My husband got a HARP loan apporoved in his name, will I still claim responsibility and still be on the deed?
My husband and I have a joint mortgage which has never been late, we've had it since 2006. He wanted to apply for a HARP loan but I was concerned of my low credit score and lack of income. He has the high income and good credit. From the start my husband qualified on his own, but the lender told me he still had to run a credit report on me because the original mortgage was a joint mortgage, and he said it still needs to be done for me to be on the title. First the lender ran the application through with both of us and it was denied due to my credit, then he created a whole new file based only on my husbands income and credit, and it was approved. The lender said I would still be on the mortgage (unless he meant to say title). Will I still claim responsibility for the mortgage and can I still be on the title, and if yes do I still need to appear at the closing? by kasage from Levittown, Pennsylvania. Nov 7th 2012
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
You have been given inaccurate information from your lender! HARP allows a borrower to be removed from the new refinance! You CAN BE removed from the loan if your credit score and/or income get in the way of the best rate! Move along and get with another lender that has a clue. And yes, you will need to acknowledge that you are a spouse in regards to title. That element is no big deal. If you need a lender reference in PA, please feel free to contact me.
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Up till November 11th, if you were on the mortgage originally, you would have had to be on the new mortgage... but FNMA changed their guidelines November 11th and now allows the removal of one or more borrowers, so long as one of the original signers is still on the mortgage... so the info might have been accurate, but then changed.. And I think your right.. He probably meant Title... if you don't sign loan papers, you're not going to be on the loan, but you can still be on the title.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Derick Condron (rightstartoregon)
#30 ranked lender in Oregon - 598 contributions
You have been given a run around. You didnt have to be on the mortgage for a HARP 2.0 and now that you are off the application you are not on the mortgage. If you are quick claiming yourself on to the title then yes you will have to appear at the closing agents office some time to sign that.
Ask our community a question.
Get an answer
Related Questions
