Bad idea: Quitclaiming property while your name remains on mortgage Daily Breeze
Q: When I was married, my wife and I signed a loan to buy a home. We got divorced, but she was awarded the house in the divorce agreement and stayed in the property for a few years after our marriage was finished.
I had to sign a quitclaim deed, and in the divorce decree it was stated that she would refinance if possible. The house went into foreclosure, and was sold, and now the lender is coming after me for some of the money.
Am I still liable for this loan? It has been years since I lived in the property. If I am liable, what can I do to take care of this situation?
A: One mistake homeowners frequently make when getting divorced is signing a divorce decree that requires a spouse to refinance the property at some unspecified time in the future, even though it assigns the ownership of the property to that spouse.
When you signed the quitclaim deed, ownership of the property transferred to your wife. But your name remained on the loan documents. So, your wife got the house,
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Why can u buy a house with bad credit but not refinance a house with good credit?
I have been trying to refinance my house for 2 or 3 months now. I have a credit score of 684. I have never had any late payments on my mortgage. Why can't I get my house refinanced?
It doesn't sound like you should be turned down. Unless your debt to income is bad. Debt to income is the amount you bring in vs. the amount you pay out in bills. If a lender feels that you are currently unable to pay your obligations, they may not be wililng to take on your loan as a refinance. If this is the problem, you may need to talk to lenders about consolidating your debt with your refinance to lower your overall monthly payments. Since your credit score is good, this should be an option for you.
Maybe you should ask the banks that are turning you down what the reason is.
People get turned down for any number of reasons. Just a few are because house isn't appraising high enough, the person has too much debt, not enough job time, they could have tax liens and on and on. Some lenders won't approve the loan if the borrower has a large prepayment penalty on their current mortgage or if there is no true benefit to the borrower to refinance.
You don't say who you have been trying to get the refinance with. By law, if you are turned down for a credit, you are supposed to be sent a denial letter telling you why you were denied the loan. Have you not received these letters?
In any case, the best way to get a mortgage, is to find a mortgage broker in your area and let him handle it. You obviously have something in your circumstances keeping you from getting the refinance. A broker can probably help you with whatever it is. Don't go through your bank because banks have much tougher guidelines that they go by. Also, I wouldn't try to go on line and apply for a mortgage either. They won't take the time to help you that a local broker will.
If you get denied again, ask the broker why you have been denied. You need to find out what the problem is, so that you can work on correcting the problem.
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If you have a 684 credit score there are lenders that will work with you regardless of what's actually in your credit report or what your income is. In fact, there are lenders that will refinance your mortgage even if you owe more than what your home is worth. They will even go up to 125% of your homes value.
The only question that you need to ask yourself is not whether you can qualify, because you can. The question is whether the loan you can qualify for will actually benefit your situation.
1st:
You have to consider whether your refinancing to lower your payment or if is to get cash-out.
Cash-Out:
If it is to get cash-out, then you will have to consider if the cost of getting the cash is more or less than the cash itself. You should also consider whether getting the cash will allow you to accomplish your long term financial goals. It may make more sense to forego the cash and save up for what you need instead.
Lower Payment:
If you are looking for a lower payment then you should take a close look at the term of the new loan that you will get. Beware of exotic loans that have a lower initial rate that might come back to haunt you later on. this may still be a good option but you hve to consider how long you'll be in this home and what the market may look like in the future.
If all this sounds daunting you can feel free to give me a call to go over everything the right way. Email me and i will be sure to give you all of my information.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
Refinance a house with bad credit?
I've owned a house for 3 years. Towards mid last year, i had financial trouble(Layoffs) and managed to get 6 30 day late payments and 1 60 day late payment. In addition, my lender increased my rate since my adjustable expiration date was just about the same time. Now i'm back to current but my mortgage payment is up by over 1000.00. It's a strain. I tried to refi late last and was denied. Since i'm current, what should i do? I'm seriously thinking of selling the damn house.
Maybe you'll find there : http://index-go.com/bad-credit-finance-mortgage.asp
http://index-go.com/debt-consolidation-refinance-loans-mortgage.asp
If you think you can hang on that long, do it. Start shopping for a loan 60-90 days before the year is up, so you can be ready to close as soon as allowed. That would also give you time to clean up your credit, if you find a good loan officer who can help you do it.
If you don't think you can manage that long, sell the house and get out. You don't want to end up behind again and possibly face foreclosure.
If you maintain a current record for one year, then you should be good for a re-fi no matter your actual credit score.
Good news is it appears that rates may drop soon, which means your adjustable rate will fall again.
http://www.in4search.com/Refinance-a-house-with-bad-credit.html
Can I refinance my house even if I have a bad credit?
Here's the case: I've lived in this house for quite a long time now, and already built at least $400K equity. I still owe around $150K. Here's my concern: I refi my house last year and cash out $20K. My lender told me I need a co-signer in order to approved the loan.
I let my brother and his wife to co-sign, so they checked their credit and the loan approved. My biggest concerned was I only became a co-owner of my own house and they were became the primary borrower. Legally, they can do whatever in this house and it's not I don't trust them but let say something bad happened, like if my brother died or they filed divorce. Legally, my sister-in-law can get something out of this house, if I'm not mistaken. My only hope to get rid of their names is to refinance my house to my own name, but since I have a bad credit, can some lender approve it?
Please I need a good advice on how to refinance my house and by transferring the title in my own name.
With that much equity, any lender can take your loan easily even you have a bad credit. There are many lenders out there who can give you a different loan program. Regarding your problem, the only chance to get rid of their names is to either refinance the house or sell it. But if you ask me, I'll take the first option because it's hard to sell houses nowadays. If you refinance your house, you can easily get an extra cash out up to $100K, and the bank will be happy to provide you that amount. To get rid of your brother's name and his wife out of the title all they need to do is to sign a quit claim and your lender will do all those stuff, all they need is to sign it.
You ought really to speak to whoever organised the loan for you - but I think you will find that your relatives have absolutely no claim on your home at all.
As for re-finacing, you need specialist advice on that from someone who asks you questions about your income, age, expenditure and so on. Without doing this properly and carefully people could give you some well meant but REALLY bad advice.
if not, although you have bad credit (your words), you have a lot of equity. You'll certainly be able to get approved, just not under the best rates/costs.
if you happen to live in PA, NC or MD, feel free to contact me if you'd like to see what refinance terms are available to you: abcdgoodall@yahoo.com.
good luck!
You need an expert and that's not me. I would say contact someone that deals with subprime loans and get some advise. Talk to at least three different lenders. You will definitely lose equity in the deal, but you can have the house free and clear in your name. Ther had to have been other circumstances when you originally refinanced. Good luck.
Next topic: How to get out of your bad situation, Assuming you still have equity all you need to do is refi again, this time with someone that will explain it to you better. You probably will get hit with a pre-payment penalty but if you want out you might just have to do that. If you have questions you can contact me, my info is in MyQ&A.
Good luck!
how to get a refinance house loan with bad credit low interest?
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Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-->enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
In regards to your question, i would advice you to visit Clarkson Micro Finance Incorporated.
Few months ago when i had a bad credit a friend of mine introduced me to them, Inspite of my bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which i used to revive my business, I think you too can do the same as well, regardless of your nationality.
You can reach them via clarksonloaninquiry@yahoo.com
Sincerely,
Victoria Dingley,
From Newcastle, England.
I used "Credit Solution" to settle my home loan and auto loan.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
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is applying for a credit card before trying refinance my house a bad idea?
i want to get a new credit card to earn award points but my husband i are considering refinancing our mortgage. does applying for a new card before refinancing negatively impact your credit scores or other criteria relating to refis?
Yes actually. Making an application for credit (aside from promotional offers banks send you) lowers your score.
This is because inquiry into credit is somewhat correlated with credit problems, so banks will become more cautious with you (charge higher rates) if you do that.
You could have a great credit rating, but if your debt to income ratio is high you may not be eligible for refinancing. And keep in mind that if you get a new credit card with say a $5000 limit on it, the banks will look on that as a $5000 debt even though it has a zero balance since at any given moment, you could go into $5000 debt on that card. If you are going to apply for the card, tell them you want a low credit limit on the card - at least until you get your refi done. If you are at all at risk of not being able to qualify for the refi, wait until after you have closed on the loan.
How can I refinance my house after my husband walked out with bad credit?
My husband and I are going through a divorce. He walked out on me and stated he was letting the house go back to the bank and is going to file bankrupcy. I want to keep the house, but I have bad credit due to him not paying the bills and putting it all on me. Now I now they will be starting foreclosure and I don't know what to do. I want to try and save the house. Any suggestions?
Talk to the bank, but I don't think you will be successful. Do NOT look into a reverse mortgage, they are a scam@
I used "Credit Solution" to settle my debt and avoid foreclosure.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio
Can you refinance a house with bad credit?
My mom wants too, but she has bad credit. She's cleaning it up at the moment, but it's a bit expensive so it may take a few months. But, is there any way to possibly do that and would there be any high interst rates because of her credit? (Don't ask how it got bad because I honestly don't know. And she doesn't know her credit score, just that it isn't very good)
Money's a bit tight (and I'm starting college next fall), but I'm pretty sure that things starting going downhill in November when she was in the hospital. She missed some checks and things just snowballed from there.
And, would it help if she had a co-signer? Her fiance is willing to do that, his credit isn't perfect, but it's better than hers.
She should attempt to improve her credit score first. Sounds like she has some ideas running around in her head, but no real plan or info. She MUST get a copy of her credit report and start working on it. I recommend that she go to a service like CCCS if she cannot afford a credit counselor. There are lots of things to do to fix your credit, first she needs to know if there is anything on there that does not belong to her. Sometimes other socials appear on credit reports and bring the score down, you can have these removed. Many people that hold debts will allow settlement for pennies on the dollar if the charge is old and they just want to make money back. After 7 years of something being on your report, you may have it removed, but REMEMBER that the ONLY THING that needs to be done to keep that debt "fresh" is for you to inquire about it, or for the company you owe money to to re-report it- THIS is something you'll need the help of a credit counselor for... they know how to read this off a credit report, and she probably doesn't. The final option is to start paying things back (if they are new debts, not close to that 7 year mark). You should ALWAYS be paying off whatever has the HIGHEST INTEREST RATE FIRST.
AFTER all this, IF she can re-fi for a decent rate, be sure NOT to get an adjustable rate mortgage!!
It costs money to do it, and she will end up having to pay high interest, and most likely adjustable interest.
I do not know what she has now, but it will not improve until her credit rating improves.
I need to refinance but have bad credit due to divorce, house payment always on time 600K in equity?
I need more information from you to get a more accurate picture of your situation. What is the worst thing on your credit report? How is your other payment history (credit card, car, etc?). Your house payment is always on time (a good thing!), but more information is needed. If you'd like free no obligation consultation you can fill out an application on my website, email me, or give me a call and I'll answer any questions you have.
Can I refinance my house even though I have bad credit?
equity
If credit markets so bad, why do I get credit card offers in mail daily, and phone calls to refinance my house?
I get mortgage brokers calling to refinance my high rate ARM even though I actually have a 5.5% fixed rate. My credit card company keeps asking me to increase my limit and they keep sending checks in the mail to write against the credit card. (which I always shred).
because the tail has not caught up with the dog!!!
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