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My husband and I are trying to refinance and consolidate. His name is not on the title or note. He has another property in his name only. I have fair credit but money in the bank and he has good credit but alot of revolving debt. We wanted to consolidate his debt into my loan but re-fi in his name because he has the income right now but the bank said we can't get a consumer loan because he hasn't been paying my mortgage for the past year. They said we would have to get an in house loan at a higher percentage rate and hold that in his name for a year before we could re-fi with the consumer market. Is that true? Is there really a new law stating that in order to re-fi in his name you must show payment from his checking for a year???

savior70 · Posted: Sat Apr 11, 2009 6:29 am Post subject:

Hi

It's true that to refinance you have to show them that you have been making the payments on the loan regularly for the past 12 months or so. This is to convince the lender that the person refinancing is capable of making the payments on the refinanced loan.

gmakerley · Posted: Sat Apr 11, 2009 8:38 am Post subject:

mrs, i don't know what kind of lender you're dealing with, but i've not heard of any such stipulations on a loan. an "in-house" loan?

shop around...i think you're being taken down the garden path for some reason.

ashleyblanton · Posted: Tue Apr 14, 2009 4:53 pm Post subject:

Did you call just 1 bank, or is this the same thing from broker to broker? I have never heard of such a thing and have been doing this for 7 years. But there is always a 1st for everything.

My recommendation would to be to call up a couple brokers and see what they all have to say.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

I have been in this business for over 20 years and have never heard of such a thing! I think whom ever you are working with is just trying to make more money off of you.

I agree with George and Ashley, call around.

Here is a suggestion: If the mortgage payments have been made from your joint account, provide the bank with that information to prove it and let us know what he or she has to say to that.

lateniteboy_99 · Posted: Tue Apr 14, 2009 10:18 pm Post subject:

Be careful and be smart enough with this..I say you familiarize your self with many bank programs or ask from different brokers..
Compare and then choose what is best for your needs..

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