Asked by newtothis, Denver, CO • Thu Feb 28, 2013
I am refinancing my home following a divorce. I borrowed $35k from a family member to buy out my ex-wife. The $35k went straight to my ex-wife so it never went through one of my bank accounts. I thought this would be in the clear. I am cashing out $35k in equity of my home upon refinance to pay it off. However, the mortgage underwriter figured out that my ex-wife got a large sum of money and asked for a copy of the check. Now the bank has seen that my ex-wife was paid off by someone other than me and I now am worried I will have to report an intrafamily loan which will possibly disqualify me from obtaining the loan. There's so many things I would have done differently if I could do it again but currently my loan is in underwriting. What can I do?
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