Posted by Bruce Barilar on August 16, 2003 at 19:22:50:
I agree with Brian, you should also talk to the existing mortgage company about refinancing her off-it is not uncommon.
Good luck,
Bruce
Think I have a deal but financing is a problem - Posted by Scott
Posted by Scott on August 15, 2003 at 15:36:19:
Maybe someone here can help.
My ex-wife and I bought a house in 1998 after we were divorced. (don’t ask was young and stupid) However, I ended up moving out a few months later and she has been making the payments on time. The mortgage and title are in both our names.
Now she wants to sell the house. I want the house to either rent or sell. The balance on the loan is $75,484, the county assessor has it assessed at $89,638 with 4 house sold this year in the neighborhood on average of $2,100 over the assessed value. So I’m looking at a value of about $92,000 to sell. I could probably get about $850/mo rent at least if not more. My ex is willing to quit claim the house to me if I refinance the loan to get her off so she can buy a new house.
Now the problem. I have a car repo on my credit report from 4 years ago and the banks won’t approve me for refinancing because of it. Does anyone have suggestions on how I could get around this. I’m new to REI and was looking to get into it with the next few months, I just wasn’t expecting a deal to basically fall in my lap like this so soon.
Thanks for any help anyone can offer.
Scott
Re: Think I have a deal but financing is a problem - Posted by Dave
Posted by Dave on August 15, 2003 at 21:26:44:
What state are you in Scott?
Re: Think I have a deal but financing is a problem - Posted by B.L.Renfrow
Posted by B.L.Renfrow on August 15, 2003 at 18:58:17:
Talk to a good mortgage broker who has access to many different lenders. If the four-year-old repo is truly the only negative on your credit report, and you have some positive credit since, it’s impossible to believe you would be unable to obtain financing.
Perhaps you won’t qualify with the “A” lenders, and you might pay a percentage point or two higher than someone with pristine credit, but that shouldn’t be a deal-killer.
If you haven’t already, before you visit a mortgage broker, pull a copy of your own credit reports (all three of them) and make sure there are no errors.
Brian (NY)
Re: Think I have a deal but financing is a problem - Posted by Scott
Posted by Scott on August 15, 2003 at 22:18:30:
I’m in Oklahoma City, Oklahoma.