Posted on: 03rd Aug, 2011 12:22 pm
hi. im looking for information about my home loan. im soon to be divorced, and have an agreement with my ex husband to keep the property as long as i can remove his name off of title and the loan. i have until march 2012 to accomplish this task. we purchased the property in november 2010 for $300,000 with 10% down. we locked in 4.5% interest rate in a 30 year conventional loan. my monthly mortgage payments including pmi are $1507.38. the unpaid principle balance is $267,088.28. the property is a townhouse, and labeled as a pud unit. there are 100 properties in the complex that are owner occupied, and 25 that are rentals. the comparable sales average is $241,238 which is below my loan value. im having trouble qualifying for the loan being self employed, and that my debt to income ratio is to high. ive tried to assume the loan and also refinance, but still no success. a lender recommended modification, but im not trying to change the payments because of hardship. im capable of being financially responsible for the home, and have been the last five months. all i want to do is remove him, and become sole owner of this property. i am fortunate enough to have a family member willing to sign on as a non occupant co borrower, but still havent found a solution. ive been told there are a few obstacles such as: comps are lower than my loan value, having pmi on the loan, income not qualifying, and my debt to income ratio is too high. if theres any information out there that can help, can you please pass it along. thanks
Hi eddiewu,
You can put down some money out of your own pocket and increase the equity in the property. Then, you and your non-occupying co-borrower can refinance the mortgage.
You can put down some money out of your own pocket and increase the equity in the property. Then, you and your non-occupying co-borrower can refinance the mortgage.