Letter of Explanation & Proof of NON-Ownership of Property

[Alberio]

Hi fellow mortgage-seekers,

So our loan was approved and I finally got conditions back from the underwriter!  (Mortgage contingency expires 5/9 and we close 5/16.)  Excited about that.  One step closer...

A lot of the additional items include "letter of explanation" items.  Any guidance of what to include here?

They also want me to prove I DON'T own two properties I owned once upon a time.  One was sold more than a decade ago and one sold more than 7 years ago.  I don't have HUDs or warranty deeds handy and have no idea where to find them - could be in storage or even in the files of my ex-husband.  I pulled the property records from online and will see if that will suffice to show I don't own these properties anymore, but anyone else have experience with this and can share your approach to resolve it?

TIA!

[StartingOver10]

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@Alberio wrote:

Hi fellow mortgage-seekers,

So our loan was approved and I finally got conditions back from the underwriter!  (Mortgage contingency expires 5/9 and we close 5/16.)  Excited about that.  One step closer...

A lot of the additional items include "letter of explanation" items.  Any guidance of what to include here?

They also want me to prove I DON'T own two properties I owned once upon a time.  One was sold more than a decade ago and one sold more than 7 years ago.  I don't have HUDs or warranty deeds handy and have no idea where to find them - could be in storage or even in the files of my ex-husband.  I pulled the property records from online and will see if that will suffice to show I don't own these properties anymore, but anyone else have experience with this and can share your approach to resolve it?

TIA!

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Go on line and download the deed from the time it transferred from you to the buyer. It will be there - most districts are electronic now. You can find it by going to the property records via the address and look under the section for deed transfers.

If you need a certified copy for the underwriter - you can get one at the courthouse. In my area you have to pay a nominal fee for them to stamp it "certified copy".

If you remember the title company that closed the sales, you can contact them and they will send it to you but it won't be certified. Most of the time the u/w accepts the downloaded copy. Only occassionally have I seen a request for the copy to be certified.

[DallasLoanGuy]

i agree.... get the deed.

crazy request though

[ezdriver]

Does the mortgage on those properties show as paid & closed on your credit report? Something triggered the underwriter to ask for that letter of explanation.