Underwriter's Condition Freddie Mac
Hello all,
We bought our most recent rental with cash and have been in the process of refinancing it for 3 months. Every time we think we'll close they come back and say the underwriter needs one more thing.
The main reason for my question is the last request from the underwriter. We are taking the property out of our LLCs name for the loan then we will transfer it back but the underwriter also wants us to do an addendum to our lease stating that the property is no longer held in our LLC and personally owned by my wife and I. They also insist that it is signed by our tenant. I have refused this request. If our tenant ever planned to fall down the steps this would be the time!
Anyone go through this condition lately? They said it is a Freddie Mac requirement.
Thanks