[WSBAPT] Can anyone recommend a mortgage company that would work w a modest income but good equity in home?

[Andrekita Silva]

  Law Office of
F.ANDREKITA SILVA
____________________________________________  
 
                                                 
                                                  November 5, 2021
 
Listserve,
 
I have a client that needs to remove his ex-W from the mortgage  
(agreed Decree of Divorce). The Zestimate on it is $559K.  He owes a  
first mortgage of about $100K and an equity line of credit for another  
$100K.
 
His lender, Homestreet, says he doesn’t qualify without a co-signer  
due to income to mortgage ratio. He is retired and receives only  
social security benefits (about $1900.00 per month).  He wants to add  
his young adult son as a co-signer (who lives with client and actually  
make a small monthly contribution).
 
My client has been current on his mortgage obligation for several  
years without help from EX.  I never think it’s a good idea to  
obligate anyone on a mortgage if not necessary.  It seems to me that  
he has enough equity in the home that he should be able to refinance  
without a co-signer.
 
Can anyone recommend a mortgage company that would work with someone  
such as my client?
 
Thank you in advance.
 
 
 
andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com
 

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