Looking for Refinance of personal Home, must understand SOLO 401K
I am having a big problem. Since Dec I have been trying to refinance my personal home. I have now tried 3 mortgage companies and have gone through the whole process only to find out at closing that I cannot sign the paper work because none of the companies/underwriters understand or know what a Solo 401K is and therefore they keep adding one of my Solo 401K Trust plan properties as an asset/liability to me personally. The property is correctly deeded and listed as a property owned by my Solo 401K plan, even the clerks at the county agree. But because the underwriter doesn't understand that, they say that that property HAS to be in the mortgage loan paperwork. So I can't sign and refinance my home because of that and that is costing me money.
What can I do? Anyone know of a good mortgage company that does personal homes and understands what a Solo 401K plan is?
Thanks
Mark
Most Popular Reply
I doubt a traditional lender will work in your case. Private lender should have no problems. Several self direct ira companies have networking events to help lenders and borrower meet. Quest Trust Company, Inc is very active in my area.
- Kyle Mccaw
