Posted on: 19th Oct, 2010 01:22 pm
this was done so that we could get some equity out of the house. the co-owner currently has no income and terrible credit. i'm credit worthy and have had the same job for 11 years.
we live in ma (i know all states are different) and what i'm trying to do is take out either a home equity loan or mortgage to make repairs. there is only $23k left on the house now and that loan is being paid under the name of the deceased parents of the co-owner.
complicated, but what are best options in this scenario?! help!
we live in ma (i know all states are different) and what i'm trying to do is take out either a home equity loan or mortgage to make repairs. there is only $23k left on the house now and that loan is being paid under the name of the deceased parents of the co-owner.
complicated, but what are best options in this scenario?! help!
hi bunky,
as you've a good credit and as the property has equity in it, you'll be able to get a mortgage refinance and use the cash out money to make the required improvements. you should contact the lender and apply for a refinance. the lender will go through your credit situation and help you know whether or not you'll be able to refinance the mortgage.
thanks
as you've a good credit and as the property has equity in it, you'll be able to get a mortgage refinance and use the cash out money to make the required improvements. you should contact the lender and apply for a refinance. the lender will go through your credit situation and help you know whether or not you'll be able to refinance the mortgage.
thanks