Posted on: 02nd Jan, 2008 01:34 pm
Hi...
My mother lost her job and lost pay for almost a month so she fell behind in her mortgage. To help her get back on her feet I refinanced her mortgage in my name and her as the second signer because I got a better interest rate than she. Now I want to buy my own home and get my name off her mortgage. How do I do about doing that? She is the one whom pays all her bills and mortgage. I don't even live at her address. Please is there anything I can do?
Thank You
My mother lost her job and lost pay for almost a month so she fell behind in her mortgage. To help her get back on her feet I refinanced her mortgage in my name and her as the second signer because I got a better interest rate than she. Now I want to buy my own home and get my name off her mortgage. How do I do about doing that? She is the one whom pays all her bills and mortgage. I don't even live at her address. Please is there anything I can do?
Thank You
Hi,
Why do you wish to take your name off the mortgage? Your mother is paying the mortgage on her own. So you should not have any problem to buy your own home.
She has to refinance to take you out of that mortgage. But in that case, as you have already admitted, she has to pay a higher interest rate and that may be an added pressure on her.
Best of luck,
Larry
Why do you wish to take your name off the mortgage? Your mother is paying the mortgage on her own. So you should not have any problem to buy your own home.
She has to refinance to take you out of that mortgage. But in that case, as you have already admitted, she has to pay a higher interest rate and that may be an added pressure on her.
Best of luck,
Larry
larry, our guest will have difficulty obtaining a new mortgage while still obligated on this loan of her mom's. that is reason enough for her desire to be released from liability.
what we dont know is how long ago the refinance took place. if it was more than a year ago, you can typically document that your mom has made at least 12 consecutive payments on a timely basis, and that debt will not be considered in qualifying you for a new loan.
otherwise, your overall best bet is for mom to refinance back into her own name, taking you off in doing so. if she has been able to make payments on a timely basis for a while now, her earlier payment difficulty should not hamper her efforts to get a reasonable interest rate in refinancing. try fha because fha rates are quite good right now and more forgiving than conforming loan products.
ask more if you need to, guest.
what we dont know is how long ago the refinance took place. if it was more than a year ago, you can typically document that your mom has made at least 12 consecutive payments on a timely basis, and that debt will not be considered in qualifying you for a new loan.
otherwise, your overall best bet is for mom to refinance back into her own name, taking you off in doing so. if she has been able to make payments on a timely basis for a while now, her earlier payment difficulty should not hamper her efforts to get a reasonable interest rate in refinancing. try fha because fha rates are quite good right now and more forgiving than conforming loan products.
ask more if you need to, guest.
If your mother can now qualify for a good mortgage rate then now would be a good time to do so since rates on a 30 year fixed are 5.50%. If not, there maybe another option. You could have her sign a lease thus canceling out the obligation on your debt to income ratio to qualify for a new home.