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Should I cosign a refinanced mortgage with father in law when I have bad credit?

Aug 12, 2008 by Daisy A | Posted in Credit

We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $50k a year with combined pensions and social security. The bank was only willing to give him $350k and we actually need $390k. They said the only way they'd allow him the $390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc...). The bank told him they would just really like my income there (I make $60k a year), but I'm afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $550k in the current market.

Thanks for your feedback.
We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $50k a year with combined pensions and social security. The bank was only willing to give him $350k and we actually need $390k. They said the only way they'd allow him the $390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc...). The bank told him they would just really like my income there (I make $60k a year), but I'm afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $550k in the current market.

Thanks for your feedback

eta: Thanks for the replies. Another question. I really don't want to explain my situation to him unless I really need to. Can the bank(s) discuss my information with him without my consent?

Did anyone actually read this question?

They are looking for a refinance with cash bank not a purchase so down payment is not even a factor.

Since you have bad credit the bank will not be able to make a decision on the loan until you actually apply and since you father in-law has already been turned down you have nothing to lose.

Now one of the other posters did point out something you have to take into consideration, if your name is going to be on the title and you have creditors coming after you for the repossessions or back taxes they can take you to court, get a judgment and file a lien on the home.

They can't take it but they can force you to pay them back out of any profits if you sell it.

I'm looking for a lender that can help refinance with bad credit?

May 03, 2007 by tommysgirl | Posted in Credit

My fiance and i want to refi, on our home. I have tried every company i can think of. We both have bad credit, but we need to also cash out to pay off our debt and start over. He owns his own business and it just started picking up again. It's seasonal work(painting). We want a loan with high interest so the payments are afforadable in his off season. Mortgage companies keep telling me that our home is worth too much? I find that hard to believe. If any can help we would thank you very much. I am trying to avoid bankruptcy.

I would be happy to discuss this with you. We are a direct lender as well as a broker. I have access to pretty much everything. There is always a solution.

annette@annettesousa.com

If I refinance my home to cash out equity and end up foreclosing in the future, what can happen to me?

Oct 06, 2007 by iboughtanightmare | Posted in Renting & Real Estate

I like many others am in financial trouble and am having problems paying my mortgage.
I'm thinking about refinancing my home (for no more than it's current market value) and taking my equity so I can pay off my car and a credit card.
If I do that, and still end up facing foreclosure in the future - what can happen to me besides having my credit ruined?
I live in Arizona - the law here states that - "A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure provided the property is a single one-family or a single two-family dwelling."
I fall into that catagory. Basicly, I'm wondering about future pit-falls if the worst case scenerio happens and I do end up foreclosing after I do a cash-out refi.

That is not the law here in Texas but it sounds like you will be OK there except....if you do this and somehow they can tell you planned it all along...I bet that falls into the category of defrauding a bank (bank fraud).

If you innocently have hard times though, your credit is ruined, but it doesn't sound like you can have a deficiency filed against you.

The federal government is discussing passing a law that might protect you against the "phantom income" problem. "Phantom income" is when a mortgage company turns any shortfall into the IRS and you owe taxes on that amount of the mortgage you didn't pay back.

How can we transfer property in an amicable divorce if the other spouse has bad credit?

Nov 17, 2008 by Jason Dray | Posted in Marriage & Divorce

My wife and I are filing our own very amicable divorce. The house is currently in my name and we wonder what our option are for what we can do with it. Ideally, the house would be put in her name but refinanced at a higher cost - net cash out to me. The problem is that her credit is really bad (mine, too), and a refinance in her name may have horrible terms. Is there a way to transfer the ownership of the house to her under the terms of my (the current) mortgage? Any help is greatly appreciated.

Mortgage refinance?

Feb 05, 2008 by Wondering | Posted in Credit

Yesterday our mortgage lender called to give us details on a possible refinance opportunity. We aren’t sure if we want to do this or not. Would you look at the facts and figures and give us your opinion?
Right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. Our monthly payment is $1,113.87. This includes insurance and taxes.
We can get a refinance at 5.625% 30 year fixed rate for $161,000. Our monthly payment will be $1,250.
Another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611.
Both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home.
We would get a cash out of $34,000 to pay off credit card debts. These credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. We have been paying off about $700 to $1000 a month on this debt. In the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. This is the only debt we have, other than the mortgage.
Here’s the question: Should we continue to pay off the credit card debt and be done with it in about two years? Of course, this is assuming that there are no other emergencies that require us to charge more debt. I am wary of the credit card market being able to change your percentages without much reason. We have co-signed for a car for a family member and she often makes late payments. I understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. That would be bad.
It would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. And not to worry that the terms might change without much warning. Plus it would all be a tax break.
On the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. Then we could double up on our mortgage payment and get that paid off sooner.
What do you think? What would you do if it was your choice? We are going to ask our accountant friend the same questions. Just gathering opinions now. Thanks for taking the time to help us think this one through. We will be anxiously awaiting your answers!

If you miss a credit card payment, they'll scream and yell.
If you refinance your credit card debt by attaching it to your house, you'll be paying off your credit cards for the next 30 years, and then if you miss a payment, they take the house.

Get a copy of "The Total Money Makeover" by Dave Ramsey.
He explains a plan to never need credit cards again.
I'll summarize:

STEP 1: You're worried about emergencies. Good! Save up for them. Pay only the minimums on your credit cards for a month or two, until you get $1,000 cash saved. Withdraw the $1,000 as ten $100 bills, and buy a picture frame and get it engraved: "In Case of Emergency, Break Glass". Then put the Benjamins in the picture frame, and hide it in the back of the closet.

STEP 2: Once you have that cash saved, cut up your credit cards. Pay off the cards, just like you have been planning to. If you need to break your pretty picture frame, then go back to paying the minimums until you're back to $1,000 saved.

STEP 3: Finish your emergency fund. Continue saving the $700-$1000, and put it in a separate bank account (or buy a very large picture frame). When you have 6-months expenses saved (roughly $25,000), you'll be ahead of most people in the country.

STEP 4: Start saving for retirement. 15% of your income.

STEP 5: The kids' college fund.

STEP 6: Pay down the mortgage, until the house is paid in full.

STEP 7: Live like you're rich, because now you are.

What are the best mortgage companies for refinance in the DFW, Texas area?

Apr 29, 2008 by stephanickety | Posted in Renting & Real Estate

A few years ago my stupid husband got a bad refinance loan - really bad, I don't even want to admit the interest rate. He got in over his head with our credit cards, didn't tell me, and looked for a way to get it together and picked the mortgage to cash out. I was a young wife who went along with it and signed the papers at closing, very pissed off. So I woke up and took over the finances and now our credit is great and I want to get rid of this horrid subprime loan. It pisses me off every time I pay the mortgage.

So...I began this process last year was lied to about locking in the rate after I paid $400 to lock it and so I abruptly stopped the refinance. This was a company I found through Lending Tree. So I want to do this with a decent company, preferably a mortgage company not some middle man mortgage broker. Does anyone have a recommendation? I just don't know how to research to find a good one.

Is there any law that says you can't cash out all your lines of credit+cards and then save the cash in a box?

Feb 29, 2008 by this_one_dude | Posted in Law & Ethics

Right now I have $150K of available credit through a variety of sources. My good credit score is about to be trashed because I can't afford my mortgage reset after 5 years and there is negative equity in my home so I can't refinance. Since my credit score will be destroyed can I cash out the $150K since the damage is already done? How long will it take for the debt to be discharged from my record? If I keep the cash in a box and don't declare bankruptcy to say that I don't have the cash, what is the worst that can happen to me?

HAs anyone heard about the "we buy your house for cash" companies?

Dec 30, 2006 by Just Wondering | Posted in Renting & Real Estate

I want to get rid of my house fast. I cant afford it and I cant get it refinanced. I have good credit but I dont make enough money for the mortgage companies to want to refinance me. I am relocating in August and the house market it bad here so I dont have time to sell my house. I was gonna rent it out but my mortgage is too high and I am sure no one will want to rent it out.

Before you rush out and have a fire sale at your home there are several things that you can do to save a bad situation from going to a worse situation. There are other options that the others fail to mention.

#1 Lease with an option to buy.

This way you lease your house to someone for a little higher than the regular rent in your neighborhood. The person you are leasing to take all the responsibility of lawn care, minor maintenace on the property. You are able to get earnest money down like between $5000.00 to $10,000.00 for this transaction. You might also credit a small portion of the rent since it will be a little high toward the down payment of the house, once they exercise their option, if they exerecise their option.

#2 Sell with seller carry back of a 2nd mortgage

You have indicated you can not get your property refinance. This way you become the bank. Under this method you sell your house to a buyer that will give you a down payment say 20%. W will discuss figures later. Now lets deal with a sample of what I am talking about here.

Say for the sake of this argument that your house as it stands presently it is valued at $225,000.00. You currently have a mortgage on the property of $120,000.00 and the monthly payments are $1025.00. The prospective buyer is able to give you 20% as a down payment which equals out to $45,000.00.
Now you have to add the existing mortgage mount of $120,000.00 and the down payment together which equals $165,000.00. Now we subtract what is owed on the property and the down payment from the value of the property which equals $65,000 worth of equity that has to be paid. You can take the $45,000 down and carry a 2nd mortgage note of $60,000.00. You will have to determine an interest rate and the number of years you would want to amortize this mortgage. Most of us that carry 2nd mortgage look at the guys credit and determine from that what the rate would be.The amorization would normally be 30/15 that is amortized for 30 years and the buyer would have to pay you the complete loan on or before 15 years. You could put 5 or 10 years also, it is up to you. So let's say you carried the note for 30/5. If you charged an interest rate of 8.5 the monthly payments would be $461.35. Now you owe a mortgage to someone else they must pay that also. So adding the two mortgages together they would have to come up with a montly payment of $1486.35, which they would send to you no matter where you are. You would keep the $461.35 each month and send the $1025.00 to the mortgage company you are presently paying.
(This the best way)

Now you really don't have to do a lot and it is really not that hard. Once you have found a buyer, draw up a contract with the figures and take this contract to an escrow closing agent, they will draw up the note and and the title company will record it.

If your new buyers fail to pay you. You are required to make the $1025 payment to the mortgage company.

Now after this happen you can then foreclose on the people that purchased your house. Again not to worry there are companies that you can hire to do the foreclosure process for you. It will cost you but you can charge any all fees to the people that purchased the house.

If they fail to cure the foreclosure, you will get the house back or the amount left owed to you if the house is sold at auction. If not the house becomes yours again for you to sell again.

Now if you want to contact one of the companies that will purchase your house from you that is your choice, but these are just two options for you to consider.

People do this everyday. Ask for help if you having problems, but don't take the easy way out and throw your hard earned money down the drain. Fight back and fight hard. Nothing comes easy unless you lay down and allow it to happen.

There are even people that will collect your monthly payments for you. They are called loan servicers. You can authorize them to do the foreclosure on your behalf. They will also forward the amount you owe to the other mortgage company and forward the rest to you.

Now find someone in your area to assist you in selling your property.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Would you like answers to your real estate financing questions?

Jun 27, 2006 by President B | Posted in Renting & Real Estate

This is for commercial and residentail real estate. Renters can buy real estate. People with bad credit can buy real estate with little or no money down with me. People in chapter 13 bankruptcy can refinance out of it. People one day out of Chapter 7 bankruptcy can refinance or purchase real estate. I offer 100% financing on construction loans! I have loan programs for bad credit where the credit scores are ignored.

Commercial mortgages to 90% and working capital and closings added to that for a 93% commercial loan. These loans are based on the value of the collateral, credit, cash flow and resume of the borrower.

I look forward to your emails and working with you on your real estate financing requests.

Thank you.

well i really can't awswer this question but i think real estste financling is something really hard

Filing for bankruptcy, are you glad you did it?

Aug 04, 2007 by atehero | Posted in Personal Finance

My husband and I have had really bad luck with jobs these past couple of years, we have racked up some credit card debts and it's hard to make the minimum payments nevermind trying to pay down the balance. We somehow make it by each month but pay a lot of our bills late even though we both work full time jobs and I do a home consultant business on the side it's hard to come up with extra money to pay down debts. We are thinking of filing bankruptcy as a last resort because we were going to try and refinance our mortgage and take cash out to pay off some bills but with the housing market the way it is, we can't get a good appraised value for our house. So anyone out there filed bankruptcy and are you glad you did it? Did all the debts go away or did you have to repay and how long before your credit was back intact?

Yes!! My husband and I are 3 years out of our bankruptcy and where we do get some credit the APR on all of them are around 16%-18% which is a lot of extra money that we are paying now because of what we did then. If I knew then what I know now I would of never filled. We even got questioned when we wanted to rent a new apt and they pulled a credit report. We have to explain why we filled every time we want to apply for anything. It is really hard now and quite embarrassing. Now i cannot tell you how things would of went had we not filled but at the time it was a "quick fix" and it did work. We got rid of all of our debt. I still would never do it again or recommend it to anyone. Only you know your situation and I would advise talking to a lawyer before you file. Just to know your options. I would maybe even look into a financial advisor to maybe find out some other options on how to get your debt paid off. Good luck it is a tough decision.