 rntipton
Joined: 10 Dec 2009
Posts: 1
1.47 Dollars($)
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Posted: Thu Dec 10, 2009 11:39 am Post subject: Modding 2 properties on mortgage into 1
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I have a huge problem, and if I do not figure out a way to fix it soon, I am going to have to part ways with an inherited property.
I needed a $50,000 loan 2 and a half years ago. At the time, I owned 2 properties, free and clear. In order to give me a $50,000 loan/refinanced mortgage, my lender, Union Savings Bank, in Cincinnati Ohio, required that I put BOTH properties up as collateral. Seeing as I didn't have a crystal ball, I obliged.
Now, 2 and a half years later, my divorce finalized, and the judge ordered i turn over the property that I wasn't living in to my now ex wife, free and clear. Problem is, since both properties are on the loan, no one is wanting to help me take one of them off.
I am 53 years old. My equifax is around 550, 2 bad credit card debts a year and a half ago. Never late on a mortgage payment. $4500 a month income for the past 9 years, very steadily. My house value that I need to put the full $50,000 on is over $100,000. I don't need any extra cash with the loan, just to have the one property free and clear, otherwise I am going to be forced to sell. I have no idea what to do anymore, fear I have tried any option, and am just hoping for a miracle.
I have a possible co borrower. She has execellent residence stability (40 years), and a 590 Equifax, but very limited income (retired and on SSI)
Any answers are great. Maybe a loan modification to remove 1 property from the note? All I need is to get the second house OFF!!
Any advice? This is basically my last hope.... |
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