HELP NEED REFI! Mom's house in my name, she made 15 straight late payments. Need to know how to refi!?

Question

I have been turned down many times already. She skipped the August 2006 payment, and simply started paying the next month. But the bank sees that as 15 straight late payments. I never saw this happening. I live in Fla and the home is in NJ. We have first and second mortgage, nightmare. PLEASE LET ME KNOW IF YOU KNOW HOW.

Answer 1

The first thing is to get that one payment made up ...

then go explain to the bank, with any luck perhaps they'll work with you to a better resolve (past history and an ontime for so many months to come) They're the only ones that can change your credit history report of late payments. It's going to be difficult but perhaps if you try to be as honest and kind about the error they'll sympathize enough to work with you.

If the house is in your name then you should notify them that any notice sent to the house also needs to be sent to your secondary address, this way when something goes amiss you'll know right away and be able to correct it immediately.

Or have your mother pay you and you pay the mtg payment,
this way you'll know it's done.

As for a refi ... highly doubt that's going to be easy with that many late payments ... especially now with mtg companies having to worry about the current situations of defaults.

Answer 2

It's going to be hard to refi under these circumstances. IF you can do it, it will cost more than what you have as mortgages now because your credit is now in the toilet courtesy of your mother.

When you say "mom's house" how was it her house? Just that she is THERE or did she own it at one time or what?

Probably what you'll need to do is charge her rent and that means a real LEASE--and her rent will be AT LEAST what the costs of the mortgages are so YOU can pay directly. If she won't do that, then she needs to move and you need to get another renter in or sell the house. Where will she go? Somewhere SHE can afford--this was not "she got sick and fell behind for 3 months," this is OVER A YEAR of irresponsibility--on YOUR dime. She should have told you IMMEDIATELY when there was an issue.

No one owes you a refi, so no one can GUARANTEE you any way to handle this. She clearly needs supervision in finances as she's not "getting" what she did wrong apparently. The mortgage folks HAD to be complaining with each monthly statement to her, so why didn't she pick up on that? You will want to arrange for an AUTOMATIC PAY each month of the mortgage--from your account. If you can't cover if she messes up, then you can't afford the house and see above.

BTW, are the taxes current and the homeowner's adequate? Not all mortgages pay those things--I handle that separately on my own--again automatic pay on the mortgage and the day that property tax bill arrives, I have anticipated it and pay in full and it goes out the next day. The ONLY way to handle these things as it's your HOUSE and you can lose it easily, while taking your credit down as well. Or in this case, YOUR credit.

Good luck.

Answer 3

You are in a tough position here. I don't want to rub salt in the wound here, but credit is the only thing in the world that should never be shared or given out. There's a reason why someone can't qualify on their own.

You need to put the home up for sale. you should care less about your mom at this point. she has ruined your credit. In fact, you should hire an attorney and depending on your age you might be able to convince a judge that your mother manipulated you into doing this for her... possibly get the bank to remove this from your credit, but probably not. This ding on your credit will haunt you until you can sell the house... and it will take 3-5 years before you see a turn around... do not let it go into foreclosure.

Answer 4

You need to be very careful while searching various companies here online. Had alot of BS from even the well known "Countrywide" which was on MSN's home page.

We just refied thru "PRO CITY MORGT", it takes up to 30 days to complete this transaction.

Be sure that your home is not up for sale, during a refinance.Most places won't refinance you if you are. If you have been on the market recently, wait at least past 30 days before refinancng. Cheaper rates!
Best Regards!

Answer 5

First thing to do is to call the bank and see if you can setup an appt. You would be surprised at how much harder it is for people to tell you no in person.


After that, if that person tells you no. Send a letter to their supervisor.

Finally call several different banks and credit unions and see if anyone willd deal with you. Get a copy of the payment history and be honest about the situation.

Answer 6

You have committed the cardinal sin of finance. You put mother's house in YOUR name and YOUR credit, and then looked the other way, as if there were some sort of guarantee that Mom would do good by you. At this stage, there's not much you can do, since the bank is looking at this correctly, and you aren't.

Answer 7

So there looking at your mother as 15 late payments and charging you as such I'm assuming,Can your mother make up the month she skipped?...
use the Internet and get multiple responses from...
http://www.apply-online-today.com/ ..lending tree or
Try a general search on line for others.
Contact you mortgage broker and see if they have any suggestions