We applied for a mortgage in November and got the pre approval. I April we formally applied as the house we were buying was nearing completion. Now fast forward (after months of contractor issues) we are set to close tomorrow. But the mortgage officer asked on Wednesday for landlords info to verify we rent. The picture of our finances looks like this. We have past medical judgements, all have been paid. No collections anymore, 3 credit cards and 2 installment loans, all paid 100% on time. Credit scores are in the high 670s to 680s. The problem is I cannot get a VOR from landlord. I have paid in advance and have not made a payment to her since January and we are paid through June. I will have a bill coming at the end of this month for our final payment. I have checks to show from June 2018 to June 2019 that we have paid that full amount. But LO wants her phone number and I don't have it. She sends me a slip in the mail with no return address and I drop the payment in a little box attached to her house. I have gone over several times over the past few days since he asked and she has been gone (I assume holiday weekend travels but I have no way of knowing). What can I do? I can't understand why he wouldn't have told us this was a possibility and to be keeping good records - seems like he would have. Is there anything I can substitute? I have utility and insurance bills with that address I can show? I wish I had known this could get us in a pickle but we live in a place where life is slow and easy going and people don't get too worked up about contracts and contact information. I mean I gave her my mailing info at a city Hall meeting when she told me she heard I bought a trailer in her court. It's so informal, no paperwork to document anything.
You have a HUGE problem my friend. You can’t even produce monthly rent checks as an alternative and as a past UW I find your story at best questionable. I too live in a tiny town, lots of cows and one stop sign. Living with family and paying no rent to save money would be more believable. Paying 6 months in advance..... do you have the cancelled check? Sorry you do have a problem!
I do have cancelled checks. Over the course of 8 months, I paid through June. (May be worth noting the rent is only $200/month) We originally set to close on April 10... But the MF home we got was not even set until 13 days after that. Our contractors just wouldn't work. But my hope had been we'd be moved by the end of April and have two months paid while we found a renter or buyer for our house (that sits on a rented lot). If the checks will be enough then we should be fine right?
A brief letter of explanation, copies of the cancelled checks, maybe even a picture of the Box you say you put the checks in AND your attempts to actually contact this person. But this is a problem. And expect this to be an issue. It’s unfortunate that your Lender waited until the last minute when you would have had Months to deal with this. If there is NO written rental agreement be sure and state that in your letter because UW will ask for that too in an attempt to understand this situation. If you have an issue how do you contact someone?
I have only had one issue, because the house itself is mine -most things fell on me, but the one time, I just called her at work because she works at my daughters preschool. (Obviously closed in the summer) But the good news is, she called me this morning. I had left a note in her rent box and she got it last night. She had been camping since Wednesday and had been out of state for the 2 weeks prior visiting her daughter. She chuckled when I told her how often I'd been stopping by to catch her. So- they have her info now and can call her!