Financing in Albany>Question Details

Difonta, Home Buyer in New York, NY

We have owned our home for 30 years. Both on the mortgage. My husband recently applied for refinance. I cannot. bad credit. We are in upstate NY.

Asked by Difonta, New York, NY Fri Sep 3, 2010

my husband is only applying. Just received another condition from the bank. The ban wants me his wife(not on the loan application) to write a letter explaning that my husband has 100% access and use of joint funds. all we have is a checking account together. What are they looking for from me and why the letter? Thanks

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I'm speculating as to why, but I do know for a fact that when they pull your husband's credit history, they pull yours as well on anything you own jointly. So I think they are looking for assurance that the debt will be repaid. I am wondering if such a letter would survive divorce as well; only an attorney could answer that.

Karla Harby, VP
Charles Rutenberg Realty
0 votes Thank Flag Link Sat Sep 4, 2010
The lender is probably just making sure that they will be paid on the debt--if you need additional answers/information as it relates to your specific situation, consult with your attorney.
0 votes Thank Flag Link Sat Sep 4, 2010
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