Any mortgage experts on the forums?

[yelped]

Depending on how exactly you and your wife own it (meaning the legal structure) it could have a big impact on the enforceabilty of the mortgage. I assume title/ the bank did their due diligence but this statement won't always be correct.

?

[am7734]

?

Google tenancy by the entirety

[yelped]

Google tenancy by the entirety

Not sure what that means yet. It seems to say that any property owned by a married couple in a TBE state would be divided into 3. I have never seen that before and I live in a TBE state.

[chinagel]

Any brokers here? Please send me a PM

[am7734]

Not sure what that means yet. It seems to say that any property owned by a married couple in a TBE state would be divided into 3. I have never seen that before and I live in a TBE state.

https://www.jreardonlaw.com/blog/2018/05/13/Joint-Ownership-of-Real-Property-in-New-York.aspx

Try this article which at the end has the best/most extreme example of why you'd need both husband and wife signing.

[yelped]

https://www.jreardonlaw.com/blog/2018/05/13/Joint-Ownership-of-Real-Property-in-New-York.aspx

Try this article which at the end has the best/most extreme example of why you'd need both husband and wife signing.

Very interesting. Never heard of a case like this, but IANAL.

[ae123]

We recently refinanced through Ark Mortgage and we just got our first bill from Mr. Cooper.
Is this a legitimate mortgage company?

[am7734]

We recently refinanced through Ark Mortgage and we just got our first bill from Mr. Cooper.
Is this a legitimate mortgage company?

It's a Servicer.

Eta a mortgage company too apparently.. I've dealt with them as Servicer only.

[miles lover]

Does a co-signer need to be eligible by himself or you can combine the income of the co-signer and purchaser ?

[ckmk47]

Does a co-signer need to be eligible by himself or you can combine the income of the co-signer and purchaser ?

I think you can combine.  They want to know that the total payment will be made.

[ae123]

It's a Servicer.
Eta a mortgage company too apparently.. I've dealt with them as Servicer only.

After a closer look at the letter, it seems like it's servicing the loan for Ark.

[nsastamps]

We're seriously looking at home which seller listed with 3000 sq ft, and is asking for premium price over market value for that size home. Now I'm looking at county records and its only 2400 sq ft. He seemingly included rec room and garage. Besides seller perhaps not being fair, is it going to affect the mortgage appraisal /approval ?

[dovy2]

We're seriously looking at home which seller listed with 3000 sq ft, and is asking for premium price over market value for that size home. Now I'm looking at county records and its only 2400 sq ft. He seemingly included rec room and garage. Besides seller perhaps not being fair, is it going to affect the mortgage appraisal /approval ?

He can list/claim/write anything he wants.. that has nothing to do with the banks appraisal.. they'll de their own independent appraisal

[Help]

Please help closing tomorrow!

I am closing tomorrow and I have to bring a bank check or wire the money.
The problem is the closest branch is in Alabama (I’m in NJ).
And they limit wire transfers to $7500 monthly.

Can someone else wire the money for me? Will the bank see where the money came from? ( I am wiring to the title company).
Would the lender care if the money came from someone else’s account?

[nucheiner]

Please help closing tomorrow!

I am closing tomorrow and I have to bring a bank check or wire the money.
The problem is the closest branch is in Alabama (I’m in NJ).
And they limit wire transfers to $7500 monthly.

Can someone else wire the money for me? Will the bank see where the money came from? ( I am wiring to the title company).
Would the lender care if the money came from someone else’s account?

Did you reach out to the bank and your title company to see if they can assist? The bank may be able to waive their limits or overnight a check and the title company may have another way to access funds.

[Help]

Did you reach out to the bank and your title company to see if they can assist? The bank may be able to waive their limits or overnight a check and the title company may have another way to access funds.

I did.
The bank (supervisor) claimed that there is nothing he can do regarding waiving the limit.
The title company told me; from their side they don't care where the money comes from. they didn't offer a way to access the funds from that account.

[am7734]

I did.
The bank (supervisor) claimed that there is nothing he can do regarding waiving the limit.
The title company told me; from their side they don't care where the money comes from. they didn't offer a way to access the funds from that account.

Title can't access your funds (!!!)...
If you have the funds elsewhere and don't want the bank to see maybe launder them through your attorneys escrow account. Not sure what sort of mortgage you're taking out and what sort of bank it is, they may ask for source of funds or may not care at all.

As an aside, what bank only has a branch in Alabama and why do you bank there?

[Help]

Title can't access your funds (!!!)...
If you have the funds elsewhere and don't want the bank to see maybe launder them through your attorneys escrow account. Not sure what sort of mortgage you're taking out and what sort of bank it is, they may ask for source of funds or may not care at all.

As an aside, what bank only has a branch in Alabama and why do you bank there?

I have the funds elsewhere, not sure what you mean about *bleep* through attorneys account. PM welcome
I am taking out a First time homebuyer mortgage with BOFA.

It's mainly an online Bank, they were offering a high interest rate so I parked some money there.

[am7734]

I have the funds elsewhere, not sure what you mean about *bleep* through attorneys account. PM welcome

I just mean wire to your attorney first and then the funds will be coming out of their escrow and not your account. Again depending, bank may or may not care (if you have a broker, maybe ask them).

It's mainly an online Bank, they were offering a high interest rate so I parked some money there.

Figured it was something like that. Was just curious.

[Help]

I just mean wire to your attorney first and then the funds will be coming out of their escrow and not your account. Again depending, bank may or may not care (if you have a broker, maybe ask them).

If they wont trace the money, I can just wire the money from a different account. or are you saying transferring through my attorney has less of a chance that they will request to see the source of the money?

No broker here. you can't get this loan through a mortgage broke, only directly with bank.