Mortgage Brokers, Bankers, Anyone.Help! I need to refinance my house?
Superwoman22 asked:
I need to refinance my house. I don’t have a real reason except I want to take my mom’s name off of my debt. When I got the loan, she helped my by signing with me. I am not a rip off daughter or anything like that. She helped me to buy my first house because I needed another income (preferably someone with good credit). I buy my mother groceries every month, pay her utility bills, give her gas money. She pays her own mortgage but she has two of them for some reason. She now wants to refinance her house so she can have one lower payment. She went to Wells Fargo/Wachovia who operate so differently than a broker who can deal with unique situations. He told her that I needed to refinance to take her name off. I will be glad to do that because she was only helping me. My house is a 225,000 house so now I am afraid that my debt to income wont allow me to refinance with taking her off because I wont qualify. My credit has also gone down about 90 points since I bought the house, with no new debt. Is there anything that can be done? I am going to offer my mother to pay her second mortgage for her (its an 80/20) until we can get everything figured out. If I can’t qualify for the refinance, will they take the house from me? What can she and I do about this if anything? I want to help my mother as much as possible since she is the reason I have my house. Please answer seriously. Thanks
DARREN
I need to refinance my house. I don’t have a real reason except I want to take my mom’s name off of my debt. When I got the loan, she helped my by signing with me. I am not a rip off daughter or anything like that. She helped me to buy my first house because I needed another income (preferably someone with good credit). I buy my mother groceries every month, pay her utility bills, give her gas money. She pays her own mortgage but she has two of them for some reason. She now wants to refinance her house so she can have one lower payment. She went to Wells Fargo/Wachovia who operate so differently than a broker who can deal with unique situations. He told her that I needed to refinance to take her name off. I will be glad to do that because she was only helping me. My house is a 225,000 house so now I am afraid that my debt to income wont allow me to refinance with taking her off because I wont qualify. My credit has also gone down about 90 points since I bought the house, with no new debt. Is there anything that can be done? I am going to offer my mother to pay her second mortgage for her (its an 80/20) until we can get everything figured out. If I can’t qualify for the refinance, will they take the house from me? What can she and I do about this if anything? I want to help my mother as much as possible since she is the reason I have my house. Please answer seriously. Thanks
DARREN
