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Kevin1loan
137 Posts |
 Posted - 05/13/2008 : 2:43:22 PM
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Ok... This is a personal friend of mine...
What is a CONFORMING LENDER or HOW IS.....
Going to view this
She is A NON OWNER OCC of a property
she has a Joint 1st with her ex husband
Her ex hubby while seperated added a 2nd mortgage(she is not on the loan)
Fast forward 2 years, HUBBY IS NOT PAYING the 2nd!! and the 2nd is being foreclosed on, she has NOT MISSED ANY PAYMENTS ON THE 1st and has EXCELLENT CREDIT!!!! (800+) has other mortgages the house she lives in, and 2 other properties besides this one, all of which she has never missed a payment...
What is the underwriters going to view this if she refi's this property to buyout the 2nd.... (will she be hit with a VOM????) on the 2nd that SHE doesn't herself have??? |
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jason3974
287 Posts |
Posted - 05/13/2008 : 2:48:29 PM
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This is rotten, but I think it's going to be happening more and more. I think that if you have a good underwriter, a strong LOX will be sufficient. I'm doing a loan now where the borrower has a foreclosure on his credit from ex-wife not paying a prior joint mortgage.
Good Luck |
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cspatmon
2149 Posts |
Posted - 05/13/2008 : 3:04:38 PM
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| You can also use divorce papers as an explanation. They will clearly state responsibility. |
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velecico
3997 Posts |
Posted - 05/13/2008 : 6:35:54 PM
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she may be able to pay off the second for pennies on the dollar , the second would have to take over the first to have any chance of recupping any money at all |
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