Posted on: 09th Jan, 2011 08:34 am
Had a mortgage on a condo that was owner financed for 3 yrs only. Came time to refi and we could not do it, therefore, brother-in-law refi'd into his name and we've been making solid consistent payments for the last 31/2 yrs. My credit is poor, wife's credit is poor to fair. Can I just tell discuss (in writing/verbal) our situation with the lender/lenders of our consistent pattern of payment and have brother-in-law quitclaim deed and then get into our own mortgage? Do we need a co-signer? Help
ML
ML
hi mland,
the lender will not want to discuss about the mortgage with you as it is owned by your brother-in-law. moreover, with a poor credit, you will not be able to refinance the mortgage in your name. however, if you've a cosigner who has a good credit, then there are chances that you'll be able to refinance the mortgage.
thanks
the lender will not want to discuss about the mortgage with you as it is owned by your brother-in-law. moreover, with a poor credit, you will not be able to refinance the mortgage in your name. however, if you've a cosigner who has a good credit, then there are chances that you'll be able to refinance the mortgage.
thanks
thanks for the reply