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I have a unique situation. Joe and I had owned a property jointly. Joe signed it off to me. I have the deed to a property with an official appraisal for 78,000. There is no mortgage or lein with any financial institution. I do have a mortgage for 40,000 with Joe on the same property. I have about 20,000 in outstanding unsecured debt. What are the chances I could refinance the property for around 60,000 so I can pay off the motgage to Joe and pay off my unsecured debt?

jameshogg · Posted: Fri Jan 06, 2012 12:10 am Post subject:

Hi alex,

If you have equity in the property, then you will be able to refinance your existing mortgage and take a cash out in order to pay off your unsecured debts as well as pay off the debts to Joe.

Thanks

sabrinatoss · Posted: Fri Jan 06, 2012 1:53 am Post subject: hi alex...

Be rest assured that your credit scores will take a huge dip. That would definitely cause you problems getting a refinance.

Idea

mikejohn661 · Joined: 06 Jan 2012 Posts: 1 1.14 Dollars($)

Hi alex,
You credit history will take a good role for doing that. According to me it will the cause of bad history. After dong that you may have to face problem to get refinance in future.

tomburris · Posted: Fri Jan 06, 2012 7:35 am Post subject:

Alex,
You are looking for a cash out mortgage. Done all of the time.

I don't know where the others come up with the score dip. Your score today is what it is.... and will help determine approval.

chrisgummerson · Posted: Fri Jan 06, 2012 11:42 am Post subject:

I too wonder where these posters get this info. They are not even answering your questions. For some reason the people like to post spam on this site, apparently the webmaster is resolving. For the loan. as long as you have a seasoned title, meaning you have been on title for atleast 6 months, you should be able to refinance. You would need a dwelling in good condition, good credit, above 640 at least, and verifiable income for 2 years coverage. For the cash out, most lenders will cap you at 75% which if the title comes back with no liens, you would be able to obtain financing fo 58k...Keep in mind that there are fees involved, so you may not obtain the full 58k. You have title, escrow, appraisal, interest, lender fees etc...Good luck.

Guest

I apprteciate the great feedback! I did find out I needed a minimum of 640. Unfortunetly, my credit score is currently only 571. I am possibly going to get a small loan from family so I can get my credit back up and then refinance so I can pay them back. How long does it take to go from 571 to 640? I am sure it depends on many things. Thanks again,

Alex

chrisgummerson · Posted: Mon Jan 09, 2012 10:25 am Post subject:

Your credit is unique to your situation. If you have collections, you would want to pay and resolve those accounts. Any other derogatory should be resolved. Keep your credit balance, less than 40% of your credit limits. Apply for a secured credit card if you have no credit cards. Get added as an authorize user on someones account. Dont do a lot of inquiries and resolve any past due payments. Good luck .

Guest

chris,

I will have a 40,000 mortgage with Joe. If I refinance and with a bank and pay him off, how can I be sure that he will record the mortgage as paid in full? I know mortgages are usually done through a financial institution not on a personal level.

thanks again

Posted: Fri Jan 13, 2012 4:22 pm Post subject:

Is the current loan with Joe not recorded? Do you have a formal promissory note for the loan with Joe signed by both of you? Make sure you keep all your paperwork. If the home is in your name soley, then Joe cannot make claims against it. He could take you to court for the promissory note, if unpaid. When you close the conventional loan, they will ask for the payoff demand from the private party. Escrow generally will pay them directly. That is your safest bet. Explain to the new lender that there is a personal loan against you, not the home, as its not recorded, but tat you want to pay him through escrow proceeds. I have done thes is the pst. You should be ok...

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