Posted on: 20th Oct, 2008 03:50 am
I am trying to rid my husband's name off our mortgage. He no longer wishes to be married & has moved out. He wants his name off the mortgage. I want to remain in our home, however when I went to do an asummption loan with Countrywide, they stated I had excellent credit, however I need to make at least 10K more in order to qualify or be rid of my student loans. I was hoping to resume our mortgage, since I pay the monthly payments. It is a 30 yr fixed, 5.75%. I was told previously as long as you are going to school & your loans are deferred, they would not count the student loans. I am finished with school next September. However, I guess with the bail-outs etc..., they are now counting the student loans against your debt/ratio. Thanks!
Hi Guest!
Why are you going in for a assumption loan? Assumption loans are taken when the buyer is taking up the seller's mortgage. Your case is not that. Hasn't Countrywide told you about the refinancing of the mortgage? You can speak to them about refinancing and check whether and check if they can offer you that. Student loans will always increase your debt ratio.
Thanks.
Why are you going in for a assumption loan? Assumption loans are taken when the buyer is taking up the seller's mortgage. Your case is not that. Hasn't Countrywide told you about the refinancing of the mortgage? You can speak to them about refinancing and check whether and check if they can offer you that. Student loans will always increase your debt ratio.
Thanks.
Because I was told by Countrywide that an assumpution loan would let me keep my mortgage the same (5.75% rate 30 yr fixed), in other words I would just continue paying like I am now, except I would be able to have it in my name only & get rid of my husbands. It would have cost me $3,000 to do this. With refinancing, I would not have been able to get the same rate due to NO money down, debt/ratio etc.. I don't have any money to put down.
I understand what you are trying to do. My question to you is, are you currently on the mortgage. If you are I don't think you can assume a mortgage you are already on.
In most cases the loans need to be defferred for 2 years or 3.
Conventional rates are still good, and FHA qualifies with higher ratios and might be a good option for you.
Maybe try a different lender. Countrywide is going through a bit right now and might be scrutinizing their loans a bit more. I am not sure.
It is a tough market right now, but you know, they have someone in the house right now, making the payments... put some more pressure on them, if they don't cave ..look elsewhere.
In most cases the loans need to be defferred for 2 years or 3.
Conventional rates are still good, and FHA qualifies with higher ratios and might be a good option for you.
Maybe try a different lender. Countrywide is going through a bit right now and might be scrutinizing their loans a bit more. I am not sure.
It is a tough market right now, but you know, they have someone in the house right now, making the payments... put some more pressure on them, if they don't cave ..look elsewhere.
hello elnora. yes, i am on the mortgage. countrywide referred me to the assumption dept, that is where i tried first and was shot down, then i was transferred to the refinance dept, still my debt/ratio (due to student loans, even though they are deferred...still going to school) was too much to qualify on my own. they said either decrease your debt (student loans) or get a better paying job. can't sell, market is not good, also only had home for 4 years. so, my plan is to continue paying the mortage, hopefully get it in my name only and one day when the market improves sell it, & get something more afforable.
i am taking your advise & looking at other lenders, since i called a broker in town, and she stated i have excellent credit score & was looking into fha,however they were a bit highter interest and i can't afford for my mortgage payment to be any higher, already strapped each month as it is. will keep trying, thanks for you help!
i am taking your advise & looking at other lenders, since i called a broker in town, and she stated i have excellent credit score & was looking into fha,however they were a bit highter interest and i can't afford for my mortgage payment to be any higher, already strapped each month as it is. will keep trying, thanks for you help!
I am not sure who you have for your student loans, but I had Sallie Mae. They do this program called a step loan. You pay interest only for the first 4 years of the loan (tax deductable) and then pay more towards principle the remaining 11 years. It's great b/c for the first 4 years of your loan, interest is tax deductible, so you get more of a write off at the end of the year, and your payment is lower in the beginning allowing you time to move up the corporate ladder and make more later, and pay more later. Gradual steps.
Call your student loan lender and speak with them about combining the student loans into one. This might be good for helping you to qualify. Your loans will still be deffered until you are out of school (6 months I beleive) so if you need to modify it again you can. There is no cost to modify a student loan.
Good luck and don't hesitate to contact me should you need any more advise!
Call your student loan lender and speak with them about combining the student loans into one. This might be good for helping you to qualify. Your loans will still be deffered until you are out of school (6 months I beleive) so if you need to modify it again you can. There is no cost to modify a student loan.
Good luck and don't hesitate to contact me should you need any more advise!
Posted: Tue Oct 21, 2008 6:27 am Post subject:
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I am not sure who you have for your student loans, but I had Sallie Mae. They do this program called a step loan. You pay interest only for the first 4 years of the loan (tax deductable) and then pay more towards principle the remaining 11 years. It's great b/c for the first 4 years of your loan, interest is tax deductible, so you get more of a write off at the end of the year, and your payment is lower in the beginning allowing you time to move up the corporate ladder and make more later, and pay more later. Gradual steps.
Call your student loan lender and speak with them about combining the student loans into one. This might be good for helping you to qualify. Your loans will still be deffered until you are out of school (6 months I beleive) so if you need to modify it again you can. There is no cost to modify a student loan.
Good luck and don't hesitate to contact me should you need any more advise!
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I am not sure who you have for your student loans, but I had Sallie Mae. They do this program called a step loan. You pay interest only for the first 4 years of the loan (tax deductable) and then pay more towards principle the remaining 11 years. It's great b/c for the first 4 years of your loan, interest is tax deductible, so you get more of a write off at the end of the year, and your payment is lower in the beginning allowing you time to move up the corporate ladder and make more later, and pay more later. Gradual steps.
Call your student loan lender and speak with them about combining the student loans into one. This might be good for helping you to qualify. Your loans will still be deffered until you are out of school (6 months I beleive) so if you need to modify it again you can. There is no cost to modify a student loan.
Good luck and don't hesitate to contact me should you need any more advise!
I have not found a job that pays well and since graduation my parents have become disabled and I MUST support them. I cannot pay the student loan back - what can I do? I have no assets only the house that they live in - I've had to live in a camper -I can't afford an apt.
call your student loan lender and apply for a hardship deferrment
most student loan lenders allow this in extenuating circumstances.
I know that sallie mae does to this.
It should help you for atleast a year.
most student loan lenders allow this in extenuating circumstances.
I know that sallie mae does to this.
It should help you for atleast a year.
Hi Jean Saunders,
I can understand your situation and pray to God that you recover from this situation soon. In my opinion, you should speak to your lender and check what are options he can give you. You can take an easy option and try paying the loan.
Thanks.
I can understand your situation and pray to God that you recover from this situation soon. In my opinion, you should speak to your lender and check what are options he can give you. You can take an easy option and try paying the loan.
Thanks.