Replies to This Discussion

Permalink Reply by Scott Hoag on July 13, 2010 at 2:05am

I have every mortgage applicant sign a non-arms length form. Yes, its standard.

Permalink Reply by Tina Encheva on July 13, 2010 at 4:57am

Do you have the form is my question

Permalink Reply by Kent Dills on July 13, 2010 at 5:31am

Tina, send me your email address off-line to [email protected] and I'll send you an Arm's Length Affidavit that I commonly use!

Permalink Reply by Stephen Shafer on August 19, 2010 at 6:51am

I can email you one if there is not one on their website or you might google it. Always send FREDDIE what they want I lost a deal to foreclosure because US Bank delayed getting the docs to FREDDIE & a 70 year old client lost her home, I still lose sleep over that one. Do not trust US Bank.

Permalink Reply by Kathleen Lordbock on October 8, 2010 at 5:11pm

new US bank fax and phone#s?

Permalink Reply by Kathleen Lordbock on November 30, 2010 at 6:16pm

Closed on my US Bank short today!!!! 60 days from sending in package to close.


Kathleen Lordbock said:

new US bank fax and phone#s?

Permalink Reply by Wendy Brandel on December 9, 2010 at 5:32pm

The banks are wanting to have the Arms Length Affidavit notarized. So if you it's the standard form and has the section for notary then I would have the buyer take care of it.  Otherwise they'll likely kick it back.

I have a deal with US Bank and they recently requested that the Affidavit been notarized and returned along with an updated hardship letter.

By the way, I'm the listing agent and we've had an offer with US Bank for over 10 months.  Thankfully the original buyer is still present but US Bank has been extremely tough to deal with.  They started out by stating they wouldn't look at the file for at least 90 days, when the 90 days passed they decided that they wouldn't submit an approval until the 2nd issued their approval.  We were deadlocked for another 60 - 90 days because neither side would budge.  Finally the 2nd acquiesced, issued their approval letter, then we find out that there was an MI Company.  Thankfully they were agreeable and issued their approval letter.  At this point all eyes are on US Bank.  Unfortunately they closed out the file because the approval letter from the 2nd expired and the 2nd refuses to submit another approval letter until we get an approval from US Bank.  So after almost 10 months we're back to square one.  The buyer has u/w approval and are ready to fund any minute.  I'd like to say no more US Bank deals for me but I hear that sometimes they work out okay.

In case no one has figured this out doing business in real estate in today's market is just a test of our true resilience!!  HANG IN there because just like in any other market you win some and you lose some. Fight the good fight and stay true to what you know to be right.