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Jason_Turner
Guest
0.10 Dollars($)
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 Posted: Fri Oct 26, 2007 11:54 pm Post subject: Pay off house or refinance and cash out for repairs? |
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| I am looking to refinance my mortgage. I have been divorced recently and got the house in settlement. i plan on doing some repair work in the house that is yet to be finished. But I could also pay off the house with the money I received from the settlement. But will that be helpful for me? The other option is to refinance the house and get extra cash for the repairs. The current loan is that of a refinance at 7% rate of interest. Any advice would be appreciated. |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Sat Oct 27, 2007 12:20 am Post subject: |
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Hi Jason_Turner,
If you can pay off your mortgage and complete your repair works with the money you have received from the settlement, then it is better to do that. Otherwise you can go for refinance. But in that case, do you have enough equity to support your refinance? You have said that your current loan is that of a refinance at 7% rate of interest. So can you get lower interest rate? If so you can go for it.
Thanks,
Larry |
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Jonny
Guest
0.10 Dollars($)
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| Posted: Sat Oct 27, 2007 1:58 am Post subject: |
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Hi Larry,
If Jason has enough money to pay off the mortgage and repair work in the house; and also get lower rate in the refinance loan, then which one is better to choose? |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Sat Oct 27, 2007 2:04 am Post subject: |
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Hi Jonny,
I have said that if she have enough money to pay off the mortgage and complete the repair works of the house, then it is better to do it. Why should she go for the refinance? Only if she can't do it then she can choose the refinance option with the lower rate.
I hope you have understood now 
Larry |
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anonymous homeowner
Guest
0.10 Dollars($)
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| Posted: Sat Oct 27, 2007 9:13 am Post subject: |
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| Are there any options besides foreclosure for people who have an ARM that is about to adjust to payments that they can't afford to make and the value of the house has dropped about $30,000 from what they owe on it? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 636
Location: OHIO
106.31 Dollars($)
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| Posted: Mon Oct 29, 2007 6:02 am Post subject: RE: Avoid foreclosure on ARM |
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Hi Guest,
Welcome to our community forums.
You can go for the FHA Secure loan program which has been recently introduced by the FHA in order to help delinquent borrowers avoid foreclosures on their properties. But the loan amount cannot be higher than the value of the home.
Moreover, cash-out refinance isn't allowed as a part of the FHA Secure program. However, the FHA would include property taxes and insurance payments into the loan amount. But in order to avail this program, you need to be delinquent on the loan at least once.
If you can prove that you couldn't afford to make the payments due to the adjusting rate on the mortgage, then there are chances that you'll be able to qualify for the loan.
Regards,
Jessica.
_________________
Home buying made simple with Community booklet |
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Tsania
Guest
0.10 Dollars($)
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| Posted: Thu Nov 01, 2007 10:22 pm Post subject: unable to refinance - what to do? |
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| I need to do a refinance so that I can pay down my credit card debt. I have qualified for refinancing with low interest rate, that is available for disabled persons but until and unless the co-owner signs the note, the bank will not allow me to refinance. I don't want to do a divorce but I can't sell the house or refinance. Is there any option? |
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Tsania
Guest
0.10 Dollars($)
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| Posted: Thu Nov 01, 2007 10:24 pm Post subject: |
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| oh, i forgot to add in..the cosinger is my spouse..he was supposed to sign but he is unreachable for a long time |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Fri Nov 02, 2007 2:50 am Post subject: |
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Hi Tsania,
If you are the co-owner of the property you cannot refinance it without the consent of your spouse. Only if he transfer the property through a quitclaim deed or allow you by signing the documents, you can get it. Otherwise it is very difficult for you. It will be better if you talk to an attorney on this regard.
Thanks,
Larry |
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jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Fri Nov 02, 2007 3:17 am Post subject: |
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Hello Tsania,
It is not possible to sell or refinance without the consent of the co-owner.
Your husband has to transfer his share of property to you and only then you will be able to refinance it. |
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Garry
Guest
0.10 Dollars($)
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| Posted: Tue Nov 27, 2007 5:47 am Post subject: is it scam or just ok with refinance? |
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| I am into a refinancing deal with a California mortgage company, secured funding corporation. The closing papers have been given to me but I am not yet getting the funds. It's been 2 weeks now. The company says they're reviewing the appraisal for the refinance loan. What do I do? Do I have any legal rights here? Is this company doing scam? |
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jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Wed Nov 28, 2007 6:10 am Post subject: |
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Hello Garry,
Was the appraisal done before the refinance? I think you should contact the company talk to them clearly. It may not be a scam but you should keep the contact with them. |
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larry
Joined: 27 Jun 2007
Posts: 2951
411.26 Dollars($)
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| Posted: Wed Nov 28, 2007 10:11 pm Post subject: |
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Hi Garry,
Welcome to this forum.
The company may not be a scam. But I agree with Jenkin that you should keep contact with the company and wait for some time; see what they do. If they are reviewing the appraisal for the refinance loan, then ask them when will you get the money? You can always take legal actions if you find the company is doing some kind of scam.
Thanks,
Larry |
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Susan
Guest
0.10 Dollars($)
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| Posted: Tue Dec 11, 2007 1:26 am Post subject: |
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| 4 months ago I bought a home and have now started renovating the property. A part of the renovation costs include cash obtained from the personal line of credit and my credit cards. But as soon as I started withdrawing my credit card money, my score dropped from 750 to 600. I didn't understand what's going on. I had initially thought of refinance and then I would have consolidated all the loans after I had done with construction. But now that my credit score is down, I'm afraid I won't be able to get the best rate. how do I get out of this whole mess? |
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jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Tue Dec 11, 2007 4:45 am Post subject: |
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Hello Susan,
If your credit score has dropped down to 600 then there are every possibilities that you won't be able to get the best rate.
As your credit score is based on the information available in your credit report, it is lowered due to the increase of unsecured debts like cash obtained from credit cards. So, a lower credit score due to these debts will increase the risk to the lender.
It would have been better if you had taken out a construction loan for this purpose.
You should try to bring down the credit card balances in order to increase your score. You may try for a home equity line of credit or a loan from your 401K account and pay off the credit card debt. |
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