What aremy options

joelloflin · Joined: 06 Nov 2008 Posts: 1 1.33 Dollars($)

The home builder is my mortgage holder. Lived and paid for house for three years, never late. The builder is voluntarily turning the home and equity over to his lending institution. We were told it would be a smooth transition. Now bank is balking for low fica score and federal tax lien. What are my rights?
Home value is 175,000. Equity is 35,000. Fed tax lien 200,000

jameshogg · Posted: Thu Nov 06, 2008 10:50 pm Post subject:

Hi joelloflin!

I think you should first speak to your home builder who is your mortgage holder. If there is a tax lien on the property, then you will have to pay it off. As far as your low FICO score is concerned, the lender will not agree to give you a loan. Was your FICO score not checked before you were given the loan?

You have mentioned that the home has a equity. You can try a home equity loan. Also you can try for FHA loans which are available at a FICO score of about 580.

Thanks.

Caron

Hi joelloflin,

Welcome to the forums.

It's good that you haven't been late on your payments. Do you have any written agreement on how and when the builder would turn your house to his lending institution. And I don't understand why the builder should do so if you have been making payments in time. What's your FICO score by the way? and does the bank want you to refinance into some other loan as because your FICO score is low?

gmakerley · Posted: Fri Nov 07, 2008 9:45 am Post subject:

your case is a whole mess. obviously, you never received title from your builder. you need to engage an attorney on your behalf at once.

"equity" is a non-factor here, as any tax lien on the property takes precedence over every other lien, including the mortgage.

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