Thursday, March 6, 2014
Tuesday, February 18, 2014
Wednesday, February 5, 2014
Here's a simple tip for Family Law Attorneys
Let me re-state that: When a loan applicant has recently been divorced, the underwriter now has two separate listings of debts which must be reconciled with the credit report and included in the applicant’s all-important debt ratios. In theory a borrower could have 6 debts on his credit report and another 6 which are assigned to him in the divorce decree which do NOT appear on his credit report. The point is, that underwriter must clearly discern all debts assigned to the borrower.
Wednesday, January 22, 2014
From a legal perspective, you already know that many issues can be addressed in a Rule 11 Agreement. However, the preceding example addresses ONLY those issues that are pertinent to mortgage transaction. This is why I draft the initial agreement – I know what the underwriters (lenders and title insurance) need to see and what I do not want them to see. Any superfluous information superfluous to the mortgage / real estate transaction will only potentially “open and can of worms.” Moreover, guidelines and policies change. So, any template will be in constant need of revision. Just one more reason that you and your clients need a Divorce-Lending Specialist in many of your cases.
Call or write me with comments or questions.