|
Furthermore, regarding the above issue, I spoke with our attorney before I contacted underwiting (he was handling the estate). I said I was astonished that GMAC would lend to someone with a bankruptcy 3 years ago. Also, there were A TON of creditors notified in the bankruptcy. Our attorney used to do bankruptcies and said it happens all of the time. Some banks look at it as "Well this person no longer has any debt and this person has a job. The average joe has other debts outstanding. This person probably won't mess up again."
Again, with the judgments, it's insane to me. I've informed the Loan Officer for Wells Fargo asking if we are paying off the judgment (again, we don't HAVE to since the purchase money mortgage will take precedent as first lien - refinances are a different story) and the response is "he has a judgment?". How they do not find this in their underwriting procedure blows my mind. Also, we've done MULTIPLE refinances with big banks that are specifically pulling out equity to pay off judgments + federal tax liens.
|