We are about to close TOMMOROW everything has gone perfect we even get 20,000 back but they want us to bring the the voided checks for last 12 MONTHES of rent we can get them at the bank tommorw but dosent that sound weird for them to ask us for forms the day before closing and for them to recieve them the day of closing does this sound weird.
2006-11-30 09:47:19 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Relax...probably just a mistake...they probably meant to ask you for them a couple of weeks ago...take time off from work and go to your local branch and take care of it.
If you have online banking, you might be able to view and print copies of your cancelled checks at home.
Good luck.
2006-11-30 09:50:21 · answer #1 · answered by drgolfmd 3 · 0⤊ 0⤋
Sometimes that stuff happens.
Yes, they should have foreseen it. They may even have had to switch investors or products, and didn't tell you so you didn't worry.
Maybe the underwriter got skittish, or saw something that caused concern. If your landlord is related to you, or isn't listed in the phone book, maybe their word that you paid on time wasn't good enough. Typically, if the landlord isn't a professionally managed company that can't be found in a phone book, we can't accept their word that you paid on time. If you hadn't paid them in 6 months, they might say you had just in hopes of getting you the heck out of there!
There's a reason you pay your loan officer. It is a tough business that changes constantly.
I'm more curious how you are getting $20K in cash from a purchase of a home. In the current market, that's almost impossible unless something is fraudulent. I hope your home is really worth what they are saying...
2006-11-30 10:35:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This is simply sloppy loan processing. The lender did not gather the VOR (Verification of Rent) which is required by any lender issuing a loan to someone who was renting. It is in lieu of a mortgage history which would show on your credit report...your rental history does not.
The fact that this waited till this late in the transaction is simply sloppy processing. This should have been requested as soon as it was determined that a landlord or management company was not available to complete a VOR.
Here is some additional info. Hope this helps.
2006-11-30 09:53:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would ask why they want them. They will have you account number and routing number on them. I can't see why they need them. They have run a check to make sure that the title is clear, so they know there are no liens on the property. And the amount of money you get back will depend on what you owe the mortgage company, so I can't see a need to give them that information without a really REALLY good reason.
I have never had anybody ask for canceled checks at any closing.
2006-11-30 09:51:17 · answer #4 · answered by Steve H 5 · 0⤊ 0⤋
The form is fine.
I would be worried about the $20,000 cash back. This is illegal in many states. The states that it is not illegal require full written disclosure to your lender, usually in the purchase and sale agreement. I don't mean to scare you, but I think you should be alarmed if you are not completely aware of the situation. Mortgage Fraud is a serious offense and the legal bodies are really cracking down. Good Luck
2006-11-30 13:21:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
There are so many things that go in to a closing that some times some things get over looked until the last minute.
Get the checks & best of luck.
2006-11-30 09:50:21 · answer #6 · answered by Floyd B 5 · 0⤊ 0⤋
It is not uncommon at all. And don't be surprised if you run into a few surprises at the actual closing.
But rest assured unless there's a major snafu uncovered such as the house suddenly disappearing overnight - you will more than likely walk away a homeowner.
2006-11-30 09:55:31 · answer #7 · answered by The First Lady 5 · 0⤊ 0⤋
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2016-12-29 17:37:07 · answer #8 · answered by ? 3 · 0⤊ 0⤋
No, it's typical and doesn't necessarily mean anything is wrong with you or your loan. Just someone covering their butt.
2006-11-30 11:57:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋