I don't know why I got denied with my refinance?
Hi everyone, I just got rejected for a refinance because the borrower was not on the title. Son is removing parents from a reverse mortgage. Its owner occupied and the son has lived there all his life. What am I missing? by amaranth826 from Atlantic Beach, Florida. Mar 31st 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Only the owner of record can take out a loan. If the owner of record has passed you would need documents confirming that the property is now under your control and passed to you.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Only legal owners of a property can take a loan out on the property. If the son is not a legal owner, he would have to buy it from them, or they would have to file a quit claim deed putting him into legal ownership of the property, and then he could refinance it later. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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