Mortgage Help in MI?
We cannot REFINANCE! Due to the low housing market we are upside in our loan. We owe $ 219,000 and my house will only refi for $ 190 tops. We have an arm that is adjusting at the end of ’08 and the payment will be way out of our range. We will not be able to make our mortgage payments. I know you have all heard this time and time again…but I dont wont to loose my home. My husband and I have a 2 yr old and 6 yr old and do not want to loose our home. Should I work with my lender or try to get an investor buy our home now and lease the home from them????? We are trying to work on this now and be prepared for Nov. ’08. We dont know where to turn?? Lawyer, financial planner, etc.??? Any suggestions?
I am in the process of refinancing my home and I am becoming a bit annoyed with the lender I am working with. It’s a typical rate/term refi. However, I am receiving a $ 20K gift from my father to to bring my loan down to 80% LTV to avoid MI. I used to work in the mortgage industry and based on my experience, all I should need is a signed gift letter and canceled check.
However, the lender is now (in the 9th inning) asking for 2 months of my FATHER’S bank statements and claiming it’s some new law as the reason why they’re needed.
Is this lender correct that I really need to provide my FATHER’S bank statements? If yes, please explain why and what the law is and what the rationale is. Thanks.
Thank you to all who answered so far. I could totally understand if this was a purchase transaction and they needed to verify my downpayment wasn’t coming from an ineligible party (broker, seller). However, this is a REFI. Is this standard practice to ask for my father’s bank statements? Or, is this lender incorrect?