Posted on: 04th Sep, 2010 05:48 pm
I owe $143,000 with 5 years left on the loan . The house is worth $700K.
I need to give the other person $250k on the buyout.Went to my bank to try to refi for 30 years so the new loan would go to $393,000 .I do not qualify on paper but could afford the new payments. Is there anyway around this i want to keep the house without selling it.
I need to give the other person $250k on the buyout.Went to my bank to try to refi for 30 years so the new loan would go to $393,000 .I do not qualify on paper but could afford the new payments. Is there anyway around this i want to keep the house without selling it.
welcome yellow,
did the lender give you any reason as to why you did not qualify for refinance. if not, then you should ask the lender to clarify the reasons. as your property has equity, you should have qualified for refinance. however, if you've a poor credit, then the lenders will not qualify you for it. in that case, you won't be able to cash out the equity that you've in the property. you'll have to sell off the property.
did the lender give you any reason as to why you did not qualify for refinance. if not, then you should ask the lender to clarify the reasons. as your property has equity, you should have qualified for refinance. however, if you've a poor credit, then the lenders will not qualify you for it. in that case, you won't be able to cash out the equity that you've in the property. you'll have to sell off the property.
credit score is 800 .The lender said i dont make enough to qualify i make $36k a year i was wondering how much i could qualify for .i doubt i would even qualify for the excisting morgage of 143k.
Hi yello,
Unless you have a good financial situation, the lender will not be ready to give you a loan though you've a good credit score. You can check out the given calculator in order to know how much you'll be able to afford:
http://www.mortgagefit.com/calculators/howmuch-afford.html
Thanks
Unless you have a good financial situation, the lender will not be ready to give you a loan though you've a good credit score. You can check out the given calculator in order to know how much you'll be able to afford:
http://www.mortgagefit.com/calculators/howmuch-afford.html
Thanks