I have a horrible loan, 11.65% 3809.10 a month payment. I have made every payment on time. Its a high payment and we struggle making it but we do. When the interest rate adjusts they said the interest will go up to 14%. I have tried to refinace but can only do it in my name. Credit score is 600, can't prove income even though together we make over 100 k a year.. Loan is at 361,000 and I don't know what it's worth now. I am guessing about 400,000.. Is there anything I can do? I tried a loan modification but they said no that we can afford the payments.. Its such a struggle each month... When we got the loan the lender said do it for 6 months, make good faith ontime payments then we can get a lower interest rate.. Well now we can't and I need help...
2007-12-19 07:06:09 · 2 answers · asked by boohoo1964 3 in Business & Finance ➔ Renting & Real Estate
I can provide 12 months bank statements! I can show income! I just can't put my husband on the loan. He has a house with his ex wife, she got it in the divorce and makes late payments monthy.. It shows in the divorce she got the house but won't put it into her name.
2007-12-19 07:18:43 · update #1
hello! sounds like we are in a little predicament here with the payments, with a 600 credit score it makes it so we can not go with a "stated loan" which is too bad, and with the x-wife continuasly making late payments you are correct, you will not be able to make your payments on time. i had just recently dealt with a few divorce refinances where the x husband was required by the court to get the place refinanced into his own name, and she was required to do the same with the properties she got to keep, it is probably too late for this now.
i'd say FHA but your expense ratio is probably going to be too high. you may be able to find a lender that can get you into the 9's. do you have any other bills besides your Mortgage? credit cards etc.... bank statements would definately be your best bet...... if husbands paychecks all go into the same checking as yours. send me a message if you'd like to see if there are any options. i've had people get denied by 3 or 4 people than come to me and i've found a home for a beneficial loan to them. i'd love to help, or help steer you in the right direction.
2007-12-19 11:58:18 · answer #1 · answered by evensonhimself 2 · 0⤊ 1⤋
Bank statements are not going to help you, they are not income. You should be able to use your income tax statements though.
The big problem is that you still have really bad credit. You are not going to find a legitimate loan for a regular interest rate.
Try going to Wells Fargo or Countrywide, those are your best bets.
You are going to hear from scum bags around here, don't give them any information, they are just here running scams.
2007-12-19 09:17:35 · answer #2 · answered by Landlord 7 · 2⤊ 0⤋
12 month banks statements is your only hope.
I am a Mortgage banker in TN & KY
2007-12-19 07:16:25 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋