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
April 25th, 2010 at 11:47 am
FREDDIE
If you do not qualify to refinance in your own name, you just can’t do it. You need to be able to show an excellent credit rating along with sufficient steady income to handle the mortgage payments.
If you can’t refinance, neither can your mother. Since she co-signed for you, she is liable for your mortgage if you default. THAT added on top of her two mortgages puts HER out of the picture for a refinance.
Your only hope is to try repairing your credit to a level which will be acceptable to a lender. Your credit should not have decreased if you have done nothing wrong. Ask for your free annual copy of your credit report from each of the three major bureaus and investigate what is causing that decrease. It’s not unusual for another person with a similar name or SSN to have THEIR problems in YOUR file. Errors do occur. Check that report to insure that it is accurate, and dispute anything which is NOT accurate.
April 27th, 2010 at 2:42 pm
MONTY
visit 3 banks on your own–see what they can do.
then, since you have $, this works well in beefing one’s equity quicker;
ask your lender if you may split your payments into 2 parts
the first of the mo and the 15th
make sure you make both payments. This will cut 7 yrs off a
30 yr mortgage
if you can add small EXTRA payments [2nd check] per
payment date, you can cut even more years of the
debt!!!
April 28th, 2010 at 12:05 pm
ANTOINE
I am Mrs Peggy James, I saw your question on how you need a loan i will refer to Mr Felix Brown who gave me loan of $30,000 six months ago with interest rate of 4% and monthly repayment,he can help you but you most be willing to pay back as at when due and tell him i refer you to him here is the email check it out