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REFINANCING WITH A CO-SIGNER Help!!

I have a mortgage of approximately 148,000 and a 2nd loan for 15,000. My house is worth about 170-175,000. I am currently paying a mortgage of 1368,00 with a interest rate of 10 plus%. I know this so high. I am trying to refinance my loan by getting a loan with somebody who has good credit. I do not have good credit, no judgements or anything but I do belong to a debt counseling co.

I am always on time with my Mortgage... I just want to get my payment lowered I know I will be paying a high interest. We applied to get in [url=http://www.mortgagefit.com/refinance.html]refinance[/url] and waiting to hear if it is approved..If i am able to make this payment of 1368 each I would hope they would approve the loan. If they don't what else could we do... I need to get this payment lower. I am just throwing my money away each month...

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi drillboy,

Nice to see you again after some time.

So, you've gotten somebody to be a cosigner on your mortgage, right? are you using his income too? If his income and credit are good enough, I hope you shouldn't worry about the approval. What rate is the lender offering you? did you calculate as to how you are likely to save from the refinance? you may use the refinance calculator to do so.

In case you don't get qualified for the refinance mortgage, I suggest that you look towards modifying your loan with different terms and conditions. Make sure that the loan modification doesn't raise your payment.

Take Care

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Sara for the good info.. Yes credit and income are good for the cosigner. I haven't found out yet what rate the lender is offering me with my bad credit he said possibly7%. I know that is still high but it is better then 10 plus% Still waiting if we can get approve.. thanks again I will keep you posted

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi drillboy,

Welcome to the forums.

Yes of course, if you get a rate of even 7% as because you have bad credit, it is still better than 10% rate of interest. I guess you have already started loan shopping. Keep posting about any loan offer that you may like to discuss here.

Take Care

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lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It sounds like you might be eligible for FHA on your own if you have decent payment history on your mortgage. The rate would most likely be lower than 7%.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I tried to get a loan at a bank with a co-signer it didn't get approved because of my credit and I belong to a debt counseling co. Even though my co signer had good credit..

My mortgate is always on time.. Any other suggestions?

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi drillboy,

If your cosigner has good credit and you're using his credit record for the refinance, why would you be denied just because you have bad credit? I think there's some other reason for the denial. Please talk to your lender and ask him what's behind it.

Do you have both mortgages with the same lender? And are you trying to refinance with the same lender? If yes, then I suggest you try shopping with a few more lenders. Who knows some other lender may be willing to offer you the loan. Are you using your cosigner's income too?

Good luck

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

"bad credit" can be construed in many different ways. if someone has an armload of collections, judgments, liens and charge offs, then any lender is going to term that "bad credit."

if someone else has paid all bills on time for years, leading to a 700-plus credit score, but something happens to cause that person to miss a payment on an account, that person will now claim to have "bad credit" even though the rest of us would recognize this as simply a blip on the radar.

drillboy, you've not provided us with the background about your "bad credit," so it's hard for any of us to determine whether you should have been granted a loan or not.

there is an old adage in lending: "adding a co-signer doesn't make a bad loan good." if this is your lender's attitude, then it's no surprise you were denied.

you can certainly keep shopping, but do so with your eyes open. if your good payment history on your mortgage hasn't turned the credit report around in your favor, then there's something else much deeper that is holding you back.

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creditforums's picture
creditforums | Joined: September 11, 2008 01:37 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Great you have received many suggestions form many users.

I totally agree with Sara.
You should concern others before plunging into these loans.

To be on safer side is certainly a good thing. So just view more experiences of others and then go forward.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As far as my credit. On m Credit report I have 2 cards that went to collections. 3 that were 30 days late. And I joined a Debt Counseling Co. that the bank didn't like so they didn't give us a loan. It's just frustrating because I am making this huge payment each month I thought they could look at that and see I could make a lesser payment without a problem.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

"that the bank didn't like" is something i'm not quite familiar with. honestly, a debt counseling company is a far cry from someone like Consumer Credit Counseling Service, which is a non-profit concern expressly designed to help people without exorbitant charges. maybe the bank didn't like the company because it's not a company that is truly helpful to people - who knows.

as for the credit issues themselves, having cards go to collections is very harmful to your credit, and any creditor worth its salt is going to look askance at you as a result. also, having accounts that were 30 days late (once?) helps you not at all.

that you are now able to make a larger payment (for how long?) is not exactly indicative of how you'll be able to handle payments in the future. after all, you've just mentioned (in your own words) that you do not have good credit.

a couple of things are missing that would allow for us to give you more relevant information. do you know what your credit score is; and how long have you been with this service that is paying your accounts with/for you?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit score is 510... I have been with the credit counseling co for 6 months and I missed my August payment because I had to pay a tax payment. I realize I should of never been given the loan back in 2006 with my debt ratio. How do you qualify for the the mortgage relief? I am not trying to bail out of my situation I just want to refinance and I hate throwing away my money every month at 10%. I know I have got myself in this situation. I just need some advice on the best way to get out of it

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi drillboy!

Welcome to MortgageFit Forums!

The mortgage relief plan freezes interest rates on ARM for five years and is considered to be a welcome relief to some subprime borrowers. However, everyone does not qualify for the benifit. Buyers whose ARM originated between Jan. 1, 2005 and July 31, 2007 and the interest rates scheduled for their first reset between Jan. 1, 2008, and July 31, 2010. The borrowers must live in their homes and have a potential initial payment increase of more than 10 percent. The borrowers who have a credit score less than 600 will benifit from this. They must also have little or no equity in their homes or should not have a history of late payments.

Hope this will help you.

Thanks,

Jerry

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

drillboy, what you'll need to do is contact a local lender who is involved in this relief plan.

what might be the easiest way is to go to www.hud.gov and seek out fha lenders in your area.

you will have no luck with conventional lenders at this time.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Do you think I will have even a chance with HUD with my credit (with a cosigner) I know these are general questions just trying to find a way to lower my mortgage. I appreciate all of your assistance.

Thanks again

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i don't know enough about these relief programs to comment. go to the hud website and you'll find agencies ready and willing to help, in your area. contact one of them and move on from there. i would think a cosigner makes no difference one way or the other.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My mother is planning on co-signing with me for a mortgage due to my bad credit history. Before my divorce, 9 years ago, my credit was excellent; but after losing a couple jobs, attorney fee's etc, my credit went down the tubes. Chargeoffs, vehicle repo, etc. My question concerns after the original mortgage with my mother and me on the mortgage. What does it take, time/credit repair/etc, before I can [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with just myself on the mortgage?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ANB,

Your query has been answered in the given link:
http://www.mortgagefit.com/credit/refinance-loan.html

Please take a look. Hope it helps you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a line of credit for 180,000 on my home. Rate is floating under 5% and I have only been able to pay the interest due to hardship and the fact that I should of never borrowed the money...My first morgage is 5.78 oweing 119,000.The house would not sell for what I owe in this market. I have never been late on any of my morgages in 15 years. However I owe business and personal creditors that I have not been able to pay. My line of credit baloons in 2 years. Can I refinance with my dad as a cosignor and his credit at a low rate?????

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi SHERI,

You will have to check out whether or not you've equity in your property. If you've equity in your property, then you will be able to refinance the mortgage and take advantage of the lower rates.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sheri, I suspect your best move might be to seek a modification from your first mortgage lender...and it won't hurt to float that subject to the heloc lender as well. Lenders honestly don't want to take back a house in foreclosure, and refinancing isn't looking all that promising based on what you've said about the value...in that scenario, modification may well work to your utmost advantage.

By all means, investigate with your current lender, or any other lender you find you may like, and see if it's plausible to refinance. You've nothing to lose - by all means don't pay any fees up front for a prequalification request. All they ought to need do is to run your credit (and your dad's) and calculate what, if anything, they can do.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We applied for a loan modificantion and were turned down after three yeas of aaiting for an answer. Now our home has possibly going in to forclosure even though we have made payments. Where can we get a bank to refinance with a cosigner. The only other option is chaspter 13

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

PChavez, refinancing is not a very likely consideration. There still remain some programs that would be worth your trouble to take a peek at. Contact a HUD-approved counseling agency to see if there's something that matches your situation.

Otherwise, you may be right about the bankruptcy option.

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