Posted on: 07th Jun, 2009 06:14 pm
i purchased a ca home in 2001 (condo for 150k) a couple of years later i relocated to ct and left my mother in charge which included taking over mortgage expenses (approx $1770). in 2005, i refinanced (200k) to complete upgrades and consolidate debt. since i lived in ct longer than expected, 2 years, my mother had to be added to the mortgage and deed, shortly after a quick name deed was completed to remove her. it wasn't until later i realized removing her from the deed didn't release her financially. anyway i've got married 2 years ago and looking to purchase in ct but can't hold two mortgages. i can't put my mother out plus what are the chances of my home selling in this market. i was excited that she offered to purchase the condo to release me to purchase another home but i'm concerned that she may not qualify due to her income. although there's other relatives residing in the home that contribute i'm not sure if she could use their income to help her qualify. i think the appraised value of the home went down to 165k based on all the web calculators (loan balance 190k at 5.99%). can you refinance the same amount with a lower market value? and can she use other income to help her qualify
You will have to sell it to her. If you are concerned about her getting approved if she purchases your home then the same concern should apply if she were to refinance the home (which she can't).
I don't understand your answer. Can someone refinance or purchase a home for more than the market value? I'm only concerned that she couldn't qualify because her income without the help of others residing in the household. What are the rules when it comes to qualifying using someone else income?
Hi ajacks!
Welcome to forums!
Refinancing a property is not possible if the mortgage owed on it is greater than it's value. In case, your lender accepts her request to refinance the loan, she cannot get it on her name alone as her income is not good. If she wants to qualify for the loan, then she will have to add someone else to the property deed and mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Refinancing a property is not possible if the mortgage owed on it is greater than it's value. In case, your lender accepts her request to refinance the loan, she cannot get it on her name alone as her income is not good. If she wants to qualify for the loan, then she will have to add someone else to the property deed and mortgage.
Feel free to ask if you've further queries.
Sussane
since she does not have sufficient income/ credit there is no meaning to try this option. but before that evaluate following options:
Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale, Deed-in-lieu of foreclosure
Special Forbearance, Mortgage Modification, Partial Claim, Pre-foreclosure sale, Deed-in-lieu of foreclosure
I do not think any of you understand the point. Her mom is currently on the mortgage. She wants to take her off the mortgage. I answered this here... http://www.mortgagefit.com/know-how/about22877.html
ajacks73
Welcoem to forum.
I know this may be the difficult option, but let me tell you.
If you can pay off the difference amount between you owe and the the current value of the house and later sell your house to yoru mon for the current market value, then you shoudl be ok.
But all the factors are based on the contiengency that your mother needs to qulify by her self or need to go with joint with the relative who lives in your house.
Good luck and feel free to aks
Welcoem to forum.
I know this may be the difficult option, but let me tell you.
If you can pay off the difference amount between you owe and the the current value of the house and later sell your house to yoru mon for the current market value, then you shoudl be ok.
But all the factors are based on the contiengency that your mother needs to qulify by her self or need to go with joint with the relative who lives in your house.
Good luck and feel free to aks