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why at the last minute is the underwriter asking me for a HUD from a previous home sale?
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4 Responses to why at the last minute is the underwriter asking me for a HUD from a previous home sale?
acermill is correct, and most of the time that is to check your statement as to whether the home was to be your primary residence, and if you do that with multiple homes.
It could also be for other information. Things have gotten really tight out there, and many lenders are in trouble, they are being very careful.
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There may be legal questions relative to your past home sale. If your HUD-1 was honest and accurate, you should have no issues. If there is evidence of deceit or fraud on the previous HUD-1, watch out.
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visit your title company and
look at the CHAIN OF TITLE
on the property. It is possible
the title is CLOUDY–which
means that the current legal
owner is not easily known or
identified.
If not, you need a title
commitment from a title company
[for title insurance] before you buy.
otherwise, you might wind up with
a loan against a house that
you do not legally own.
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It is common if you sold a home recently, for a lender to require the settlement statement on that sale. It is usually a means of verifying where some of your funds to close this home are coming from.
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