Posted on: 24th May, 2009 05:18 am
Husband wants to give ex-wife the marital home. The mortgage on it is half of it's current value. Wife has credit problems, and is having trouble finding a loan.. Any suggestions?
Thank you..
Thank you..
Just quit claiming will result a bad situation for the husband.So in my opinion make sure she is refinancing the mortgage on her name only with the [new obama government plan.
keep us informed. :arrow: :arrow: :arrow:
keep us informed. :arrow: :arrow: :arrow:
hi rocatah!
welcome to forums!
as the ex-wife cannot refinance the property due to bad credit, it would not be appropriate for your husband to transfer the property to her. it would be better if the ex-wife takes some steps to improve her credit in order to refinance the mortgage in her name. she can check out the following link to know about the steps to improce her credit:
http://www.mortgagefit.com/credit-rating/credit-repair.html
feel free to ask if you have further queries.
sussane
welcome to forums!
as the ex-wife cannot refinance the property due to bad credit, it would not be appropriate for your husband to transfer the property to her. it would be better if the ex-wife takes some steps to improve her credit in order to refinance the mortgage in her name. she can check out the following link to know about the steps to improce her credit:
http://www.mortgagefit.com/credit-rating/credit-repair.html
feel free to ask if you have further queries.
sussane
Thanks for your quick replies.
Where could I find out about the new Obama government plan.
A little more indepth...
I had a bankruptcy about 5 years ago. Since then I vowed I would never have another credit card. And I haven't, which I thought was pretty good, but doesn't help me in my current predicament.
When creditors look at my credit report, although my score is fair at 634 I have no revolving credit.
I have taken out a secured credit card, and am buying little things and paying it off on time. But I fear this is not enough.
Since the divorce all household bills have been put in my name, and are paid on time. Would this have any bearing on a loan?
Thanks for your input :)
Where could I find out about the new Obama government plan.
A little more indepth...
I had a bankruptcy about 5 years ago. Since then I vowed I would never have another credit card. And I haven't, which I thought was pretty good, but doesn't help me in my current predicament.
When creditors look at my credit report, although my score is fair at 634 I have no revolving credit.
I have taken out a secured credit card, and am buying little things and paying it off on time. But I fear this is not enough.
Since the divorce all household bills have been put in my name, and are paid on time. Would this have any bearing on a loan?
Thanks for your input :)
Hi Guest,
Paying bills on time will definitely have a positive effect on your credit report. Moreover, as you have a secured credit card, it will add to your credit score. You can check out the Home Affordable Refinance program introduced by the Obama government. This may help you in saving your property.
Thanks
Paying bills on time will definitely have a positive effect on your credit report. Moreover, as you have a secured credit card, it will add to your credit score. You can check out the Home Affordable Refinance program introduced by the Obama government. This may help you in saving your property.
Thanks