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Frustration and $$$ Part 2

Wednesday, August 07, 2013

I talked to my son's mortgage company today. They say they cannot approve a loan unless everyone on the loan is also on the deed. They say it is a Freddie and Fannie restriction, but that is absolutely not true. I know many people who have names on deeds that aren't on loans (to their sorrow but that's another story), and the mortgage company is making it up. My poor son has already put over $1000 into trying to refinance, and now he can't. I can't get off the deed without incurring a big gift tax, and I am not willing to co-sign their loan. No problem in 2006 or 2009, just now.

So he cannot refinance because of a stupid lender who doesn't even understand how it works. That 1.5% would have been worth nearly $200/month. They have perfect credit, a house that appraises, good jobs, and the lender they currently have their mortgage with are morons.

I can be more sanguine about my own money issues than my kids'.
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Member Comments About This Blog Post
    That's terrible! I sure hope you all are able to find a resolution soon! :-(
    1661 days ago
    This is totally screwed up. There must be an answer. I would immediately speak to a mortgage broker OR a loan officer at another bank. There MUST be an alternative.

    When I went to get a bank loan for the lot next to us the terms and requirements varied wildly. I just CANNOT believe this is the end for you and your son!!!!!!!!!!!!!!!
    1661 days ago

    Can he not buy the house from you for a $1.00, to get you

    Perhaps sign a personal note to you??

    1661 days ago
  • JEANNE229
    There HAS to be an answer somewhere! Some fast re-fi's are much less cumbersome than what you are saying you are going through. I just refinanced my home at 2.9%, and so did my daughter (with U.S. Bank). I don't know if they are still doing that fast NO MONEY DOWN AT ALL refinance or not (cost me NOTHING--they even paid for the appraisal. Saved me about $200 per month and cut the loan repayment time.)
    1661 days ago
    1661 days ago
  • GABY1948
    What a tragedy! So sorry!
    1661 days ago
    So sad and so stupid a lender.
    1661 days ago
    So sorry about all this added stress right now, Nell. Sincerely hope life lobs an easy one your way soon.
    1661 days ago
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