Posted on: 09th Aug, 2007 08:12 am
The mortgage is in his name alone, although the ownership is community property. He has quitclaimed the home over to me.
I cannot qualify myself for a new loan. The property has also dropped in value somewhere between $25,000-50,000.
What are my options?
I cannot qualify myself for a new loan. The property has also dropped in value somewhere between $25,000-50,000.
What are my options?
jjbaley,
you may the lender to let you continue the payments for some time until you can qualify for a refinance yourself. but it is possible that lender might not agree to such an arrangement.
why do you think that it would be difficult for you to qualify for a refinance? what is your income like? refinance is possible even if your credit score is not good but with marginally higher interest rates than normal.
also tell us about the equity position of your house. you are saying that its value has gone down by as much as $50,000, are you suggesting that you owe more on the loan than what the house is valued at currently?
miller
you may the lender to let you continue the payments for some time until you can qualify for a refinance yourself. but it is possible that lender might not agree to such an arrangement.
why do you think that it would be difficult for you to qualify for a refinance? what is your income like? refinance is possible even if your credit score is not good but with marginally higher interest rates than normal.
also tell us about the equity position of your house. you are saying that its value has gone down by as much as $50,000, are you suggesting that you owe more on the loan than what the house is valued at currently?
miller
"The mortgage is in his name alone, although the ownership is community property. He has quitclaimed the home over to me.
I cannot qualify myself for a new loan. The property has also dropped in value somewhere between $25,000-50,000.
What are my options?"
You do not have the income to make the monthly payments? Or your credit score is very bad?
Have you contacted any mortgage company to know whether you will be able to qualify for a refinance or not? If you haven't then I think you should first get in touch with some lenders to know where you stand.
The other option depends on the housing conditions in your area.
If the houses are getting sold off nicely and there is enough equity in the house to pay off the mortgage and make a marginal profit from the sale then you into that also.
But how much balance is left on the mortgage and what is the appraised value of the house? These two are important points to figure out if selling the house will be appropriate or not.
I cannot qualify myself for a new loan. The property has also dropped in value somewhere between $25,000-50,000.
What are my options?"
You do not have the income to make the monthly payments? Or your credit score is very bad?
Have you contacted any mortgage company to know whether you will be able to qualify for a refinance or not? If you haven't then I think you should first get in touch with some lenders to know where you stand.
The other option depends on the housing conditions in your area.
If the houses are getting sold off nicely and there is enough equity in the house to pay off the mortgage and make a marginal profit from the sale then you into that also.
But how much balance is left on the mortgage and what is the appraised value of the house? These two are important points to figure out if selling the house will be appropriate or not.
"I cannot qualify myself for a new loan."
Why can't you qualify for a loan? Did any lender tell you like that or you have understood by yourself?
Why can't you qualify for a loan? Did any lender tell you like that or you have understood by yourself?