Posted on: 30th Nov, 2009 01:40 pm
my mother passed away 3 wks ago ; the property is deeded to me & my mother but the loan is in her name only because of my credit history ( filed bankruptcy in 2003 ) i want to continue making the payments and continue living here
what will the mortage company do if my credit score is not good enough to qualify ?
what will the mortage company do if my credit score is not good enough to qualify ?
The mortgage company will never know about it if you don't miss any mortgage payments. Also, 2003 was 6 - almost 7 years ago. Lenders don't care about it anymore as long as you've re-established your credit.
hi harryoo,
as long as you keep making the payments on time, the lender should not be bothered about who's on the loan and who's not. if you are current on the mortgage, you can stay in the house. moreover, as raymond has noted, if you were discharged from bankruptcy in 2003, it has been almost 6+ years since then. you need to wait a maximum of 3-4 years to qualify for a loan after bankruptcy. thus, if you have improved your credit since then and have the income to afford the monthly mortgage payments, you can qualify for a loan to refinance in your name.
as long as you keep making the payments on time, the lender should not be bothered about who's on the loan and who's not. if you are current on the mortgage, you can stay in the house. moreover, as raymond has noted, if you were discharged from bankruptcy in 2003, it has been almost 6+ years since then. you need to wait a maximum of 3-4 years to qualify for a loan after bankruptcy. thus, if you have improved your credit since then and have the income to afford the monthly mortgage payments, you can qualify for a loan to refinance in your name.
the payment is behind 2 almost 3 payments ,
what will happen ? should the mortage comp work with me?
the property values approx. $250,000 and the amount due
is approx. $180,000 ...so there is equity in the property ,,,
there is not any other mortage against the property..
so since the property is deeded to me ...that equity belongs to me right?
what will happen ? should the mortage comp work with me?
the property values approx. $250,000 and the amount due
is approx. $180,000 ...so there is equity in the property ,,,
there is not any other mortage against the property..
so since the property is deeded to me ...that equity belongs to me right?
Hi harryoo,
Since the property is deeded to you, you have a legal right to the equity in the property. The lender may not be willing to work with you as your name is not on the mortgage. If you want to keep the property, you need to catch up with the mortgage payments and be current on the loan. In case, you want to leave the property, you can sell it off, satisfy the mortgage lien and take the excess money with you to make a new purchase.
Since the property is deeded to you, you have a legal right to the equity in the property. The lender may not be willing to work with you as your name is not on the mortgage. If you want to keep the property, you need to catch up with the mortgage payments and be current on the loan. In case, you want to leave the property, you can sell it off, satisfy the mortgage lien and take the excess money with you to make a new purchase.