Posted on: 02nd Feb, 2011 08:11 pm
Hello,
I have a balloon payment on an equity line of credit maturing with Wells Fargo for 50,000. My first is 137000. I also cosigned a loan against the house for my wife to pay off some debt before we got married for 119000. My house is worth 500000. How should I approach this? Is the cosigned loan hurting me terribly?
I have a balloon payment on an equity line of credit maturing with Wells Fargo for 50,000. My first is 137000. I also cosigned a loan against the house for my wife to pay off some debt before we got married for 119000. My house is worth 500000. How should I approach this? Is the cosigned loan hurting me terribly?
hi anomolee!
welcome to forums!
as you cosigned the loan, you're equally liable for paying off the mortgage if your wife is unable to pay it. as far as the balloon loan is concerned, you should try to refinance it if your property has equity in your property.
feel free to ask if you've further queries.
sussane
welcome to forums!
as you cosigned the loan, you're equally liable for paying off the mortgage if your wife is unable to pay it. as far as the balloon loan is concerned, you should try to refinance it if your property has equity in your property.
feel free to ask if you've further queries.
sussane
Hi, I tried to refi today but was moved to the wells fargo solutions dept where I'll have to jump through some hoops. Can I try to get a 50000 loan elsewhere to pay this one off? I hear wells fargo is a little tought to deal with.
Hi Guest,
You can try out for a mortgage refinance with some other local lender. They will check your situation and let you know whether or not they can help you with a loan.
Thanks,
Jerry
You can try out for a mortgage refinance with some other local lender. They will check your situation and let you know whether or not they can help you with a loan.
Thanks,
Jerry
Does it red flag me to turn in applications with more than one lender?
Hi Guest,
If you have a good credit score and stable income, then no one will red flag you or turn down your application when you apply for a mortgage.
Thanks
If you have a good credit score and stable income, then no one will red flag you or turn down your application when you apply for a mortgage.
Thanks