Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

85
Posts
37
Votes
Eric L.
  • Rental Property Investor
  • Clarksville, TN
37
Votes |
85
Posts

Underwriter not accepting proof of payment

Eric L.
  • Rental Property Investor
  • Clarksville, TN
Posted

So in 2013 I was able to buy the house I was renting for 32k cash. Today, working on buying another property. Wanted to go FHA with this one, but might possibly need POA to sign at closing due to the possibility of being away traveling. Well, broker calls and says the underwriter wants proof I own the house from 2013. The proof of insurance doesn't state that there is or isn't a mortgage, because there isn't one. The insurance company has no proof of their being a mortgage to send to the lender. I sent a copy of the deed, and a copy of my bank records from 2013 showing the transaction. I also have great credit, with no marks on my credit history. The lender obviously has 6 months of my current bank records.

I'm at witts end on this. I called the attorney who did deed transfer to see if they could provide anything, still waiting for confirmation. The insurance company said they might be able to draft a document, but due to their involvement, that document would probably just state if there is a mortgage, we were not aware of it.

Also, was supposed to close tomorrow, but got pushed back due to construction not being finished so I now have 2 more weeks.

Most Popular Reply

User Stats

1,841
Posts
801
Votes
Upen Patel
  • Lender
  • Nationwide Lender
801
Votes |
1,841
Posts
Upen Patel
  • Lender
  • Nationwide Lender
Replied

@Eric L. This can happen when you own a property free and clear, and are looking to buy additional property. Ask your title/attorney to provide a title search report. They will charge you for this, but this will provide the underwriter the confirmation they need.

  • Upen Patel
  • [email protected]
  • (571) 331-5161
  • Loading replies...