Posted on: 08th Apr, 2010 07:45 pm
just divorced a few weeks ago. my ex husband originally wanted the house, but he had trouble getting refinancing because of the child support payment to me.
so now, i have to refinance the house. mortgage is 125k and heloc is 87k. home was appraised today; should have results back in a few days.it should appraise anywhere from 205k to 230k.
so between the cost of refi and having to pay $200 per month extra because of the lack of equity in our home, i will paying off a 218k loan
is there any way i can get a loan assumption for the 125k first mortgage and refi or do something else with the heloc? the 200 a month just kills me. i am considering a real estate lawyer, but don't want to blow $300 just for him to tell me there is nothing to do.
so now, i have to refinance the house. mortgage is 125k and heloc is 87k. home was appraised today; should have results back in a few days.it should appraise anywhere from 205k to 230k.
so between the cost of refi and having to pay $200 per month extra because of the lack of equity in our home, i will paying off a 218k loan
is there any way i can get a loan assumption for the 125k first mortgage and refi or do something else with the heloc? the 200 a month just kills me. i am considering a real estate lawyer, but don't want to blow $300 just for him to tell me there is nothing to do.
Hi troli!
Welcome to forums!
As far as I know, if you want to transfer the HELOC in your name, then you'll have to either refinance the loan or assume. If you've equity in your property, then you would be able to refinance both the loans into one. Thus, you would be responsible for one mortgage payment.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, if you want to transfer the HELOC in your name, then you'll have to either refinance the loan or assume. If you've equity in your property, then you would be able to refinance both the loans into one. Thus, you would be responsible for one mortgage payment.
Feel free to ask if you've further queries.
Sussane
I'll have to call Chase and check on an assumption. If I refinance I have to pay pmi
What documents are required for a loan assumption
Hi DaveHo,
You need to contact the lender and he will let you know what documents you will require while assuming the loan.
You need to contact the lender and he will let you know what documents you will require while assuming the loan.