Need advice on a loan for my situation?

Question

My husband and I were involved in a lease to own situation. The other party backed out early and gave us a buy or lose. We were not ready and so, my mother in law helped us out. Her name is on the loan, but all the money (down payment) and the payments come from us. We really need to get this into our name. We don't have good credit and our down payment was taken when we purchased. We were told that we could get a "refinance" loan without having to purchase the house from the parents as we have been making the payments. I am not finding anyone who understands this thinking and I need help. We have an interest only adjustable rate first and regular fixed rate second but the rate is very high. I need to consolidate and take over both loans.

For Everybodies information, I CAN afford my house payment, I just want to get it out from under my inlaws. I appreciate thier help in getting it, I am looking at trying to get them out from underneath it. So don't ridicule me on what I "Should" have done. I had $10,000 tied up that I would have lost had I not bought the house. I am not behind in my payments nor does it look like I will be. I just don't want to continue to get raped. And to those of you refering me to some weird email address to find financing, I am not an ignorant person so I will not fall for the scam artist traps. I research the BBB and other applicable agencies to get back ground information on all I do business with.

Answer 1

if you have been making the last 12months payment then you can refinance it.....YOU MUST HAVE PROOF or it will be a purchase.

other than that...piece of cake

Answer 2

You will most likely have to wait until the loan to value ratio is a bit better before you can consolidate the first and second. This could take about a year since your house will build up equity in that timeframe. If you were to try to combine now, you would be charged a horrendous interest rate since you are more of a risk to the bank with the loan to value ratio being what it is.

Answer 3

It's not going to happen in this market, sorry.
Work on fixing your credit, that's what you should have been doing all along instead of trying to pay for a house when you could only afford an interest-only loan.
SELL the house before you can no longer afford it and your mother-in-law's credit is ruined by the foreclosure, which will cause her own house to have a lein placed on it & then that will be foreclosed on too.
Buying a house with bad credit is about the WORST mistake you could ever make.
Get out of it NOW before you ruin a lot of relationships.

Answer 4

You need expert advice on this. A refinance seems to me as just digging a deeper hole. There is a Quit Claim Deed your mother-in-law can sign which means she's deeds her interest in the property over to you and no longer has ties to it. But I don't know whether your lender would go for this. Perhaps you can pay for a consultation visit to a real estate lawyer and get his opinion.

Answer 5

>Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.

Answer 6

Contact this broker and he will help you out...Lane [phone]. He hunts for loans for high risk people. He has been great for many people I have referred. What I like about brokers is that they are quick to get what "you" want and they pull one credit report and find the appropriate mortgage company rather than going through many mortgages companies on your own and having to wait for a response which could take many months. Just tell him what you want and he will go find it.

Answer 7

Two loans one an interest only which means especially in todays market you owe more than the home is worth. Good luck