Posted on: 20th Jul, 2009 09:54 pm
I was awarded the house in the divorce, and bought my ex out. But it's q 5 year arm due to adjust 9/10. my house has loss about 200000 in value. My issue is the loan is still in my ex's name. What are my options? He's had also revoked my rights to speak with the loan company until recently.
hi debru,
you can refinance and combine both the 1st and 2nd loans, provided you meet the eligibility requirements. the loans could be in your ex's name. but if you qualify for a loan, you can refinance and remove your ex's name from the existing mortgage. in case, you do not qualify for a refinance, there's hardly any other option for you to put the loans in your name.
you can refinance and combine both the 1st and 2nd loans, provided you meet the eligibility requirements. the loans could be in your ex's name. but if you qualify for a loan, you can refinance and remove your ex's name from the existing mortgage. in case, you do not qualify for a refinance, there's hardly any other option for you to put the loans in your name.
If you think that you are eligible for the refinance then that is the best option but if not make sure your kinsmen (father,mother,brother) can refinance this.maker sure they have deep faith on you.
this could be only option in this precarious condition.
keep in touch.......
:arrow: :arrow: :arrow:
this could be only option in this precarious condition.
keep in touch.......
:arrow: :arrow: :arrow:
manoj, please do a little bit of reading and learning so you can begin to know what you're talking about. "kinsmen" are not able to refinance mortgages that have nothing to do with them! where do you get this line of reasoning? this is the real world, not some fantasy.
debru, if you are qualified (credit, income, debt, etc.), you ought to be able to refinance the existing mortgage - also assuming that value is sufficient. you didn't state the value, nor the balance of the debt; that is critical to this issue.
fill us in some more so we can better figure out what to tell you.
debru, if you are qualified (credit, income, debt, etc.), you ought to be able to refinance the existing mortgage - also assuming that value is sufficient. you didn't state the value, nor the balance of the debt; that is critical to this issue.
fill us in some more so we can better figure out what to tell you.
The home was purchased in 05 for 469,000 at last appraisel through the city it was worth 274,000. Credit wise I'm fine all 3 are in the 700's. Finacially I'm good. If I'm unable to refinance due to the drop in home value. Can my ex sue me if the house is forclosed? I wonder if B of A will work with me and use the making home affordable program? Thanks for all of the input so far.lol
the easiest way to see if bofa will work with you is to ask them.
you stated you bought out your ex-husband above; for him to turn around and sue you after the fact in the event of a foreclosure would be ridiculous in my eyes. of course, lawsuits are the lifeblood of a segment of our society, so i would never be surprised to see that happen. i sure hope not.
you stated you bought out your ex-husband above; for him to turn around and sue you after the fact in the event of a foreclosure would be ridiculous in my eyes. of course, lawsuits are the lifeblood of a segment of our society, so i would never be surprised to see that happen. i sure hope not.