Posted by firegirl on 9/18/07 9:33am
Msg #211733

Help, Please....

I have had my house on the market since March, with very little activity. My husband and I decided a while back that we would give it til Sept. and if it didn't sell then we would refinance and get some cash out to do some (more) renovations.

The probem is, I was talkting to a morgage guy today and he said we were going to have problems refinancing because the house was on the market and it would have to be off the market for 180 days or more before we would be able to get a a loan. It never occurred to me that this would be a problem and I know others are in the same boat, especially with the housing market being so slow. Insight anyone? TIA

Reply by atitlecloser on 9/18/07 9:35am
Msg #211735

On the up side, fed reserve bank should be lowering interest rates today

Reply by Todd/OH on 9/18/07 9:52am
Msg #211738

I don't see where any lender would have such a stipulation. If they do, they made that decision on their own.

Reply by ananotary on 9/18/07 10:09am
Msg #211741

Many lenders have that condition but not ALL lenders. n/m

Reply by Linda_H/FL on 9/18/07 10:44am
Msg #211747

I've seen forms in many of my signings, Affidavits to be exact, where the borrowers swear they've not entered into any agreement or contract to sell or transfer the property.

Reply by firegirl on 9/18/07 11:11am
Msg #211752

how would they know the house was on the market unless I told them?

Reply by MelissaCT on 9/18/07 4:31pm
Msg #211808

You don't think that during a title search, a MLS search may also be conducted? Or that a for sale sign would be communicated to the lender? By not disclosing the contract for sale, you may be committing mortgage fraud.

Reply by Philip Johnson on 9/18/07 10:20am
Msg #211744

It has to do with flippers. n/m

Reply by justin/CA on 9/18/07 10:38am
Msg #211746

Dawn...I just sent you a private message