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loririvera · Joined: 25 Feb 2007 Posts: 1 1.45 Dollars($)

I am in the process of getting a divorce. The house will go to me, but I can't afford the payments (2100.00 per month). THe loan is currently in my husband's name. If I was to finance the home in my name, what is the best mortgage to get? The loan would be $300,000 and I would like payments at no more than $1500 per month. I received in the mail, a letter regarding the NCOP Program CA File #6038526. Is this the way to go?
Lori

jameshogg

Hi Loririvera,

Welcome to forums.

You will be getting the house no doubt, but the loan is still in your husband's name. There are two ways of dealing with this situation. You can allow your husband to continue with the payments till the loan is repaid. Or else, you may refinance the loan in your name when your husband will pass on the title to you legally through quitclaim deed.

You are quite aware of the monthly payments that you can afford to make with your loan. Now, I feel you should approach some lenders and try to gather information about the loan programs they offer and the rates and fees they require you to pay. You may mention specifically that you will be able to pay $1500 per month. Based on your financial situation and your affordability, the lender will provide you with information on the loan programs that you can choose.

Thanks,
James.

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Loririvera, I have not heard anything about this NCOP program. Can you provide the details of this program you got in mail? Even if such a program exists I think there are not many lenders offering it.

David

Guest

If you do not have plans of moving out then taking out a fixed rate mortgage is better than selecting any adjustable rate mortgage.

Lenders will also require you to have good credit score, less amount of other types of debts and a stable income source. If you meet these requirements then you would be able to qualify for competitive market rates.

kenstampe · Posted: Thu Mar 01, 2007 8:33 am Post subject:

Lori,

If a client came to me and said they are in a house which they cannot afford an amortizing payment my advice would be to sell and buy a less expensive house. There are adjustable rate programs, interest only programs and even more exotic loans which can give you a payment of $1,500 per month on $300,000 borrowed. All of them and I mean ALL, have a catch.

$300,000 at 6.25% interest rate on a 30 year amortization is a monthly payment of $1,847 plus taxes, property insurance and perhaps mortgage insurance (PMI). You need to be able to afford this payment.

People who take short term fixed rate loans, interest only loans or pay option ARMS can afford the full payment in most cases. Based on where federal regulators are heading, that is going to be a requirement probably by the end of the year that clients are QUALIFIED on the full payment. These clients are taking a lower payment today with the understanding that they are basically deferring costs to a future date.

Good luck.

Guest

i recieved a letter that i qualified for program to lower my laon payments

Niicss · Posted: Fri Dec 05, 2008 2:26 am Post subject:

Hi art

You can call up their customer service department and check if you have been really qualified for the program or not. Read the program properly and check if there is any loopholes in the program or not.

Thanks.

parmoney · Joined: 05 Dec 2008 Posts: 37 11.32 Dollars($)

Find out if the Bank holding your note will allow for Spousal Assumptions. If so, make a deal with them to lower the note rate as well.

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