Mortgage Refinance [mortgage-assumption.blogspot.com]
Question by TeddyBear: Any way to get my name off of a home mortgage when the banks will not refinance the house;? What do you do when you are divorced and the X can not refinance the mortgage to get your name off the mortgage? The house is up for sale, but few inquiring. My name still being on the mortgage is damaging my credit score which has caused me to lose a house I wanted to purchase. Is there any legal advise for me? Best answer for Any way to get my name off of a home mortgage when the banks will not refinance the house;?:
Answer by ibu guru
You are legally liable for that mortgage until it is paid in full. If your ex cannot get a new mortgage solely in his/her? name to pay off the existing mortgage, you remain liable. There is no other way to get your name off that mortgage until it is paid in full. In this case, that house has to be sold to pay it off. Since you are legally obligated to an existing mortgage, you probably are carrying too much debt to qualify for any mortgage. You're a renter until after that house is sold, closed, and you have a goodly cash down payment on a new mortgage of your own. If the house is not even attracting any lookers, your price is too high. Assuming, of course, the house is in beautiful condition and a good neighborhood. If not, your options are to wait out the market (which could take years as the economy starts its second wave down), or deeply discount the price for an "as-is" quick sale.
Answer by Bert
The lender was listening to your wedding vows and took seriously the one which said "'till death do us part." So, you are going to stay on there until you sell the house or he refinances it. If you are keeping current on the payments there should be no problem with your credit. If you lose it to foreclosure, you'll be severely dinged for years on your credit. Plenty of legal advise available, but not much will work. Hope the economy improves for us all.
Answer by Judy
Sorry, but until either the house sells or your ex refinances it, you're stuck with having your name on the mortgage.
Answer by Alexander Elliott
Hello There are many websites , that offer credit report, but I would suggest you http://CreditReportFrees.info , because they offer this service free (no catches) .They are one of the best websites .They also offer credit monitoring, id theft alert, and many more things... Just Enter the link and create an account . Hope this will help you
James Parrott, Senior Advisor for the National Economic Council, answers your questions on President Obama's homeowner refinancing proposal that aims to make it easier for millions of homeowners around the country to refinance their mortgages and save hundreds of dollars each month. It will cut through the red tape will be good for families, good for communities, and good for the country at large. www.whitehouse.gov
mortgage-assumption.blogspot.com Ask An Expert: How Much Will Refinancing Cost The Taxpayer?
Mortgage refinancing is an important move. You can save a lot of money or make an expensive mistake. If you’re considering mortgage refinancing, arm yourself with knowledge. A mortgage refinancing transaction happens when you swap out an old loan for a new (ideally better) one. You pay off the old loan with the proceeds of a new one. Before planning to take a mortgage refinancing loan be careful while doing online research, compare the interest rates and tenures of different lenders, and analyze the best option suitable for you. You need to weigh the pros and cons of your old mortgage and a new mortgage to decide. In general, mortgage refinancing is a good move when you can save money by locking in a lower interest rate or payment, shorten your loan term, or restructure debt optimally. Once you understand the costs, evaluate how much you’ll save over time and how long it will take to recoup any up-front costs associated with mortgage refinancing . Home mortgage refinance rates are currently low, and it is a good time to consider getting a new home mortgage refinancing loan.
Â
With the arrival of the mortgage refinancing calculator, transparency as well as accountability can be seen in the market of mortgages. Unhealthy practices can be seen to be curtailed now-a-days due to the advent of this new technology, in addition to bestowing an elegant outcome to customers. A calculator offers the client an estimate of their monthly payment based on their desired interest rate, taxes, and insurance. The tool can root out many of the problems being faced by ordinary consumers, in addition to avoiding common mistakes at the time of refinancing their mortgage. Mortgage calculator plays a vital role in providing precious information in regard to mortgage. A calculator will display your monthly payment information and amortization tables to assist you understand how your mortgage works. If you use mortgage calculator, you will have to give the amount of the mortgage principal, your interest rate, the amount of your assets, taxes, and last but not the l east, your private mortgage insurance if it is reimbursed by you. The rest of the work will be done by the calculator.
Â
Most people buy a home for very specific reasons. Those reasons typically have more to do with life situations and very little to do with market considerations. When you marry, begin planning a family, or look at retirement you might suddenly find yourself wanting to buy a home. Because of the importance of these life situations, you might pay relatively little attention to such things as the cost of borrowing. These things are often viewed as necessities at such times. That is why it is quite common for people to negotiate a mortgage as best they can then in a few years, find that loan rates have dropped considerably. Many home owners will accept the costs associated with mortgage refinancing in order to save themselves larger sums of money over the long term. By refinancing your mortgage when rates have dropped more than a couple of percentage points you will be amazed at what you will save in interest costs. The effect this will have in reality can take several different t racks. The amount of interest charges you will save could allow you to pay more on the principal of the mortgage every month. This will allow you to pay your loan off sooner. Alternatively, with Mortgage Refinancing options, you could choose to reduce your monthly payments. This will give you a bit more spending money each month. Still another option is to use the equity created by refinancing your mortgage to pay for home remodeling.
Â
When there is a rise in the market value of your house, it might be the best time to refinance. Especially, if you plan to merge some of your debts, or avail yourself of some spare cash through your home. If your earnings have increased or if you've been repairing your credit scores, refinancing can be the best alternative for you. As you can avail yourself of a much lower interest rate, or renegotiate the terms for your home mortgage refinancing. Related Mortgage Refinance Articles
