Posted on: 14th Feb, 2012 02:00 am
we inherited the house of my wife's grandparents. we are presently re-modelling it. we both have bad credit and we are starting to repair it. the house is under our name now legally. her grandparents had a home equity loan when they passed, so can we continue paying it or should we have to refinance the mortgage in our names?
Hi Marianne,
If the property is legally in your name, then you need to refinance the mortgage in your name and pay off the mortgage debts. If the lender comes to know that the property is now in your name, then he will ask you to refinance the mortgage immediately. Unless the lender comes to know, you can keep on paying off the mortgage and let it remain in the name of her grandparents.
Thanks,
Jerry
If the property is legally in your name, then you need to refinance the mortgage in your name and pay off the mortgage debts. If the lender comes to know that the property is now in your name, then he will ask you to refinance the mortgage immediately. Unless the lender comes to know, you can keep on paying off the mortgage and let it remain in the name of her grandparents.
Thanks,
Jerry
hi marianne,
it is better to refinance the mortgage in your name before you start paying off the loan. you should contact your lender about the option of novation but normally the lenders prefer refinance over novation. moreover, though you try for a novation, you will require a good credit score for the same.
you can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
thanks
it is better to refinance the mortgage in your name before you start paying off the loan. you should contact your lender about the option of novation but normally the lenders prefer refinance over novation. moreover, though you try for a novation, you will require a good credit score for the same.
you can check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
thanks
The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.
Federal Housing Administration (FHA)
1) Foreclosure is 3 years
2) Deed-in Lieu is 3 years
3) Short Sale is 3 years
4) Bankruptcy is 2 years
:idea:
Federal Housing Administration (FHA)
1) Foreclosure is 3 years
2) Deed-in Lieu is 3 years
3) Short Sale is 3 years
4) Bankruptcy is 2 years
:idea:
There is no requirement for the amount of equity in your home in order to refinance. You can get mortgages for 100% of the value of your home if you are willing to pay a higher interest rate. SOmetimes this makes sense if you really need the money and have no other source for the funds.
The things to consider are how much of the total value of your house is your new loan amount going to be? In other words, are you trying to get a loan for more or less than 80% of the appraised value of your house?
:idea:
The things to consider are how much of the total value of your house is your new loan amount going to be? In other words, are you trying to get a loan for more or less than 80% of the appraised value of your house?
:idea:
The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.
With bad credit you can not refinance, so, just keep paying the loan.
As long as you pay, the lender will probably never say anything.
If you want to be forced to sell the property because you can not refinance, start telling people you are paying someone else's loan.
If you want to keep the house, keep your mouth shut until credit improves enough so you can refinance. In the meantime, keep paying the loan.
As long as you pay, the lender will probably never say anything.
If you want to be forced to sell the property because you can not refinance, start telling people you are paying someone else's loan.
If you want to keep the house, keep your mouth shut until credit improves enough so you can refinance. In the meantime, keep paying the loan.
