Our house is currently under contract and we have a house that we plan on moving to under contract.
Our buyer is a widow who is a successful realtor in this area(Lake Travis) who is the beneficiary of a trust that her late husband left her that pays out monthly.
We were supposed to close on the sale of our home this coming Monday but found out late Wednesday that she was denied her loan because her lender wouldn't count the trust income as income.
My question is how common is this? Is this going to be a problem with all lenders or is it just the result of a finicky lender?
We're sitting here with the house packed, kids taken out of their preschool, and the wife has a start date for her new job in another town. Are we screwed?
Our buyer is a widow who is a successful realtor in this area(Lake Travis) who is the beneficiary of a trust that her late husband left her that pays out monthly.
We were supposed to close on the sale of our home this coming Monday but found out late Wednesday that she was denied her loan because her lender wouldn't count the trust income as income.
My question is how common is this? Is this going to be a problem with all lenders or is it just the result of a finicky lender?
We're sitting here with the house packed, kids taken out of their preschool, and the wife has a start date for her new job in another town. Are we screwed?