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corknme · Joined: 23 Sep 2009 Posts: 1 1.44 Dollars($)

Being self employed, things have been tough. I can continue to pay my mortgage and I have LOTS of equity (owned the house for 25 years). I have tried to refinance taking out cash to pay off other debts, but for the time-being, I can't qualify. I have a friend that owns his own house, but he is willing to co-sign on my refinance but the mortgage company says it has to be his primary residence...any suggestions. I thought of asking him to buy my house, then add me as the co-borrower, but that doesn't seem to be possible either (I can't buy my own house)...again...any suggestions?

jenkin7 · Posted: Thu Sep 24, 2009 12:59 am Post subject:

Hi corknme,

It is true that most lenders have stopped offering stated income loans these days. You need to show a steady and documented income in order to qualify for a refinance. I think you should check with some other lenders because as far as I know, co-signers do not necessarily have to occupy the property. There should be some lenders who will allow your friend to co-sign on your loan. You can also check out if you qualify for a home equity loan on the property and pay off your debts.

gmakerley · Posted: Thu Sep 24, 2009 7:24 am Post subject:

cosigners need to be family members for lenders to give them true consideration, for the most part. you might find a lender who'd be liberal enough to allow a friend to cosign, but i surmise that's a long shot. what's a liberal lender after all, any more?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

cork

Just be careful. Do not borrow more to pay what you ahve already borrowed

greggwyburn · Joined: 13 Sep 2009 Posts: 60 0.00 Dollars($)

mortgage lender does not have confidence that you will be able to pay back the mortgage. try to understand facts. one may be ready for refinance but may charge higer interest rates.

Guest

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gmakerley · Posted: Fri Sep 25, 2009 11:51 am Post subject:

yeah, yeah, carla...i just responded to your similar post. i question the legitimacy of this site.

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Refinancing with help from a friend