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Dissolution Decree/Mortgage Assumption

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CArockhound Guest	Posted: Tue Oct 26, 2010 1:58 pm    Post subject: Dissolution Decree/Mortgage Assumption Like 0 Dislike 0 Hello, My Domestic Partnership was officially dissolved in California in June 2009. As part of the dissolution agreement my former partner signed a quit claim deed last year which transferred ownership of the house from both of us to me as my sole and separate property. My responsibility was to either do a loan assmption or refinance the mortgage by November 2010. I just found out today that my loan assumption was denied. I have made all payments on time and have a very secure long standing job as a federal employee. However, my credit-to-debt ratio isn't very good, which brought down my credit score to 640. I would like to keep the house; however, I fear that I may be forced into a short sale. What are my options? Thanks!
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Oct 26, 2010 7:55 pm    Post subject: Like 0 Dislike 0 Hi CArockhound, With a credit score of 640, you'll be able to get a FHA loan. You should contact the local FHA lenders and apply for a FHA loan. If you have the required debt to income ratio to qualify for a FHA loan, then you'll be able to refinance your existing mortgage. Thanks

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