Posted on: 29th Dec, 2010 04:04 pm
I am separating from my husband my name is currently on the title but not the mortgage after applying for a mortgage for a less expensive house the i could afford on my own
the underwriter told my broker she doesn't believe I would be occupying the new property and wants to treat it as investment. what is needed to PROVE IT?
Seems wrong to just basically call me a liar.
the underwriter told my broker she doesn't believe I would be occupying the new property and wants to treat it as investment. what is needed to PROVE IT?
Seems wrong to just basically call me a liar.
Hi dmarcil!
Welcome to forums!
This is a question that will be best answered by your underwriter. You should ask the underwriter as to how you can prove that you want to occupy the property. He will be able to guide you in this matter in a better way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
This is a question that will be best answered by your underwriter. You should ask the underwriter as to how you can prove that you want to occupy the property. He will be able to guide you in this matter in a better way.
Feel free to ask if you've further queries.
Sussane
If you have a separation agreement (not necessary usually) then that might just do the trick for the underwriter. What are the circumstances surrounding the underwriter's skepticism? Are you moving to a location that's close to your current home?
Even better...are you living separately from your spouse at this time? If you are then that'll give you more ammunition in your fight to declare this new property as a new primary residence. Underwriters are fraidy-cats for the most part (and I say this as an active underwriter myself). They don't want to have the stain of a loan being bought back from an investor because they didn't dot every i or cross every t (or is it crossing i's and dotting t's?). I stopped dotting my eyes a long time ago - it made it difficult for me to see.
Seriously, though...as Sussane said, you might be able to get something specific from the UW (through channels though - they are also afraid to speak to the public) as to what might prove your intent.
Keep us posted...I'd like to know how other underwriting "standards" are applied.
(but aren't "standards" supposed to be common practice instead of case-by case?)
Even better...are you living separately from your spouse at this time? If you are then that'll give you more ammunition in your fight to declare this new property as a new primary residence. Underwriters are fraidy-cats for the most part (and I say this as an active underwriter myself). They don't want to have the stain of a loan being bought back from an investor because they didn't dot every i or cross every t (or is it crossing i's and dotting t's?). I stopped dotting my eyes a long time ago - it made it difficult for me to see.
Seriously, though...as Sussane said, you might be able to get something specific from the UW (through channels though - they are also afraid to speak to the public) as to what might prove your intent.
Keep us posted...I'd like to know how other underwriting "standards" are applied.
(but aren't "standards" supposed to be common practice instead of case-by case?)
ask the underwriter what they want. period.
The house I'm buying is only 10 miles away I'm trying to keep my child in the same school.
What the underwriter wants is a separation agreement filed in court.
After speaking to a divorce attorney I am being told I would have to file for divorce (and I'm not ready for all of that)
I don't know why my marital status would be an issue if I qualify for the loan.
Sounds like discrimination to me!!
My broker is processing through another lender.
I don't know how this housing market will recover with lending practices like this! I have good credit score of 714 down payment, 8 years same job. And still having trouble.
What the underwriter wants is a separation agreement filed in court.
After speaking to a divorce attorney I am being told I would have to file for divorce (and I'm not ready for all of that)
I don't know why my marital status would be an issue if I qualify for the loan.
Sounds like discrimination to me!!
My broker is processing through another lender.
I don't know how this housing market will recover with lending practices like this! I have good credit score of 714 down payment, 8 years same job. And still having trouble.
You are not experiencing discrimination based on marital status.... you are experiencing tighter lender guidelines.
You 'say' that you will be occupying the property.... How does the lender know?
Many people have scammed the banks with similar schemes so they cold buy investment properties under 'Owner Occupied' terms.
So, now, the lender needs proof that you are indeed moving into this property.
If I were your loan officer, I would tell the underwriter what the lawyer said and see WHAT ELSE they would take to satisfy the occupancy verification.
You 'say' that you will be occupying the property.... How does the lender know?
Many people have scammed the banks with similar schemes so they cold buy investment properties under 'Owner Occupied' terms.
So, now, the lender needs proof that you are indeed moving into this property.
If I were your loan officer, I would tell the underwriter what the lawyer said and see WHAT ELSE they would take to satisfy the occupancy verification.
OK Tom Let me get this straight your saying it is tighter guidelines.
so the affidavit I would sign at closing isn't enough,
that fact that the house I'm purchasing is a single family with no short term investment value.
I'm willing to sign the separation agreement but not file for divorce yet.
Whats next dna testing to see if I have the potential default gene,
or just make sellers allow buyers to move in before closing.
thank god the criminal system doesn't work this way.
Guilty till proven innocent!!
so the affidavit I would sign at closing isn't enough,
that fact that the house I'm purchasing is a single family with no short term investment value.
I'm willing to sign the separation agreement but not file for divorce yet.
Whats next dna testing to see if I have the potential default gene,
or just make sellers allow buyers to move in before closing.
thank god the criminal system doesn't work this way.
Guilty till proven innocent!!
Guilty until proven innocent because all of the people who defrauded the banks before you came along.
Great concept Tom Consider every mortgage applicant A liar and make them prove the unprovable.
They have been doing THAT for yrs.
Why do you think we verify income/assets/employment?(same as occupancy)
Because too many borrowers ARE liars.
It hurts the honest folks.... But if we took everyone's word for every detail, rates would be thru the roof.
Why do you think we verify income/assets/employment?(same as occupancy)
Because too many borrowers ARE liars.
It hurts the honest folks.... But if we took everyone's word for every detail, rates would be thru the roof.
I can certainly understand verifying income/assets/employment.
How does a separation agreement that needs to be filed with the courts verify occupancy?
In what instance could you prove that after the sale you will occupy?
(PLEASE ANSWER)
It is kind of like saying I know you have the means to pay but prove that you will.
How does a separation agreement that needs to be filed with the courts verify occupancy?
In what instance could you prove that after the sale you will occupy?
(PLEASE ANSWER)
It is kind of like saying I know you have the means to pay but prove that you will.
Well, like I said, maybe the UW could have accepted another form of proof.
We don't know because your loan officer didn't go back with the information from the lawyer.
I don't know anything about nor have I ever heard of a 'separation agreement' being filed in court.
Sometimes, getting the head underwriter involved or simply calling the underwriter helps when working thru this type of snafu.
Now... even if you didn't have another home and was purchasing a home.... the lender has no way of knowing whether you will be moving in or not.
But when you have a home and want to purchase another.... the lender has to play devil's advocate a little and make you prove that you actually intend to occupy.
So... the answer to your question lies with your underwriter and what they will accept.
I can't think of anything you can do off the top of my head.
We don't know because your loan officer didn't go back with the information from the lawyer.
I don't know anything about nor have I ever heard of a 'separation agreement' being filed in court.
Sometimes, getting the head underwriter involved or simply calling the underwriter helps when working thru this type of snafu.
Now... even if you didn't have another home and was purchasing a home.... the lender has no way of knowing whether you will be moving in or not.
But when you have a home and want to purchase another.... the lender has to play devil's advocate a little and make you prove that you actually intend to occupy.
So... the answer to your question lies with your underwriter and what they will accept.
I can't think of anything you can do off the top of my head.
BTW,
I understand that you are frustrated... And I am sorry that you are going thru all of this.
I just answer questions... and sometimes the answer sounds cold. That is not my intention.
I wish I knew of something you can do. The only other situation I have seen like this the clients had actually filed for divorce and we got something from the lawyer to clear that loan condition.
I understand that you are frustrated... And I am sorry that you are going thru all of this.
I just answer questions... and sometimes the answer sounds cold. That is not my intention.
I wish I knew of something you can do. The only other situation I have seen like this the clients had actually filed for divorce and we got something from the lawyer to clear that loan condition.
I am all for ending the practices that caused the mess we are in.
However making people proving the clearly unprovable will not help.
I would have no problem supplying anything obtainable.
That may be the problem going through a broker and not a direct lender
I haven't spoke to the underwriter the broker said my file is strong enough to just go to another lender.
In the end I know I will get a mortgage after the b.s.
even though I am frustrated I do appreciate your answers.
Thanks
However making people proving the clearly unprovable will not help.
I would have no problem supplying anything obtainable.
That may be the problem going through a broker and not a direct lender
I haven't spoke to the underwriter the broker said my file is strong enough to just go to another lender.
In the end I know I will get a mortgage after the b.s.
even though I am frustrated I do appreciate your answers.
Thanks
changing lenders isnt the fix.
unless the uw is unreasonable.
your loan officer needs to grow a pair and demand to talk to the uw and sort it out.
i have seen this a hundred times. uw asks for something and the broker cant deiver it so they flip to a new lender. wel, guess what, they will likely want the same.
if the loan officer cant talk to the underwriter.... then THAT is a problem.
unless the uw is unreasonable.
your loan officer needs to grow a pair and demand to talk to the uw and sort it out.
i have seen this a hundred times. uw asks for something and the broker cant deiver it so they flip to a new lender. wel, guess what, they will likely want the same.
if the loan officer cant talk to the underwriter.... then THAT is a problem.
changing lenders isnt the fix.
unless the uw is unreasonable.
your loan officer needs to grow a pair and demand to talk to the uw and sort it out.
i have seen this a hundred times. uw asks for something and the broker cant deiver it so they flip to a new lender. wel, guess what, they will likely want the same.
if the loan officer cant talk to the underwriter.... then THAT is a problem.
i hate it that the forum lets me post as guest.
unless the uw is unreasonable.
your loan officer needs to grow a pair and demand to talk to the uw and sort it out.
i have seen this a hundred times. uw asks for something and the broker cant deiver it so they flip to a new lender. wel, guess what, they will likely want the same.
if the loan officer cant talk to the underwriter.... then THAT is a problem.
i hate it that the forum lets me post as guest.