Ok the lender for a person on the deed of a deed in lieu but not on the mortgage was told by Quicken Loans that they are not qualified for a loan.  That does not seem right.  Anyone can be on the title/deed but why punish a person not on the mortgage.  Any mortgage brokers and their thoughts on this issue.

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Lori, not sure I follow.  Your buyer did a deed in lieu of foreclosure and now is trying to purchase a home.   They were on the deed but not on the mortgage?

OK, if that is the case, the first thing I would do is never use Quicken Loans, get your buyer to a local, reputable lender and not an online lender, one who actually makes local decisions and one that deals with the same underwriters who use some common sense

 

Thanks Jeff and Brian:  I wonder how a lender knows you are on title if they are pulling a credit report and the borrowers credit does not show and loan.  Have several cases where investors go in together and only one person of the group is on the loan and/or note.  If they are using two years that is really good. 

Jeff:  I use a local guy Robert Slaughter at Iberia Bank and he is great.  Sometimes buyers do get caught up in the online lender swag and it usually turns into a night mare.  I like being able to visit the location and see an actual person working on the file. 

If you're Buyer only had an Ownership interest Property, but  was not responsible for the repayment of the debt that was given back to the Lender this should not affect their credit in any way.  I believe the Quicken Loan rep you're speaking with is wrong.

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