Posted on: 21st Apr, 2009 05:06 am
I am buying a home and my wife is the co borrower. I put her on as the co borrower not knowing that I didn't need to. She is self employed and now we are having a tuff time getting her tax papers together. This house is an FHA short sale with a required 203K loan on it to put in a functioning kitchen. The bank says now that I could get the house on my own but, I will lose my $3,500 down payment and have to start the process all over again in order to get the house only in my name. Closing takes place in 8 days. What can we do?
Hi
It's an unusual situation. I haven't heard of it before. But I think you aren't actually left with any other choice. But the thing that I don't understand is if you can qualify on your own, why can't the bank simply remove your wife's name from the loan?
It's an unusual situation. I haven't heard of it before. But I think you aren't actually left with any other choice. But the thing that I don't understand is if you can qualify on your own, why can't the bank simply remove your wife's name from the loan?
Hi, Yes savior i gotta agree with you. It seems like they just want you to go through the process again to get your money? I think they can just remove your wifes name without having to do the loan all over again.
yeah, why in the world do you have to lose a down payment? that's ridiculous. where do these crazy banks come from?
Typically I would not mention the name of the bank but in this case it may help us so we could stay far away from them.
One more money sucking bank. How can they do this.
some thign fishy.
some thign fishy.