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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi!
Welcome to forums!
To tport,
If your sister's name is removed from the mortgage docs, it means that she is not responsible for the mortgage payment any longer. She needs to check out whether or not her name is mentioned on the property deed. If her name is there on the property, then she is one of the owners of it. However, if her husband has removed her name from the property deed, then she won't be able to claim any ownership in that property.
To Powers,
If you get a low interest rate, then you can refinance the loan. Thus, you will be responsible for making lower interest payments towards your mortgage. If you wish, you can even refinance it to a 15 year fixed rate mortgage. This will help you in paying off the mortgage faster and you will own the property free and clear within 15 years.
To Howie,
As far as I can understand, you don't have any equity in your investment property. In that case, you won't be able to refinance the loan to pay off the second mortgage on your primary residence. I would suggest you to contact both the lenders and apply for a loan modification.
Feel free to ask if you've further queries.
Sussane |
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mrstal@cox.net
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0.10 Dollars($)
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Post subject: friend needs to refinance or remortgage? |
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My friend and neighbor's husband passed away suddenly at the age of 48 2 wks ago. No insurance of any kind and a mort pymt too high for his widow to pay. She needs info on how to reduce paymts or get advice on what to do so she can stay in her home. (Woonsocket, Rhode Island 02895). I would appreciate any advice you could give me so I can pass it on to her and her sisters who are also trying to figure out what to do.
Thank you,
Leslie |
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Paul Nettle
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0.10 Dollars($)
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Post subject: Refinancing |
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| I purchased a condo in March 2010 for $239,000. FHA loan at 4.87%. I have now sold my old condo and have $130,000 cash. Should I refinance, restructure, pay a significant amount toward current loan? Do nothing? I currently pay $1592.00 for current loan (30 year) I WANT TO PAY LESS MONTHLY OVER SHORTER THAN 30 YEAR PERIOD. Please advise. THNANKS |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi mrstal,
If there is equity in the property and if your friend has a good income and credit score, she can refinance the loan and lower the interest rate. In case, there's no equity in the property, then she can apply for a mortgage modification with her lender.
HI Paul,
Your query has been replied to in the given page:
http://www.mortgagefit.com/postdeal/about39746.html#168659
Take a look at it. Hope it helps you.
_________________
Procrastination is the enemy of your financial success |
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Elaine
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Post subject: Refinance to pay off cards on a new house? |
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| I currently have a 30 yr. mortgage for $154,000. I have over 28,000 credit card debt plus school loans and hospital bills. I have enough equity to refi FHA and get 25K cash back. BUT then my loan would be $182,500 and I would pay the additional $73/mo for 5 yrs. We are totally cash-strapped!! Paying bills each month is awful. (this debt load is accumulated from the past 25 yrs) we are 55/59 yrs. We have no savings or other $. We do currently both have jobs paying about $35K/yr. ea. Is this smart to do? We have been in our home (smaller) just 4 months. If we did this we would only then have auto, hospital and school loans left to pay. Our scores are high 600's. We have been approved for the FHA. Help!!! Should we do it? I also don't want to risk loosing our home--and think it will slowly continue to appreciate in value. |
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Andre Jones
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Post subject: Pay off reversed mortgage with low interest rate mortgage |
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| Will NACA help me me by paying off my reversed mortgage and getting a low interest rate mortgage of $350,000. I took the reversed mortgage to pay off mortgage and other bills but do not want my home in hock for more than $650,000. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Hi Elaine,
As you are cash strapped and as you've equity in your property, it would be a good option to refinance the mortgage and get a cash out to pay off your credit card debts. However, you should check out whether or not you would be able to pay off the additional amount of $73 each month for 5 years. If you can afford that amount, then you can go ahead with the refinance.
Thanks,
Jerry |
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anonymous dummy
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Post subject: getting divorced need to refi in my name only |
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| i think my credit is ok. but i'm fully disabled, so on a fixed income. getting divorced, and trying to keep manufactured home where i live. wife is being very uncooperative. will my disability help me get a refi at a good % rate? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi anonymous,
Your disability income may help you in getting a mortgage refinance if you have a good debt to income ratio. Moreover, you need to meet the other required criteria of the lender in order to secure the refinance.
Thanks |
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John Jackson
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Post subject: Refinance Home! |
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| Hello, My name is John Jackson and I would like to talk to you about refinance my home for a better interest rate. Also try to lower my payments. Thank You.. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi John,
If you've equity in your property, then you would be able to refinance your mortgage. Apart from the equity in your property, you should have excellent credit scores and stable income in order to qualify for a refinance. You can contact your present lender or you can even speak to the other lenders of your locality to refinance the home loan.
_________________
Procrastination is the enemy of your financial success |
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netherton
Joined: 17 Jun 2010
Posts: 200
Location: Fort Collins, CO
29.19 Dollars($)
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Hi John,
What state are you located in? What is your home worth and what do you owe on it?
_________________
Nic Netherton
Mortgage Banker
Cornerstone Mortgage Co
Fort Collins, CO 80525
Nic Netherton Loans
970-226-2992
My Daily Rate Sheet
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sljmoon
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0.10 Dollars($)
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Post subject: mortgage |
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| I am going through a very nasty divorce. My soon-to-be-ex and I bought the house for 280,600 but put down 132,000 on it and now just owe 121,000 on a 25 year loan. I am trying to find a way to continue to live in it and afford the payments which are around $1800. I have poor credit - is there any way I could obtain a loan or refinance it (co-signer? or ?). Our house is valued at 360,000. If things go my way and I get custody and the house, my child support would be around $750/mos. added to my monthly income of $3040 (after taxes and insurance). |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Sljmoon,
As you've equity in the property, you will be able to qualify for a refinance with the help of a co-signer. You can request any of your friends or relatives to cosign for you. However, that person needs to have a good credit score.
Thanks |
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Rowdy531
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Post subject: Rate and Term vs Cash out |
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| If I have ever taken cash out of my house and I have 2 loans, can I do a rate and term refinance to do a loan......i'm not in TX by the way!!! |
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