Posted on: 11th Jun, 2007 01:47 pm
My husband has decided to take a job in another state. Our home here has not sold. He plans to get another home in the new state, and then let this one foreclose if necessary. I have excellent credit and have always prided myself on keeping it that way. He on the other hand is not quite as concerned. Is there anything I can do to protect my credit when I don\'t want this to happen? I don\'t make the money to keep the current house going if we move. Is there any way besides refinancing to get my name removed from the mortgage?
If you are moving to another state selling it will be much better.
Lender will most likely ask for the mortgage to be refinanced.
Lender will most likely ask for the mortgage to be refinanced.
We have tried for 1 1/2 years. We were not going to move until it did, but now he is determined to go.
Hi Malynda,
If you cannot continue the mortgage then you can give it back to mortgage company using a deed in lieu. But deed in lieu will also affect your score.
You do not have too many options. Your husband should understand your viewpoint. Foreclosure will be bad for both of you. If your husband is not concerned about his score then let the mortgage be refinanced in his name and then do as he wants. Be it higher rate on the refinance. He should not have any problems with it as he does not want to continue it.
If you cannot continue the mortgage then you can give it back to mortgage company using a deed in lieu. But deed in lieu will also affect your score.
You do not have too many options. Your husband should understand your viewpoint. Foreclosure will be bad for both of you. If your husband is not concerned about his score then let the mortgage be refinanced in his name and then do as he wants. Be it higher rate on the refinance. He should not have any problems with it as he does not want to continue it.
We have only been in this house for 2 1/2 years. We don't really have much equity, and he wants to move next month. I have no idea how long it takes to do a refinance, or even if they will do so. If he refinances, will he be able to rent us a house in the new state or will this refinance interfere with doing so?
Hi Malynda,
Welcome to Mortgagefit discussion board.
You should be able to refinance within this time period. First get in touch with the lender and inquire whether he will allow a refinance as it has been just 2 1/2 years and some mortgages have prepayment penalty if the mortgage is refinanced within a specified number of years. But it is also possible that your mortgage does not have a prepayment penalty attached to it. So contact your lender to know what it is like for your mortgage.
Now the next thing you have asked is about being able to rent a house in the other state after the present mortgage is refinanced. Refinance will not cause any problems in your renting a house in the new state. These two are not related to each other. After refinance it will be named as his primary residence and you will not be responsible for the mortgage and can go to some other state and live.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
You should be able to refinance within this time period. First get in touch with the lender and inquire whether he will allow a refinance as it has been just 2 1/2 years and some mortgages have prepayment penalty if the mortgage is refinanced within a specified number of years. But it is also possible that your mortgage does not have a prepayment penalty attached to it. So contact your lender to know what it is like for your mortgage.
Now the next thing you have asked is about being able to rent a house in the other state after the present mortgage is refinanced. Refinance will not cause any problems in your renting a house in the new state. These two are not related to each other. After refinance it will be named as his primary residence and you will not be responsible for the mortgage and can go to some other state and live.
Do let me know if you have any other questions.
Thanks
Blue
Hi Malynda,
Since you have excellent credit, why allow it to get affected by foreclosure? Have a talk with the lender and ask him if he would allow you to transfer the loan entirely to your husband.
The lender will agree only if your husband's credit is up to the mark. But have you discussed other options like a short sale or a loan modification with the lender?
Regards,
Jessica.
Since you have excellent credit, why allow it to get affected by foreclosure? Have a talk with the lender and ask him if he would allow you to transfer the loan entirely to your husband.
The lender will agree only if your husband's credit is up to the mark. But have you discussed other options like a short sale or a loan modification with the lender?
Regards,
Jessica.
