, it was approved and we eventually received a commitment letter. However, one of the conditions prior to close is for me to get a VOE from someone other than a family member. There is no such person. The only officers of the company are family members. The condition statement asks for signatures from people who have had no connection to the business for years and one who never had a connection. These are conditions that are impossible to meet without deception. I refuse to have a former owner sign my VOE because it could be considered fraudulent. The lender did a very poor job of research before writing the conditions. Am I right for taking this position? Does the lender bare any responsibility for doing poor research before writing the conditions? I paid about $500 in application fees, I think the research on the company providing VOE should have been more than a Google search.
The loan officer may have submitted this loan without stating you are working for family. This is going to be an issue and will more than likely keep you from getting a commitment. The individual you originally dealt with should have asked these questions up-front to avoid issues like this at the 11th hour. I hope this helps...
i doubt that what you said helps, james; but that's not your fault. what it is, it is.
if there's a third party (accountant, for example) who is familiar with the company can sign a letter concerning this voe, that might just satisfy the lender's requirements. give that a try if you can.
hammer the loan officer in this case to make him find out specifically what can work in this situation. the underwriter still probably doesn't know the overall circumstances of this.
if there's a third party (accountant, for example) who is familiar with the company can sign a letter concerning this voe, that might just satisfy the lender's requirements. give that a try if you can.
hammer the loan officer in this case to make him find out specifically what can work in this situation. the underwriter still probably doesn't know the overall circumstances of this.
