I am in the process of refinancing a townhouse that I jointly own with my ex-wife. The mortgage broker I am working with has told me (by law) because we are divorced and I do not live in the residence I must fill out a seperate form 1003 as co-borrower. Not a big deal until they tell me there is another $495 processing charge for this form. Does anyone know the law on this issue?
Thanks
2007-03-02 00:24:01 · 6 answers · asked by Pat H 1 in Business & Finance ➔ Renting & Real Estate
He is correct that by law you should be on a seperate 1003, Most lenders aren't to picky about this but that varies.
I've worked in the business for a number of years and I can tell you that processing is just a fluff charge that brokers try to hook you for. To charge you it twice because there are two form 1003's involved makes no difference because if it was a two borrower loan (married or joint) the work would be the same just an extra set of forms. Don't fall for it. Just tell him you'll take your business elsewhere, to a company that does not charge twice for processing- trust me he'll bend very quickly.
But in any case, I recommend you shop around since this guy seems pretty shady.
2007-03-02 03:04:36 · answer #1 · answered by Nicholas M 3 · 0⤊ 0⤋
Not to worry, 1003's take about 10 minutes to fill out in the computer, certainly I would suggest you get another broker...$495 is a fee not necessary..
I hope this info was helpful!
Regards,
FinanceYourWay.com
2007-03-02 03:31:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
She is in violation of the court docket order via being overdue on the funds and not in any respect providing coverage. you need to ascertain with the lien holder to make certain the outcome of no longer having coverage, this is required. Have your lawyer report a action--this is going to be less intense priced than the destiny damage unfavourable credit reporting has on you in my opinion. No human being is going to purchase the motor vehicle with out the call, which should not be released till the loan is paid in finished. i'd advise paying for and promoting it in on something she will be in a position to arise with the money for and reduce her losses on being the different way up. The boyfriend utilising the motor vehicle is neither right here nor there, it merely makes you sound like a scorned ex.
2016-11-26 23:59:03 · answer #3 · answered by nadem 4 · 0⤊ 0⤋
There is no LAW on this issue. This is the company trying to make another $495 for processing one total loan. Tell him to get lost and go with someone else who won't nickel and dime you. That's a LOT of nickels and dimes.
2007-03-02 03:39:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I wish you were here in California. You don't have to fill out another 1003 to refi. If you have time please call me at 323.469.9601 or at the office 888.278.1840
Lawrence is my name. I would not do business with them.
2007-03-05 23:49:43 · answer #5 · answered by Lawrence D 1 · 0⤊ 0⤋
Sounds about right....if you were married you would be on the same form but because the legal/matrimonial r/ship btw the two of you is ended, you are in law now seen as two seperate individuals .........hence why you need a form of your own......
2007-03-02 01:38:18 · answer #6 · answered by boston857 5 · 0⤊ 1⤋