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Mortgage with an ongoing med mal suit?

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  • Mortgage with an ongoing med mal suit?

    Hello WCI

    I am defendant in a medmal suit. My lawyer advised me that the chance for recovery by the plantiff is very low (aka the case does not worth much) and the chance of it overwhelming my malpractice is very low. I have nationally renowned expert reviewing my management and support my case.

    What’s the process of getting a mortgage in this situation? Is it worth it? How much of a rate hike will I take? Will disclosure of ongoing lawsuit forever change my risk in the eye of lenders? Is it better to wait until this is all over before buying?

  • #2
    none, why would this matter?

    Check with what the economist expects max payment to be in worst case scenario, if its under your cap, it shouldnt matter at all.

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    • #3
      I bought 2 houses and did 2 refinances while my case was going on, no issue at all. Rates on both properties are under 3%.

      I hope your suit ends well. I know how terribly stressful it can be.

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      • #4
        Originally posted by wideopenspaces View Post
        I bought 2 houses and did 2 refinances while my case was going on, no issue at all. Rates on both properties are under 3%.

        I hope your suit ends well. I know how terribly stressful it can be.
        Thank you! That’s encouraging! Did you need any additional documentations from your lawyers? Did the mortgage companies even ask? Any chance you can PM me the company you worked with?

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        • #5
          That sucks, man. Been there. If I remember correctly, I got asked if I was actively being sued with I refi-ed with laurel road, but I’m not 100%

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          • #6
            Originally posted by SuperhandsomeIR View Post

            Thank you! That’s encouraging! Did you need any additional documentations from your lawyers? Did the mortgage companies even ask? Any chance you can PM me the company you worked with?
            At least one lender asked at some point because I remember thinking it was weird and I answered honestly. No additional information was asked for. We used loan depot who I would recommend and also intercap lending who I would not recommend. It really wasn't a thing at all.

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