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pngentertainment · Joined: 16 Oct 2008 Posts: 5 2.91 Dollars($)

My husband and I are both listed on the title of our home, but I am not listed on our current mortgage. The title is free and clear. The problem we're having is trying to refi our home. We have over 80,000 in equity, but due to a bankruptcy on his part and his poor credit no one will work with us. He is willing for the time being to quit claim the property into soley my name, would we then be able to refi so that the mortgage includes only me? Is this a possibility? The property is in Alabama.

greg1 · Posted: Thu Oct 16, 2008 1:40 pm Post subject:

You can apply for a mortgage in your name only right now. You do not need to quit claim his ownership in the property. He would only be required to sign limited documentation authorizing you to open a loan that secures the home as collateral.

pngentertainment · Joined: 16 Oct 2008 Posts: 5 2.91 Dollars($)

Sorry I wasn't clear on my first post, our current mortgage is about $75000 and is included on his ch 13, which has a few more payments and he is done, there are no other liens or judgements against the property. The trustee has given him permission to refi the home as long as the ch. 13 is payed off when we close... I'm not sure how I could do a mortgage in only my name at this time. Most of the people I've spoken with said since I am not on the current mortgage I can not refi the mortgage.

greg1 · Posted: Thu Oct 16, 2008 2:04 pm Post subject:

You can do it in your name only. I have done several mortgages over my 10 year career this way with various lenders. What types of lenders are you talking too that are telling you no? I am telling you that it is out there and vastly available in the secondary market.

Keep in mind that you would need to qualify for the loan by yourself and using only your income and credit history.

Also, he can be on the loan if you use an FHA mortgage. As long as he has made the payments on his repayment plan on time and has done so for at least 12 months. However, the only reason he may not qualify is due to his credit score. Do you know what it is?

What state are you in?

pngentertainment · Joined: 16 Oct 2008 Posts: 5 2.91 Dollars($)

His credit score is in the low 500s. We are in AL, we've talked to our current lender regarding refi with only me and they said since i'm not currently on the mortgage it is a no go. I've talked to a couple other lendors who won't refi with only me b/c of me not being in on the loan, which I didn't understand being that I'm on the title of the home. We've discussed FHA with a couple of brokers but they say either his credit score is to low or ran into to problems when we verified our mortgage payment history which has been on time for the past 2 years, but since we paid through Western Union Quick Collect they said that was not sufficient to verify income?! All in all its been one thing after another. And after serious discussion we feel that this will be the best route for us to go at this time.

pngentertainment · Joined: 16 Oct 2008 Posts: 5 2.91 Dollars($)

Would you be able to assist me with a mortgage in my name only, without the quit claim or put me in the direction of someone who could.

smithsussane · Posted: Thu Oct 16, 2008 9:22 pm Post subject:

Hi pngentertainment!

Welcome to forums!

You will find a number of lenders in this community and go in for a
no-obligation free loan consultation from them. They will happy to help you and provide you with solutions.

Feel free to ask if you have further queries.

Sussane

Posted: Fri Oct 17, 2008 6:50 am Post subject:

I am unable to do an FHA loan in your state otherwise I would try to do it for you. Try the link in the post above and see if any of the community lenders may be able to assist you. I feel the reasons you state for them not being able to do your loan are not viable for most Mortgage Brokers and also many Mortgage Bankers offering FHA programs. Do you know what your credit score is? The lowest credit score I have seen be able to refinance through an FHA loan is a 540 and that is available with Equifirst Wholesale. You would need to find a Mortgage Broker who deals with them. Most other institutions have switched to requiring a credit score of either 550 which is a minority or 580 which is a majority and some even go further and require a 600 or 620.

Huntington National Bank's wholesale unit does not have a credit score requirement and would likely look at your husband being on the loan. He simply needs to have limited to no delinquency after filing bankruptcy and the low score is probably a resut of him currently being in a bankruptcy. Ultimately I feel it would be better to leave him off so you get a better interest rate. Any lender will charge extra for his low credit score.

I really hope you are able to find a capable loan officer. I assure you the reasons you give for not being able to do this loan in your name are not going to hold you back when you find the right loan officer. All of my FHA lenders allow you to refinance this loan into your name despite you not being on the note. However, they will verify the mortgage payment history and likely see the loan was in a bankruptcy and may have additional requirements at that point. It is unknown how they will react but as long as the payments were made on time in the plan I do not see a problem.

greg1 · Posted: Fri Oct 17, 2008 6:51 am Post subject:

Opps that was me. I forgot to login. I think that picture is cuter than mine.

pngentertainment · Joined: 16 Oct 2008 Posts: 5 2.91 Dollars($)

Thank you Greg, for your advice and assistance. And thank you for hte link Susanne, I will definitely look into it to see if someone would be able to assist us. My credit score is around 611, so I'm hoping that someone would be able to work with me.

jameshogg · Posted: Mon Oct 20, 2008 10:09 pm Post subject:

Hi pngentertainment!

All the best and hope you get a good deal. Please share with the community once you get the deal.

Thanks.

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Name on title not on Current Mortgage