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Updated over 4 years ago on . Most recent reply

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Lucy Smi
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Votes |
24
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Purchase about to fall apart

Lucy Smi
Posted

We are getting ready to close on an investment duplex in one week but now it seems it won't happen. Any suggestion would help at this point. 

Background: I couldn't qualify for a mortgage on my own two months ago and had to bring my husband on the loan. For me, it's important for me to be the only and sole person on the title and the deed and that's my bottom line from the beginning. The lender said it would be fine after he checked with his attorney. 

Now fast forward to today two months later, the lender just said my husband has to be on the title and the deed as well, and I can do a quitclaim after closing to remove him. I thought (1) the lender misled/lied us during the loan process and (2) I don't want to do a quit claim after closing because it may involve a refinance or some other complications. Anything to do at this point other than letting the purchase fall apart? 

Does anyone know if a co-borrower or a co-signer has to be on the title or the deed? Or should try a different attorney? 

Most Popular Reply

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Steve Morris
  • Real Estate Broker
  • Portland, OR
2,377
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Steve Morris
  • Real Estate Broker
  • Portland, OR
Replied

Anything to do at this point other than letting the purchase fall apart?

Learn that if you don't qualify for financing that you may need help?  I understand pride, but pride/ego kills a lot of deals.

Anything written by the bank like a GFE or pre-approval letter that says you alone qualify for the full amount?

I guess, if they're willing to finance a lower amount, you can see if you can borrow more down from family?

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