U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-26-2013, 04:20 AM
 
Location: Rheinland-Pfalz, Germany
693 posts, read 925,385 times
Reputation: 610

Advertisements

Quote:
Originally Posted by MikeJaquish View Post
This happens every day for various stated reasons.
I suggest you find an experienced lender who has been around the block at least one full lap.
Agreed, as a matter of fact my wife and I are doing this right now.

Would be cautious of a lender who isnt aware of a non-joint mortgage application with spouse on the deed. Another plus is less credit risk exposure should something bad happen in life, only one of you will take the hit.
Reply With Quote Quick reply to this message

 
Old 09-26-2013, 05:35 AM
 
Location: Location: Location
6,228 posts, read 7,416,038 times
Reputation: 17889
Far from an expert here, but it would seem to me that the bank/lender would be happier to have more than one person to chase should the borrower default. Not arguing the merits of who is the most experienced but rather whose interests are being served.

In the end, it is the lender's money and they can refuse to entertain the application/applicant if it doesn't meet their requirements. I would suggest that you talk to your attorney, (you do have an attorney, right?), and take his/her advice.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 06:07 AM
 
Location: Cary, NC
31,648 posts, read 55,416,037 times
Reputation: 30198
Quote:
Originally Posted by theatergypsy View Post
Far from an expert here, but it would seem to me that the bank/lender would be happier to have more than one person to chase should the borrower default. Not arguing the merits of who is the most experienced but rather whose interests are being served.

In the end, it is the lender's money and they can refuse to entertain the application/applicant if it doesn't meet their requirements. I would suggest that you talk to your attorney, (you do have an attorney, right?), and take his/her advice.
Everyone has a role.

For title or contract issues: Attorney

For loan qualification questions: Lender, who should work with the buyer and agent as a team.

For offer and negotiation questions: Real Estate Agent, who should have access to an articulate lender with the skills needed.

The OP's lender stepped outside her realm when she independently made the loan application different from the Offer. She should have discussed it with the agent, and the Offer and financing should be consistent.
Screwing up the deal from inexperience is greatly different from serving the buyer's interests.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 06:40 AM
 
Location: Rheinland-Pfalz, Germany
693 posts, read 925,385 times
Reputation: 610
Quote:
Originally Posted by theatergypsy View Post
Far from an expert here, but it would seem to me that the bank/lender would be happier to have more than one person to chase should the borrower default. Not arguing the merits of who is the most experienced but rather whose interests are being served.

In the end, it is the lender's money and they can refuse to entertain the application/applicant if it doesn't meet their requirements. I would suggest that you talk to your attorney, (you do have an attorney, right?), and take his/her advice.
Not true, you cannot have different lending requirements for different people. If you qualify on your own merit then there is not arbitration for joint application. This would hold a married couple to a different standard then a single person.

Logic doesnt always translate to legal.

You should treat mortgages and lenders like any other business where you are the customer. Tell them what YOU want and ask them if/how they can achieve that. You may be borrowing money but you are the customer still.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 08:48 AM
 
Location: Location: Location
6,228 posts, read 7,416,038 times
Reputation: 17889
Quote:
Originally Posted by theatergypsy View Post
Far from an expert here, but it would seem to me that the bank/lender would be happier to have more than one person to chase should the borrower default. Not arguing the merits of who is the most experienced but rather whose interests are being served.

In the end, it is the lender's money and they can refuse to entertain the application/applicant if it doesn't meet their requirements. I would suggest that you talk to your attorney, (you do have an attorney, right?), and take his/her advice.
Quote:
Originally Posted by bavariantransplant View Post
Not true, you cannot have different lending requirements for different people. If you qualify on your own merit then there is not arbitration for joint application. This would hold a married couple to a different standard then a single person.

Logic doesnt always translate to legal.

You should treat mortgages and lenders like any other business where you are the customer. Tell them what YOU want and ask them if/how they can achieve that. You may be borrowing money but you are the customer still.
What is it that is not true? No one said a word about "different lending requirements" for different people. My statement was that the bank would prefer to have more than one signature on the loan. Maybe that's the reason so many ask for a co-signer? So how can that be "not true"?

My suggestion to speak to the attorney is the most prudent. Is that the "not true" part?

Married people are held to a different standard than a single person all the time. And that certainly is not "not true".

You are only the customer when the bank agrees to lend you the money. If they don't care to meet your terms, you are only a potential customer.

This part I know is true: Lenders are far more circumspect about loans than they were prior to the subprime unpleasantness.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 09:12 AM
 
4,483 posts, read 7,956,389 times
Reputation: 6415
Quote:
Originally Posted by paulamom View Post
Our lender said she had never heard of keeping a spouse's name off. She said that she would put my name on everything as well as my husband's name.
Not a very experienced lender. Since you only make $5k per year, there is no reason to put you on the contract or even put you on the loan. Why even bother running credit checks and financials on you, doesn't make sense. You can be on the final deed, but it makes no sense to have your signature on anything else.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 10:07 AM
 
Location: Phoenix, AZ > Raleigh, NC
14,328 posts, read 17,552,973 times
Reputation: 22170
Quote:
Originally Posted by 399083453 View Post
Not a very experienced lender. Since you only make $5k per year, there is no reason to put you on the contract or even put you on the loan. Why even bother running credit checks and financials on you, doesn't make sense. You can be on the final deed, but it makes no sense to have your signature on anything else.
It does if you are the other buyer, who wants her to be just as legally responsible for that mortgage as he is. With rare exceptions, the safest thing for everyone is this: if someone is on the deed, they should be on the mortgage, too.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 10:37 AM
 
4,546 posts, read 11,561,578 times
Reputation: 3069
Quote:
Originally Posted by paulamom View Post
Hi,

We are working with a realtor who has suggested that we do not put my name (wife) on the contract to submit offer for short sale. She said the bank won't want me on, and that my name would have to be removed later. What??? Plus, this is not the first contract she has written up for us. She had done another one that my name was on, but we were outbid on that sale and lost it.

My husband is the main earner in our family. I contribute less than $5000 a year, but we both have excellent credit, and we are not going through a divorce.

I do not understand why my name should be left off of any paperwork. We live in NJ.

Anybody out there understand this?
It is very simple. If you are both on the loan, you will both be on the contract. If your lender is only using your husband for qualifying, then only he will be on the contract. Check with your lender. Your agent should not be making any assumptions on who will be signing the note. Only your lender will know this.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 02:33 PM
 
Location: Rheinland-Pfalz, Germany
693 posts, read 925,385 times
Reputation: 610
Quote:
Originally Posted by theatergypsy View Post
What is it that is not true? No one said a word about "different lending requirements" for different people. My statement was that the bank would prefer to have more than one signature on the loan. Maybe that's the reason so many ask for a co-signer? So how can that be "not true"?

My suggestion to speak to the attorney is the most prudent. Is that the "not true" part?

Married people are held to a different standard than a single person all the time. And that certainly is not "not true".

You are only the customer when the bank agrees to lend you the money. If they don't care to meet your terms, you are only a potential customer.

This part I know is true: Lenders are far more circumspect about loans than they were prior to the subprime unpleasantness.

It doesn't matter what the banks preferences are, if you are qualified on your own then that is all that matters. I have found this to be accurate via 1st hand experience.

I never knew a real estate attorney that wanted to be involved with lending.

I cant recall where I was held to a different lending standard being married then if I was single.

That is true in all customer relations whether it is the way a cheeseburger is made or a mortgage, my point is, just because your getting a mortgage doesn't mean you cant be in the drivers seat.

The part you know is true, I don't have the same experience as you. I found the loan process with 4 different lenders to be very enjoyable and accommodating.
Reply With Quote Quick reply to this message
 
Old 09-26-2013, 04:39 PM
 
Location: Cary, NC
31,648 posts, read 55,416,037 times
Reputation: 30198
Quote:
Originally Posted by Jkgourmet View Post
It does if you are the other buyer, who wants her to be just as legally responsible for that mortgage as he is. With rare exceptions, the safest thing for everyone is this: if someone is on the deed, they should be on the mortgage, too.
Many couples keep separate finances, and one may have a great credit score, while the other may have terrible credit.
If the good scorer qualifies comfortably for the loan, there is no reason to introduce negatives into the qualifying and underwriting process.
The lender will make both spouses sign off, so that the non-buying spouse has no plausible denial of the existence of the lien.

In NC, with standard NCAR forms, buyer's name field is in a separate section from the field with the names that will be on the deed. It is very common for the contract to differ in those two fields.
It works quite well here, under local laws.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top