Posted on: 08th Mar, 2010 09:29 am
My Dad put a down payment and financed the Pre-Fab Home we are living in.
The reason that I wasn't able to get financing is because my credit it not good right now. My concern is that my dad is 71 years old and I want to find a way to protect my interest in the home. I am making the payment each month, and he lives in the same home with us. Is there something I can do, so if something happens to him, my family is protected?
Thanks,
Kim
The reason that I wasn't able to get financing is because my credit it not good right now. My concern is that my dad is 71 years old and I want to find a way to protect my interest in the home. I am making the payment each month, and he lives in the same home with us. Is there something I can do, so if something happens to him, my family is protected?
Thanks,
Kim
welcome randykim,
with a bad credit, it won't be possible for you to get a refinance. you should have a credit score of at least 700-720 in order to qualify for a conventional loan. once your name is on the property deed and mortgage and if you keep on paying the mortgage dues on time, you would be able to save your property.
to know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
with a bad credit, it won't be possible for you to get a refinance. you should have a credit score of at least 700-720 in order to qualify for a conventional loan. once your name is on the property deed and mortgage and if you keep on paying the mortgage dues on time, you would be able to save your property.
to know some steps to improve your credit score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html