Posted on: 07th Jul, 2009 01:11 pm
i am getting divorced and need to refinance my manufactured home to get her name off the loan asap. my credit score has recently droped due to the divorce. i make $50k a year and have been there over 5yrs. i have aprox. $3k in credit card debt and no car payment. i owe $59k on the home and property (1.5 ac). i belive its tax value is aprox $55k. however i can be gifted aprox. $35k in connected land to help offset the difference. is their anyone out there that can help me? thanks!!!
welcome hayleycummings,
you haven't mentioned what your credit score is like. keeping in mind the present market situation, a lender will not refinance the property if you do not have a good credit score. if you've a conventional loan, you would require a credit score of 700-720. moreover, you should also have some equity in the property. if your property does not have equity, lenders may not refinance.
you can speak to the lender about novation. this is also a way to transfer the mortgage from one person to another. however, it is also a fact that lenders prefer refinance over novation.
you haven't mentioned what your credit score is like. keeping in mind the present market situation, a lender will not refinance the property if you do not have a good credit score. if you've a conventional loan, you would require a credit score of 700-720. moreover, you should also have some equity in the property. if your property does not have equity, lenders may not refinance.
you can speak to the lender about novation. this is also a way to transfer the mortgage from one person to another. however, it is also a fact that lenders prefer refinance over novation.
which is your location?
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