Refinance using EIN#

molliehuber · Joined: 08 Feb 2007 Posts: 10 4.93 Dollars($)

We purchased our home on 2/28/2006 no sooner we had an emergenct that put us behind in our mortgage 5 payments, the company did a loan modification and on Devembwer we had the new monthy payment and everything was going fine until May when we suffered a major setbackas we had to replaced the whole a/c $3995) and the pool needed resurfacing badly $2500) we had to use the monthly payment to cover thse expenses putting us again 5 mos. as of 9/1/2007 behind again. We are thinking of filing for Ch. 13 in order to protect from foreclosure. I was wondering if we could refinance the mortgage under our business EIN #, it will still be our primary residence and our credit looks better under the EIN#.Does anyone know if this can be done? Please advise

Guest 0.10 Dollars($)

Filing a chapter 13 won't be a good option as that will stop the foreclosure only temporarily. After the bankruptcy proceedings are over, the foreclosure will carry on as usual.

0.10 Dollars($)

Hi Mollienhuber,

If you still use the home as your primary residence, you cannot refinance the loan under your business EIN#. I don't think the lender will allow you to refinance the loan in the business name as you will be living in that home.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hello Mollienhuber,

You said that you want to refinance against your home. So you cannot refinance under your business EIN #. Refinancing is a process which allows to replace your existing loan with a new loan. But in both the cases, you have to keep the same property as security.

So you are not allowed to refinance your principal residence with a commercial or business property.

Guest 0.10 Dollars($)

Don't file chapter 13, it will damage your credit score.

Why not request for a loan modification another time? Is the mortgage company saying that they won't be able to do it this time?

Guest 0.10 Dollars($)

Hi --

I don't mean to be harsh, but you need to rethink your priorities.

You have an obligation to repay your mortgage every month. It is not the lender's problem that you have to work on the pool or the air conditioning.

As to using an employer identification number instead of a social security number to get a mortgage, do you have employees? If the idea is simply to use the EIN and not the social security number, then first ask your attorney about something called "credit file segregation."

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