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06-03-2011 11:04 AM
So ive been in escrow now for a month. Was scheduled to sign docs yesterday. I get a call from my broker stating that the underwriter needs me to be out of my current lease at my apartment before she will sign off on my docs being prepared. Has anyone else heard of this? I paid rent on the first (Because I have roommates) and the guy that was going to take over for me was planning on moving in on the first of July. Not to mention that there is a 100 dollar a day per diem that I have to pay everyday past the 30 days. I was sick to my stomach. I think im going to have to pull out. Extremely hurt
06-03-2011 11:36 AM
Can't you and the guy who is taking your place at the apartment go to the leasing office and have you removed from the lease and him added? Most apartment complexes are ok with this if the new leasee is employed and has decent credit. You could then have them draft a letter with verification that you are no longer liable for the lease. I would try that before walking away.
My heart goes out to you.
06-03-2011 12:17 PM
That's sucks. So nice of them to wait until you get to final underwriting to spring this on you. I know when I worked with loan officers one of the 1st things they asked me was if I was renting or had a current mortgage. If renting they asked me how many months were left on my lease. That's strange you even got to this point without someone catching that.
06-04-2011 10:39 AM
Well, logically that condition makes sense since you have that requirement to pay it (particularly if you aren't month to month), but I've never heard of a lender making that requirement as part of funding your loan. I'd write a letter of explanation to the underwriter and ask them to review it while the new "guy" is applying to get his name on the lease/yours removed. The underwriter should permit your loan documents to be drawn up, and perhaps just require the new lease to be provided before they'd be willing to fund your loan (send the wire to the title company).