Posted on: 12th Jul, 2007 09:49 pm
Hello.
I've been here a couple of times. But here is the basic story Quickly. I've been buying this house for 7 years a while back I went off the deed and the loan due to being laid off. In which I went right back to work never really laid off same employer. Once I was off the deed the other party refinanced my house and then took out a second. I have been way taken avantage of. Now the other person wants out of the house. I want to take it over which would be no problem she has already signed an agreement to pay me back the 2nd mortgage amount if I am able to get refinanced. Now the problem falls for me when I've only been back on the deed for 2/3 months. Also she has already agreed to give up the part of the house that she owns I will let her walk out with the 68,000 that she refi\'d out from under me but I have an agreement that states she will pay me back the 26,000 from the 2nd. What can I do to get refinanced or take over the property. Since iI have only been back on the deed for such a short time if this is too wide spread I can elaborate if need be also my middle credit score is @ 651 .. Thanks Fred
I've been here a couple of times. But here is the basic story Quickly. I've been buying this house for 7 years a while back I went off the deed and the loan due to being laid off. In which I went right back to work never really laid off same employer. Once I was off the deed the other party refinanced my house and then took out a second. I have been way taken avantage of. Now the other person wants out of the house. I want to take it over which would be no problem she has already signed an agreement to pay me back the 2nd mortgage amount if I am able to get refinanced. Now the problem falls for me when I've only been back on the deed for 2/3 months. Also she has already agreed to give up the part of the house that she owns I will let her walk out with the 68,000 that she refi\'d out from under me but I have an agreement that states she will pay me back the 26,000 from the 2nd. What can I do to get refinanced or take over the property. Since iI have only been back on the deed for such a short time if this is too wide spread I can elaborate if need be also my middle credit score is @ 651 .. Thanks Fred
Shorty,
Lenders are not willing to refinance if only a few months have passed since the first refinance is over. But different lenders have different criteria for approving loans, so you may have a fair chance of getting the loan refinanced.
Lenders are not willing to refinance if only a few months have passed since the first refinance is over. But different lenders have different criteria for approving loans, so you may have a fair chance of getting the loan refinanced.
hi fred,
it is good that she has already signed an agreement to pay you back the 2nd mortgage amount. at least you are free from the burden of paying the higher interest rates of the second mortgage. but so far the first loan is concerned, can you please tell me when was it refinanced? if it is done within last two to three months, then you may face problem now to refinance it again. still you can shop around with some lenders and find out if they could help you to refinance the loan again.
it is good that she has already signed an agreement to pay you back the 2nd mortgage amount. at least you are free from the burden of paying the higher interest rates of the second mortgage. but so far the first loan is concerned, can you please tell me when was it refinanced? if it is done within last two to three months, then you may face problem now to refinance it again. still you can shop around with some lenders and find out if they could help you to refinance the loan again.
Many people are under the wrong impression that they cannot refinance their home within a short period of time after the first refinance. But you should refinance for a second time only when you can save up to some percentages of your current mortgage rate. When you plan to refinance for a second time, go for a no-cost refinance option. By this type of refinancing, you will incur only the appraisal cost. And if you can use the appraisal from the first refinancing, you will be saving more money.
Also seek advice of an attorney regarding the refinance for the second time.
Also seek advice of an attorney regarding the refinance for the second time.
refer to first post
here is what i'm trying to do i want to put this house in my name only i've been back on the deed for only 2/3 months. we bought the house in march ,2000. i was on the deed until a year ago. the other person wants to just sign over the house because she refinanced behind my back which i will have to deal with but at least she will be out my first post explains whats going on. the last refinance was in feb 2006 and the so called personal loan was taken out feb 2007. this was suppose to be a personal loan but now she said it was not suppose to be on the house then come to find out it was a secured loan. so the house went on to have this second on it. the second was from benifical finance. my scores are 641,651,691. i hope i can find a lender that will let me do this but what i'm wondering if i keep going to or answering all these calls and they want to keep running my credit won't that lower mt scores? what else can i do i want her out. also what is involved if i assume the loan do i have to assume it at her interest rate. plus if i assume the loan is there anything that can be done if i were to sell down the way would she still be entitled to any money. would a quit claim deed prevent that because i don't want to do upgrades if she would still be intitled to anything. this is why i.m trying to refinance by myself.. thanks again
here is what i'm trying to do i want to put this house in my name only i've been back on the deed for only 2/3 months. we bought the house in march ,2000. i was on the deed until a year ago. the other person wants to just sign over the house because she refinanced behind my back which i will have to deal with but at least she will be out my first post explains whats going on. the last refinance was in feb 2006 and the so called personal loan was taken out feb 2007. this was suppose to be a personal loan but now she said it was not suppose to be on the house then come to find out it was a secured loan. so the house went on to have this second on it. the second was from benifical finance. my scores are 641,651,691. i hope i can find a lender that will let me do this but what i'm wondering if i keep going to or answering all these calls and they want to keep running my credit won't that lower mt scores? what else can i do i want her out. also what is involved if i assume the loan do i have to assume it at her interest rate. plus if i assume the loan is there anything that can be done if i were to sell down the way would she still be entitled to any money. would a quit claim deed prevent that because i don't want to do upgrades if she would still be intitled to anything. this is why i.m trying to refinance by myself.. thanks again
Fred as it has been more than one year she refinanced the mortgage you should be able to find a lender willing to refinance again. Your scores are decent enough to help you qualify for the refinance. She is also willing to pay off the second loan so it is even better.
"Also what is involved if I assume the loan do I have to assume it at her Interest rate."
You would be able to assume the mortgage if this mortgage has an assumption clause. Check your mortgage note to see if it is mentioned in it or not.
Miller
"Also what is involved if I assume the loan do I have to assume it at her Interest rate."
You would be able to assume the mortgage if this mortgage has an assumption clause. Check your mortgage note to see if it is mentioned in it or not.
Miller
How involved is it usually to assume a loan the loan was originated by Countrywide. There have no late payments. I don't have the paperwork from the refinance she does also she said that there is a early pmnt penality until 2009 I 'm having a hard time trying to believe her any more She was working in the real estate business and thats why I don't believe she would sign with out a no penality payoff with all the avenues she had/ has. This is one person I will never trust in the field
Hi Fred,
She did a refinance in 2006 & it has a ppp up to 2009. Many mortgages have 3-5 yrs. ppp period, so she might be correct on that.
The loan from countrywide is assumable or not can be difficult to tell but chances are it was not. As many loans made nowadays do not have such clause. But it can be the other way also.
Even if there is a ppp, you ask her to pay it when you refinance as she has made $68k out of the refinance. The penalty could be around 3%.
She did a refinance in 2006 & it has a ppp up to 2009. Many mortgages have 3-5 yrs. ppp period, so she might be correct on that.
The loan from countrywide is assumable or not can be difficult to tell but chances are it was not. As many loans made nowadays do not have such clause. But it can be the other way also.
Even if there is a ppp, you ask her to pay it when you refinance as she has made $68k out of the refinance. The penalty could be around 3%.
hi fred,
i understand all your concerns and worries but keep your calm. it happens at times when things don't work out the way you would like them to. but things do change as we keep trying for the better. now, as far as allowing lenders to run your credit is concerned, this is what i would consider to be inquiries which do have an affect on your score but it goes in this way – if there are too many inquiries within a certain time period then only your score is affected.
if you wish to have only your name on the title, then you can ask the other party to draft a quitclaim deed and sign it over to you. also, get the deed signed by a notary public and then record it at the register of deeds.
as far as taking over the loan is concerned, you may have to refinance again to have only your name on it or the lender may allow you for a novation. but the latter is difficult to obtain and it concerns having a very good credit profile also. the interest rate at which the other party has been paying may not be the one that you will be offered.
regarding the sale of the property, the other party is entitled to any part of the sale proceeds. this is because after she signs over the deed to you, she remains no longer the owner of the property. but i would like to mention here something – it's important that you have the refinance paperwork along with you. if the other party is not willing to provide you with it then contact countrywide who offered the loan and get a copy of the loan from it.
good luck
i understand all your concerns and worries but keep your calm. it happens at times when things don't work out the way you would like them to. but things do change as we keep trying for the better. now, as far as allowing lenders to run your credit is concerned, this is what i would consider to be inquiries which do have an affect on your score but it goes in this way – if there are too many inquiries within a certain time period then only your score is affected.
if you wish to have only your name on the title, then you can ask the other party to draft a quitclaim deed and sign it over to you. also, get the deed signed by a notary public and then record it at the register of deeds.
as far as taking over the loan is concerned, you may have to refinance again to have only your name on it or the lender may allow you for a novation. but the latter is difficult to obtain and it concerns having a very good credit profile also. the interest rate at which the other party has been paying may not be the one that you will be offered.
regarding the sale of the property, the other party is entitled to any part of the sale proceeds. this is because after she signs over the deed to you, she remains no longer the owner of the property. but i would like to mention here something – it's important that you have the refinance paperwork along with you. if the other party is not willing to provide you with it then contact countrywide who offered the loan and get a copy of the loan from it.
good luck
So is she entitled to anything if she Quit claims the property over to me ?. This means she has no interest in the property and is only going to remain on the loan only.
"So is she entitled to anything if she Quit claims the property over to me ?. This means she has no interest in the property and is only going to remain on the loan only."
She can claim a portion for quit claiming her share of ownership, but she has already made a lot of money by refinancing you should not be giving her anything.
After quit claiming interest, yes she will remain on the mortgage without any interest in the property. But you will have to refinance the mortgage in your name.
She can claim a portion for quit claiming her share of ownership, but she has already made a lot of money by refinancing you should not be giving her anything.
After quit claiming interest, yes she will remain on the mortgage without any interest in the property. But you will have to refinance the mortgage in your name.