Posted on: 09th Dec, 2009 05:39 pm
I have a huge problem, and if I do not figure out a way to fix it soon, I am going to have to part ways with an inherited property.
I needed a $50,000 loan 2 and a half years ago. At the time, I owned 2 properties, free and clear. In order to give me a $50,000 loan/refinanced mortgage, my lender, Union Savings Bank, in Cincinnati Ohio, required that I put BOTH properties up as collateral. Seeing as I didn't have a crystal ball, I obliged.
Now, 2 and a half years later, my divorce finalized, and the judge ordered i turn over the property that I wasn't living in to my now ex wife, free and clear. Problem is, since both properties are on the loan, no one is wanting to help me take one of them off.
I am 53 years old. My equifax is around 550, 2 bad credit card debts a year and a half ago. Never late on a mortgage payment. $4500 a month income for the past 9 years, very steadily. My house value that I need to put the full $50,000 on is over $100,000. I don't need any extra cash with the loan, just to have the one property free and clear, otherwise I am going to be forced to sell. I have no idea what to do anymore, fear I have tried any option, and am just hoping for a miracle.
I have a possible co borrower. She has execellent residence stability (40 years), and a 590 Equifax, but very limited income (retired and on SSI)
Any advice? This is basically my last hope....
[size=9:7bd4c63580][color=Red:7bd4c63580][Contact details deleted as per forum rules. Thanks.][/color:7bd4c63580][/size:7bd4c63580]
I needed a $50,000 loan 2 and a half years ago. At the time, I owned 2 properties, free and clear. In order to give me a $50,000 loan/refinanced mortgage, my lender, Union Savings Bank, in Cincinnati Ohio, required that I put BOTH properties up as collateral. Seeing as I didn't have a crystal ball, I obliged.
Now, 2 and a half years later, my divorce finalized, and the judge ordered i turn over the property that I wasn't living in to my now ex wife, free and clear. Problem is, since both properties are on the loan, no one is wanting to help me take one of them off.
I am 53 years old. My equifax is around 550, 2 bad credit card debts a year and a half ago. Never late on a mortgage payment. $4500 a month income for the past 9 years, very steadily. My house value that I need to put the full $50,000 on is over $100,000. I don't need any extra cash with the loan, just to have the one property free and clear, otherwise I am going to be forced to sell. I have no idea what to do anymore, fear I have tried any option, and am just hoping for a miracle.
I have a possible co borrower. She has execellent residence stability (40 years), and a 590 Equifax, but very limited income (retired and on SSI)
Any advice? This is basically my last hope....
[size=9:7bd4c63580][color=Red:7bd4c63580][Contact details deleted as per forum rules. Thanks.][/color:7bd4c63580][/size:7bd4c63580]
Hi jeremypsparks!
Welcome to forums!
With credit score below 600, it would be impossible for you to get a mortgage refinance. The minimum credit score required for a FHA loan is 620 and for conventional loans, it is 720. From the details that you've given, I don't think you or the co-borrower will be able to get a refinance. In my opinion, it would be better to sell off the properties and give the due amount to your ex.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With credit score below 600, it would be impossible for you to get a mortgage refinance. The minimum credit score required for a FHA loan is 620 and for conventional loans, it is 720. From the details that you've given, I don't think you or the co-borrower will be able to get a refinance. In my opinion, it would be better to sell off the properties and give the due amount to your ex.
Feel free to ask if you've further queries.
Sussane
What about asking the lender for a partial release. Honestly I have not heard of a mortgage on two properties unless you have some sort of commercial loan.
Refinancing will be almost impossible until you get your scores over 600. Although the reply post notes some FICO scores as the minimum score to get financing those scores do not apply to every lender and you may need to shop around.
Refinancing will be almost impossible until you get your scores over 600. Although the reply post notes some FICO scores as the minimum score to get financing those scores do not apply to every lender and you may need to shop around.
there are lenders who've touted their ability to provide loans for borrowers with scores down as low as 500 - on this site. i wish i knew their names, but don't. you may want to do a search for "score below 600" or something along those lines to find who those lenders may be.
