Posted on: 24th Feb, 2010 12:48 pm
I am in process of refinancing my mortgage and have run into a problem with getting final approval. About 4 years ago I had small claims judgement of $500 against me which I paid immediately. Unfortunately the judgement was not recorded as satisfied with the court, which is how my credit report shows today.
After submitting all of the normal documents to prove income and so forth and getting the appraisal back, I was informed by the mortgage broker that this judgement was a problem. That was almost 2 weeks after receiving initial approval from the lender.
Since then I have provided them a copy of the cancelled check and have obtained a copy of a signed Satisfaction of Judgement from the plaintiff, which has also been sent to the court. However, the lender has rejected these saying the Satisfaction of Judgement must be recorded and I need a document from the court.
So, two questions:
1. Is it normal for the lender to be so rigid about such a small judgement amount?
2. Should I have been informed up-front that the judgement would have to resolved, or is this typical to throw new requirements on late in the game?
thanks in advance.
After submitting all of the normal documents to prove income and so forth and getting the appraisal back, I was informed by the mortgage broker that this judgement was a problem. That was almost 2 weeks after receiving initial approval from the lender.
Since then I have provided them a copy of the cancelled check and have obtained a copy of a signed Satisfaction of Judgement from the plaintiff, which has also been sent to the court. However, the lender has rejected these saying the Satisfaction of Judgement must be recorded and I need a document from the court.
So, two questions:
1. Is it normal for the lender to be so rigid about such a small judgement amount?
2. Should I have been informed up-front that the judgement would have to resolved, or is this typical to throw new requirements on late in the game?
thanks in advance.
If you have proof the judgement was satisfied you shouldn't have an issue and yes, he should have inform you from the beginning that you would need to provide proof that the judgement was satisfied in full.
I have all ready obtained an appraisal that was intended for one lender. Is that appraisal generally transferable to another lender?
If it's an FHA appraisal, anyone lender can use it. If it's a conventional appraisal, it would have to be assigned to the new bank. They might charge a small fee.
How do tell if the appraisal is FHA or Conforming?
The title on the Appraisal says "Uniform Residential Appraisal Report" and there are references to "Fannie Mae" forms.
The title on the Appraisal says "Uniform Residential Appraisal Report" and there are references to "Fannie Mae" forms.
A Uniform Residential Appraisal Report or URAR is a common form used in real estate appraisal. This was created for standard reporting and analysis of single family dwellings or single family dwellings which has an "accessory unit". The appraiser or your lender will be able to let you know whether or not your appraisal is for FHA or conforming.