Posted on: 27th Aug, 2009 07:49 am
i got married in june 2009. my husband purchased our current townhome in 2005 before we met. regrettably he took out 80/20 financing (80% 30yr fixed and 20% heloc). it is a terrible arrangement and i would very much like to refinance but now we are upside down on the value of our property vs. money owed.
could we refinance if i am added as a borrower?
presently, we are being told that he can not refinance on his own even though he is making less money then when he bought the home. (and regrettably the mortgage isn't government backed.)
could we refinance if i am added as a borrower?
presently, we are being told that he can not refinance on his own even though he is making less money then when he bought the home. (and regrettably the mortgage isn't government backed.)
yana, adding you to the mix isn't going to mean much, i'm afraid. the lender is more concerned about value than anything else in all likelihood.