Posted on: 07th Sep, 2010 12:33 pm
my husband moved out of our house and has a house of his own that is just in his name. we both are still on this house that i still live on because i do not make enough income doing home daycare to refinance into my name. my livlihood depends on me staying in this house because i run my business here. since he has always been the breadwinner i cannot possibly get financed for any house and would have to move to an apt. any suggestions? we are just starting the divorce process in a few weeks. i pay the $1500 mortgage and have been able to for 15 months now yet on paper i do not make enough to get the house in my name because of all of the business write offs. i am really losing sleep with the possibility that i will not only lose the house but also my business. any views would be appreciated!
it is true that unless you've a good income and credit, you won't be able to get a refinance. also, your property should have equity in it in order to get a refinance. unless you meet the required criteria of the lender, you won't be able to get a mortgage refinance. you can apply for a novation and check out if the lender agrees to it. it is a way to transfer mortgage from one person to another. however, it is a fact that the lenders prefer refinance over novation.