Stupid refinance rule: Must live within 100 miles from property!

[Oxford]

My X is trying to refinance our rental in San Marcos. She moved to Wisconsin last year. My name would not be on the title.

Here is an email reply she got from her mortgage broker:

“We ran into a problem with Suntrust Mortgage, and I had resubmitted your loan to another Lender. Suntrust Mortgage declined your loan, because they have a guideline about non-owner occupancy. The owner can not live more than 100 miles away from the property. I know, this is a ridiculous guideline that nobody has ever heard of.

Fortunately, this not a FNMA requirement. Therefore, other Banks can approve your loan.”

How stupid? Anyone ever heard of this?

OX

[(former)FormerSanDiegan]

Never heard of this.
I live about 130 miles from my rental property.

[(former)FormerSanDiegan]

Never heard of this.
I live about 130 miles from my rental property.

[(former)FormerSanDiegan]

Never heard of this.
I live about 130 miles from my rental property.

[(former)FormerSanDiegan]

Never heard of this.
I live about 130 miles from my rental property.

[(former)FormerSanDiegan]

Never heard of this.
I live about 130 miles from my rental property.

[paramount]

I tried to refinance under the Home Affordable Act via Wells Fargo (my current lender).

They gave me the bums rush out the door because at one time I had PMI (no, not PMS).

They can recover losses through PMI, so there is no motive to help those who have or had PMI.

[paramount]

I tried to refinance under the Home Affordable Act via Wells Fargo (my current lender).

They gave me the bums rush out the door because at one time I had PMI (no, not PMS).

They can recover losses through PMI, so there is no motive to help those who have or had PMI.

[paramount]

I tried to refinance under the Home Affordable Act via Wells Fargo (my current lender).

They gave me the bums rush out the door because at one time I had PMI (no, not PMS).

They can recover losses through PMI, so there is no motive to help those who have or had PMI.

[paramount]

I tried to refinance under the Home Affordable Act via Wells Fargo (my current lender).

They gave me the bums rush out the door because at one time I had PMI (no, not PMS).

They can recover losses through PMI, so there is no motive to help those who have or had PMI.

[paramount]

I tried to refinance under the Home Affordable Act via Wells Fargo (my current lender).

They gave me the bums rush out the door because at one time I had PMI (no, not PMS).

They can recover losses through PMI, so there is no motive to help those who have or had PMI.

[Crooked_Banker]

[quote=Oxford]
“Fortunately, this not a FNMA requirement. Therefore, other Banks can approve your loan.”

How stupid? Anyone ever heard of this?

OX

[/quote]

The stupid part of this is that my tax dollars are subsidizing the mortgage on your rental through FNMA. What a waste of tax money in a time of unprecedented deficits.

[Crooked_Banker]

[quote=Oxford]
“Fortunately, this not a FNMA requirement. Therefore, other Banks can approve your loan.”

How stupid? Anyone ever heard of this?

OX

[/quote]

The stupid part of this is that my tax dollars are subsidizing the mortgage on your rental through FNMA. What a waste of tax money in a time of unprecedented deficits.

[Crooked_Banker]

[quote=Oxford]
“Fortunately, this not a FNMA requirement. Therefore, other Banks can approve your loan.”

How stupid? Anyone ever heard of this?

OX

[/quote]

The stupid part of this is that my tax dollars are subsidizing the mortgage on your rental through FNMA. What a waste of tax money in a time of unprecedented deficits.

[Crooked_Banker]

[quote=Oxford]
“Fortunately, this not a FNMA requirement. Therefore, other Banks can approve your loan.”

How stupid? Anyone ever heard of this?

OX

[/quote]

The stupid part of this is that my tax dollars are subsidizing the mortgage on your rental through FNMA. What a waste of tax money in a time of unprecedented deficits.

[Author]

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