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Just tell the lender that because of your dti ratio that you won't qualify for a refy.
No! Do not do this, they will open your file and look for signs of fraud, why would you qualify 30 days ago, but not now? - like you knew about a pay cut or borrowed money and took out a loan after closing to pay it back and so on. If they find something, your nightmare just became a horror story.
I smell something fishy. If you were 100% honest on your loan application, then I would not even talk to them, unless they send you a letter requiring your signature. My Alt-A was sold on a fix-up property in two weeks. Funny thing was, they didn't even abide by a few of the terms regarding rate reset after the third year....in my favor...think I complained? After you closed, you could quit your job, take out more loans, or quit paying your student loan, and there is nothing they can do. Perhaps a clerical error, like them putting the rate at .3 instead of 3 would be corrected....but if it is according to the contract..what they have is sellable....maybe not for an amount that they were counting on, but that is too darn bad. The money they paid likely went to pay off an existing mortgage....it's already spent.
I also agree you should see a real estate attorney and Do Not tell the lender you won't qualify. Somewhere a mistake was made and at this time nobody really knows who made it.
This is a perfect case where someone, lender or borrower, can so easily shoot themselves in the foot.
First one to speak - loses.
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