Ok, so I have a client, who is also my boss's daughter and son-in-law. Anyway, they are looking to refi. They are both self-employed, stable income....probably 80% LTV, 40% DTI....

Issue----mortgage and deed is only in one of the borrower's name(home was purchased before they got married) and there have been 2x30 day lates in the past 12 months. I can't find a lender where this might be approved.

I was thinking....Can the  person who lives in the home, but is not on the mortgage and deed, refinance only in his name. Have his name and info be on the mortgage, and both their names be on the deed. Essentially taking the current borrower off the mortgage, paying it off w/a new mortgage that wouldn't be in her name...

Am I making sense? Would that work, or no?

Mike

That sounds like it should work.  There might be some seasoning issues, maybe he would need to be on title for a certain amount of time, but not sure.  As long as the DTI you're talking about is for just him and not combined, than you should be able to find a home for it.

Mike, I can help you out with this. This shouldn't be a problem. Competetive rates regardless of the 2x30. We are located in PA, give me a call.

Jon Hillenbrand

Mike,

I think your scenario will work, you just may have some transfer tax issues and so forth.  I can certainly get you the information you need, and get you moving towards your closing.  Contact me if interested.

Maria Smith-Alvira