Posted on: 21st Aug, 2008 07:48 am
my girlfriend and i are breaking up and i want her to take this house so i can buy another one.
we are both on the deed and mortgage. she is stubborn and probably wont want to agree to anything. we have a shark for a lender and our interest rate will be going up soon if we don't refinance, is there a way to stop our interest from going up on her
we are both on the deed and mortgage. she is stubborn and probably wont want to agree to anything. we have a shark for a lender and our interest rate will be going up soon if we don't refinance, is there a way to stop our interest from going up on her
It is important, either way that you get one of you off of the mtg and deed. Before you go off and purchase another home, you will want to get it refinanced into one of your names.
If she wants to stay in the home, the question then becomes, can she qualify, on her own, to refinance it into her name. If not, then you would need to refinance it into your name, and she could be your tenant.
If neither of you can achieve the refi on your own, then you definitely want to get with an experienced lender to see if you could qualify for the FHA Secure program. The only other option is for you to sell the home, or if the mkt prevents that , then you could rent the home to a tenant until the mkt comes back around.
Regarding the "stubborn" factor, it is in her best financial interest (and yours) to make sure that this is resolved, one way or the other.
If she wants to stay in the home, the question then becomes, can she qualify, on her own, to refinance it into her name. If not, then you would need to refinance it into your name, and she could be your tenant.
If neither of you can achieve the refi on your own, then you definitely want to get with an experienced lender to see if you could qualify for the FHA Secure program. The only other option is for you to sell the home, or if the mkt prevents that , then you could rent the home to a tenant until the mkt comes back around.
Regarding the "stubborn" factor, it is in her best financial interest (and yours) to make sure that this is resolved, one way or the other.