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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I am trying to refinance my existing home loan, plus a 2nd mortgage as well as a number of other loans, cards etc. I do have 2 defaults on my file, one paid and one unpaid. Has anyone been in a similar situation and how did they refinance
Though refinancing your home loan to get extra cash and pay off your credit card debt might be a good idea. It is not the best solution. This serves best the credit card interests and not yours. Because even if you get your debt settled and eliminate it for good, if you don't change the way you spend, you'll keep accumulating debt once again and maybe next time you won't be able to resort to your home equity.
Moreover, since refinance home loans generally worsen the terms of your mortgage, you are further risking your property if you fail to meet the monthly payments. And though you may be replacing expensive debt with cheaper and more affordable debt, you are also replacing unsecured debt with debt that is secured with your home. If you are not good at managing your finances (and that's why you had to resort to debt settlement), that's something that you'd better avoid. Read more from: http://www.credit-card-gallery.com/article/149,Credit_Card_Debt_Settlement_Avoid_Refinancing!
hope this helps and good luck with the refinancing
TX Mortgage Refinance $30000 Bad Credit?
My wife and I purchased a home 7 urs ago for $30000. The mortgaged amount was $33000 and the rate 9.75%. Our credit is bad and we are try to make our dollars do more to pay off debts. I want to refinance the house to a lower rate but noone wants to do loans under $40000. Tried Lending tree, Quicken loans, E-Loans , and other online companys. Please help. Thanks
You do not want to refinance other debts into your mortgage. Since that is a payment i will assume you can currently handle, keep it. Call a non profit credit counseling company and explain to them your situation. By finding a credit counseling company they can negotiate those debts to be paid interest free, which is a large discount in the monthly payment.Then once your credit is back in good standing refinance at a lower rate . If you refinance now you will have a higher interest rate and higher balance, with much higher payments, this is not a good idea. Hope this helps.
Refinance my mortgage with bad credit...Help?
My boyfriend broke up with me and the house is in my name so now I cant afford the mortgage with my income even if I was to tighten my belt I just cant do it he picked up all the slack...So i dint want to loose my house We got into loans to furnish the house and I was suspended from work without pay for two months I'm barely catching up and he left me. Help and don't put dumb responses I need real help I have 10,000 in bad credit and need to refinance.
My credit was perfect thats how i got a house he was my undocumented income.Then we got a couple of loans to furnish the house.I was suspended from work with no pay I'm back at work now with pay its been two months
Once again I'm at work getting paid now for two months
You might want to consider a roommate(s) for right now just to have some additional cash to pay the mortgage. I dont know how good your chances of refinancing at this point are with bad credit and a lot of banks shying away from doing any risky loans.
Talk to your local bank and see what advice they have for you. They might tell you to fix your credit so getting some roommates would help you pay off that 10k in debt. If you went overboard furnishing the house you might consider selling some of that stuff. The sooner you can pay off the 10k the better. Also the break from work might work against you, especially if your HR department would volunteer that information when the company you are refinancing with calls to verify employment. You might try a part time job too.
You probably wont be able to refinance now. Get a room mate and work on your credit while this person is paying you rent. You don't want to lose your house to foreclosure. You probably wont be able to get another home again if you do. Also see if you can get a part time job or get more hours at your current job.
Who do I turn to to refinance mortgage when I have bad credit and a lot of debt? Banks turned me down.?
I have the equity in the house. I just want out of debt. Bank at first they would approve it if I brought credit cards within limits. I did that now they saying no. I would try appealling to CMHC but dont know where to start. I'm from canada by the way.
Throwing all that unsecured debt onto your home is a bad idea. You would be paying a lot of interest over the term. And if you fall back into debt, as so many do, you could lose your home.
Instead work on clearing up your credit and paying off your debt. Start with a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, premium cable and internet, etc. Take every penny you can squeeze out of that budget and put it on your highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid, go to the next till they are all paid off.
Get a second job and in two or three years you could have all that debt cleared up.
1. Write down all the debts that you have on a piece of paper.
2. All the debts you have such as mortgage, taxes, insurance, credit card, gas, car loan,food and expenses as well as college loan.
3.Add them all up ( your debts )
4.Now subtract the debts from your salary and home equity.
5. you know now how much you will have left if you get your loan from the bank or mortgage company.
6. You can find a mortgage from the net but, make sure you check the companies credibility before you sign your equity loan.
7. Check around and I am sure there are so many banks who will loan you if you show them your debt statement and equity
line that you have.
8.Remember you have to come up with numbers and the urge that willing to take full responsibility for your debts.
9.Good luck and I wish you well.
They work with many lenders.
And based on your past behavior, what is stopping you from maxing out the credit cards again?
Why dont you just pay off the credit cards and forget about the refi.
To know more you can visit
http://www.easyhomeloans.blogspot.com
How can i find a mortgage company to refinance me with bad credit?
If i'm currently in a chapter 13 bankrepucy how can i get requalify?
Hi,
Depends on where you are, if you are in US, there's a lot of problem right now going on on Real Estate/Home loan.
You might have a hard time due to your bad credit history. Lenders are being strick nowadays because of the downfall of real estate market.
If I am in your shoe, I will have to work 3 jobs, foreclose my house maybe and look for an affordable apartment.
If ur in Chapter 13 Bankruptcy why do u want to refinance? Look u will eventually be able to regain credit but it's going to take time. U need to pay your rent/morgage on time or even ahead of due dates, same with utilities etc...
Stop using credit and learn to pay with cash. If u don't have the $ then u really don't need it. Ck Oprah site about debt... David Bach is one of the contributors of info... there is a test of the Latte Factor which is a real eye opener. Build up 4-6 mos of income to help in emergency case scenario. Start savings ... learn to find where u spending your income and work 2 or 3 jobs. It's not forever, do not refinance but learn to pay down and out your bills. Find a non-profit consumer credit counselor to help negoitate paying your bills and then stick to it! Regular maint on your vehicle, changing the oil/filters regularly, keeping tires inflated to proper weight are all small ways of caring for your property. There are no quick fixes or get rich skeems. Proper paying, working several jobs to dig you out of the hole your in is the proper way. Good luck
where can I find a mortgage refinance if I have bad credit?
Put in refinance mortgage bad credit and see what you get.
LC
Also, if you have late payments to your mortgage, I have a magical way of making them disappear so you get a better loan. It's perfectly legal, just have to know how to work the system
there is a link for bad credit lenders for mortgages
Is it possible to refinance a mortgage with bad credit?
A few years ago my husband and I bought our home under a really crappy plan. We have a fixed rate for so long and then it will go adjustable. I didn't find this out until a week before closing. At that time it felt like it was too late to turn back.
Well our rate will go adjustable in March of '09. 2008 has been the year from hell for our family as far as finances are concerned. Our mortgage payment has been late and reported to credit more than once already and it probably won't get better for at least three more months.
So what are our chances of refinancing? I think they are nil, but would like your opinion anyway.
You can't refinance with another bank, but you can speak with your lender and explain your situation.Keep asking them to change your rate, because you can't afford your recent payment. They will try to help you, just get to the person in a bank, who will willing to help you. People getting today not only the rate cut, mortgages getting cut by 30%. Keep trying. Good Luck.
Is there such a loan mortgage to refinance a home with people with bad credit?
intrest rate went up but having difficulty making payments and lowering my credit score
It may be too late if you have missed mortgage payments already but find an FHA Lender for a refi. The FHA program is back in favor now that people are in ARM's that are about to explode on them.
There are still plenty of Subprime Lenders who refi on bad credit but if you can go FHA, that will get you into a 30 year fixed with a very good rate. Yes, you will have to pay PMI, but it will likely be worth it depending on what your payments will adjust to.
Best wishes!
Me2Me2Me3@yahoo.com
Bad credit. How can one refinance a balloon mortgage to a fixed loan.?
Bad credit is one of the worst problems to have... however there exists a solution.
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!
Trying to refinance my home contacted mortgage co for bad credit but was turned down is this false advertismen
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