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#436754 - 06/13/14 03:55 AM LENDER WON'T ACCEPT PAPERWORK
moneymoo Offline
Junior Member

Registered: 06/13/14
Posts: 1
Loc: Colorado
I sold a house in Montana several weeks ago I inherited. The funds were split three ways between myself and my siblings. The buyer was a cash buyer. In Montana, if it's a cash transaction there is a settlement statement but it's not a HUD statement. I am re-financing my current home putting $50K down from the sale of the house on my current loan. I have provided everything, the appraisal is done and I and was conditionally approved but now they say since the settlement statement is not on HUD forms they won't close my loan. The closer from American Title in Montana tried to explain this to the underwriters but they won't budge. What can I do????????

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#436756 - 06/13/14 06:02 AM Re: LENDER WON'T ACCEPT PAPERWORK [Re: moneymoo]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7720
Loc: Vermont's North-East Kingdom
Did you have a Montana Attorney in the mix for that Closing ?
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Where We're Always Striving To Put Together "THE FAIR DEAL"

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#436771 - 06/13/14 04:17 PM Re: LENDER WON'T ACCEPT PAPERWORK [Re: Vermont]
buysell-browse Offline
Member

Registered: 04/18/14
Posts: 37
Loc: US
Why should your lender even care about the Montana closing forms? You now have the $50k in your own bank account, correct? It's your money, and you can pay down the principal of an existing loan amount anytime with cash.
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#436791 - 06/14/14 08:07 AM Re: LENDER WON'T ACCEPT PAPERWORK [Re: moneymoo]
Broken-Monkey Offline
Member

Registered: 07/17/10
Posts: 99
Loc: United States
thats called a cash-in refinance. if you cannot source the funds (the HUD statement from closing) then you might have to "season" the funds like 60-90 days. the bank usually ask for 2 months bank statements (60 days).

hope this helps/

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#436853 - 06/17/14 06:28 AM Re: LENDER WON'T ACCEPT PAPERWORK [Re: Broken-Monkey]
DueDiligence Offline
Major Contributor

Registered: 12/05/06
Posts: 1635
Loc: Wild Wild West
Originally Posted By: Netookt
thats called a cash-in refinance. if you cannot source the funds (the HUD statement from closing) then you might have to "season" the funds like 60-90 days. the bank usually ask for 2 months bank statements (60 days).

hope this helps/


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