Documentation needed to cosign a mortgage application
mtvhike
8 months ago
last modified: 8 months ago
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kempek01
8 months agomtvhike
8 months agoRelated Discussions
Co-signing a lease for DS?
Comments (15)We were able to avoid that situation most of the time. In one instance the landlord wanted all 3 sets of parents to co-sign the lease. We called the other parents and told them of our reluctance to sign and our reasons. They had no clue that they could be financially responsible. We jointly decided to talk with the landlord and offered a 2 month security deposit and both the first and last months rent. That was a big chunk of money up front but it was worth it to forgo being on the lease. He accepted that and they lived happily ever after............ And we even got 95% of our security deposit returned when the boys went their separate ways. All 3 of my kids have shared apartments with friends or classmates and all kinds of unexpected things happened. One of my son's room mates moved out without telling anyone and didn't leave a forwarding address and didn't answer his phone. Even though he was on the lease and owed 1/3 of the rent the 2 remaining room mates had to pay the full amount. The landlord wasn't going to go after the missing kid when he still had 2 in the apartment. Luckily there were only 2 months left on the lease so my son and his remaining room mate split the security deposit. Just make sure all the kids have the maximum renter's insurance. This post was edited by maire_cate on Fri, Jun 14, 13 at 12:40...See MoreMortgage Broker WOES...we are going to lose our dreamhouse!
Comments (18)Loan players are as follows: Broker: A person that has access to a network of lenders...some private, some banks, some have actual money themselves. They are the "sales people" in the equation usually. Loan officer: Usually the term for a broker-type, but they work directly at a given lender. Sometimes is used interchangeably with broker. Processor: The person that works with the broker/LO and the client to get all the necessary paperwork together. Essentially gets everything "packaged" into a folder to present to.... Underwriting: Underwriters are the final go-ahead people on the broker/LO end. They make sure the loan meets all the requirements set forth by the given investor. I.e. if the broker has you plugged into Acme corps "whiz-bang no money down option loan" then the Underwriter makes sure that all the requirements are actually met. If they don't, they return it to the processor to get missing information. If it's a case of you not meeting the requirements at all, then they kick it out permanently. This is called "falling out in underwriting." Even if you fall out then, a broker will try to find other programs that you might qualify for. Generally, the more lenient (the fewer requirements for you to meet), the greater the risk to the lender, so the higher the fees and interest rate. I have a handful of our closest friends that work in each of these positions and I can tell you that the lines and job descriptions are far from standard. At some places, the processor is just a clerk. At others, processors basically do the processor and underwriter job. Also, even though an underwriter may underwrite a loan (say "this candidate is good to go for that program) the loan can still fall out with the investor's side for a number of reasons. Obviously if you're dealing with a direct lender, when it meets underwriting, then it's done because they actually lend you the money. aiki...See MoreMortgage/ deed question
Comments (15)Hi Larke, Do you (any or all) understand that the reason so many people put the house in the non-working wife's name is that if the husband's business fails and creditors come after him for everything, they can't touch the house? You *DO* undestand that your strategy could ONLY be done if the home itself was bought in cash, no mortgage... right? All mortgage lenders in recourse states make their loan with a lien put in place (regardless who's on title) so that a default gives them the right to foreclose and re-sell in order to make their investors (that would be YOU, if you have retirement investments) whole again. Cheers, Dave Donhoff Leverage Planner...See MoreMortgage facts you should know
Comments (4)Well I feel a little odd being the only follow up to my own post but I spotted this article on Yahoo Finance today. Although not in exactly the same vain as my post, it adds credibility to my overall warning that the mortgage business and the mortgage itself as we know it are both about to change drastically. If you don't believe me, maybe you will believe Yahoo. Scott Here is a link that might be useful: Bye bye 30 year fixed rate mortgage...See Moregraywings123
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8 months agolast modified: 8 months agoKristin Petro Interiors, Inc.
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7 months agoLyndee Lee
7 months agoElmer J Fudd
7 months agolast modified: 7 months agoLyndee Lee
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7 months agopatriceny
7 months agoKristin Petro Interiors, Inc.
7 months agolast modified: 7 months agoElmer J Fudd
7 months agolast modified: 7 months agoLisette Mauch
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