Good Morning!
A long story, but details are needed to explain the situation.
Anyone know of a lender for a residential mortgage [30 year] that will not conform to FHA/etc? Persons had bankruptcy discharged in September 2014, [and moved from NJ to OK earlier]. They were NOT foreclosed on either house. Reason for bankruptcy was credit union fraud. Loan office to cover his butt when collateral [2nd house was a rental] dropped below the business loan, he forged their signatures [wife was not involved in the business] on a lien on their primary house [never was involved in the business]. He has been terminated. Situation was not discovered until early last year when they went to sell the first house. Their lawyers found that the signatures were not even close to the ones on other documents. ALL legal creditors were paid in full-secured and unsecured-except for the credit union. [and to note they committed fraud again, the debt was $213k per their statement, but filed with the court for $538k!!! The 'notary' is also in trouble because he was not one at the supposed time he witnessed the signatures!] Federal Government is involved and has already forced this credit union to sell to another, and while the Trustee has indicated he probably will drop their now unsecured claim out completely, no final decision has entered. If it was not for the fraud, they would have sold the houses, and moved with $$$ in the bank. As it stands now, when all is final and done, they will get a minimum $46K and most likely at least double that.
So they had not planned on buying a new house so soon, but a perfect one matching what they ultimately were looking for just became available. It is listed for $197k, tentative sale at $180k, looking for $175k mortgage. [taxes are $200 a month, and dues are $100 a month] They earn $85+k in pension, only have a $475 monthly payment on one of their cars. [and they understand that given the circumstance the interest will not be the current 2.75%]
Any suggestions would be appreciated. Thank you!
Walter W. Stumpf Jr.
m973-670-2135
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