Investor · West New York, NJ · Member since 2015 · 6 posts · 0 votes
my ex and I bought a condo together which I have been paying for the past 7 years. She is now applying for a mortgage and her broker is asking me for all of my unredacted banking details for 12 months in order to discount the mortgage for her approval process. I feel it is way too much of my personal information considering that she is the one getting approved. has anyone heard of this process and how can a Co-borrower get a mortgage "excused" from their credit when the other is making the payments.
my ex and I bought a condo together which I have been paying for the past 7 years. She is now applying for a mortgage (1) and her broker is asking me for all of my unredacted banking details for 12 months in order to discount the mortgage for her approval process. (2) I feel it is way too much of my personal information considering that she is the one getting approved. (3) has anyone heard of this process and how can a Co-borrower get a mortgage "excused" from their credit when the other is making the payments.
(1) Yup, that's what I was going to suggest based on the thread title. Documents with any form of redacting get thrown in the garbage by underwriters without being reviewed.
(2) Yup, that's the mortgage industry in 2017 for you. You don't have to help if you don't wish to, and similarly the lender doesn't have to approve the loan.
(3) Yup, it's a thing.
At some point you should probably refinance to take her name off of the mortgage & have her quitclaim the property to you.
Investor · Bayside, NY · Member since 2017 · 1k+ posts · 1k+ votes
9y
I got a more ridiculous case, and it's not from 2017. In 1993, refi'd some rentals when I partnered with my mother-in-law on some, she's on the mortgage. So the bank ask for her tax returns, banking etc. From her tax returns, they found she partnered with my brother-in-law. They asked the same thing of him. Now, the funny they thing is he's a doctor, and partnered with some fellow doctors on some deals.
Off course, this took a while, but no one on our side squawked. Fortunately, I have a wealth account at my bank, told them the story, and they told me to submit the loan application to them, and they'll refi'd me, or give me a new mortgage without all this fuss. Just info of me. I guess it's a question of what bank you deal with.
Investor · West New York, NJ · Member since 2015 · 6 posts · 0 votes
9y
thanks for the informative replies.
Chris Mason, ive thought about a refinance but she is not willing to pay for it to have her remived. She wanrs me to foot the cost. I have offered to have the bank print out the relevant transactions on their letterhead and provide a notarized statement from me that I have been and will be making all payments but it seems like they just won't pick their head out of the sand.
Frank Chin...that sounds ridiculous. It's as if the underwriters are robots.