Posted on: 20th May, 2012 08:21 am
my name was not put on the original loan for our home but i was put on the deed. my husband left immediatly after purchasing the house 2 years ago and i have been left with making the mortgage payments. his leaving left me and my little ones in a horrible financial mess and although i have made the mortgage payments some other bills fell behind and my credit took a big hit. my credit score is not high enough to refinance and it is wanting to force me to sell unless i can get something done quickly. we have no where else to go if he forces te sell and i will also lose the equity in the home that he was signing over to me when the home is refinanced. is there anyway possible for me to get credit with the credit bureaus for the mortagage payment i have been making for the last 2 years? my payments have been helping his credit but not mine and a financial advisor has already told me had those payments been reporting under my name then my credit score should be high enough to refinance. is there anyway possible to have my name added to the mortgage or get the bank to report the info under me?
Hi sdean,
You should contact the lenders and try to assume the loan. This might help your cause. However, it is a fact that the lender will always check your credit report before letting you assume or refinance the loan. You can take help of a co-signer in order to refinance or assume the loan. I am sure paying the mortgage on time for the last 2 years have definitely had a positive affect on your credit scores.
Thanks
You should contact the lenders and try to assume the loan. This might help your cause. However, it is a fact that the lender will always check your credit report before letting you assume or refinance the loan. You can take help of a co-signer in order to refinance or assume the loan. I am sure paying the mortgage on time for the last 2 years have definitely had a positive affect on your credit scores.
Thanks
Hi sdean!
Welcome to forums!
You should note that if the property is in your name, then your husband cannot sell it off without your permission. As you have made regular payments on time for the last 2 years, it will definitely have a positive impact on your credit report. You should contact the credit bureaus and try to get hold of a copy of your credit report and check your scores. If your scores have improved now, then you can refinance the mortgage in your name so that you are responsible both for the property as well as the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should note that if the property is in your name, then your husband cannot sell it off without your permission. As you have made regular payments on time for the last 2 years, it will definitely have a positive impact on your credit report. You should contact the credit bureaus and try to get hold of a copy of your credit report and check your scores. If your scores have improved now, then you can refinance the mortgage in your name so that you are responsible both for the property as well as the mortgage.
Feel free to ask if you've further queries.
Sussane