Advice please - Posted by Fran

Posted by Jim on November 12, 2007 at 11:29:25:

Get added to title, and then get pre-qualified.

What state are you in?

Advice please - Posted by Fran

Posted by Fran on November 12, 2007 at 07:28:47:

Any suggestions please-
I purchase a home with my ex-fiancé. His name is on all the papers as the bank told me that my credit was not up to par. My name is not on any papers and it was not a problem because we were getting married. That failed and the house was purchased February of 2007. I live in the house and continue to make the payment â?? waiting for a year to refinance it under my name.

Due to all the ongoing problems with the mortgage industry â?? I know that I will run into some problems doing the refinancing under my name. I had a foreclosure and a BK (3 years old). I want to get his name off and he wants his name off as well and add it to my name and not sure what do. I was told refinancing is better than purchasing. Itâ??s 2 mortgages and I have proof of making the payments myself. It was a no-doc loan.

I make about 70K \year and credit scores are: 630 (Transunion) and 587 (Equifax) and 602 (Experian). I was also thinking of putting it under my fatherâ??s name (self employed) if my credit will create an issue. My father does live with me or even do the reverse mortgage but heâ??s only 61. I am thinking of different ways but to no avail.

Any advice? And thank you all in advance.

Re: Advice please - Posted by Devon

Posted by Devon on November 13, 2007 at 11:19:14:

Jim’s right, you must be titled to the property. Those scores are not horrible, what kind of equity do you have in the property? Would you need to go no doc again? With those scores, pretty much full doc is your only option. Cannot do a reverse mortgage - house needs to be owned free and clear… what state is this in?

Re: Advice please - Posted by Jim

Posted by Jim on November 12, 2007 at 08:24:12:

You must be added to the title in order to refinance the property. If he would be willing to quit claim the house to you, then you would be on title and thus may qualify to refinance.

The only other way to be treated as a refinance if you are not on title is to utilize a lease purchase.

Re: Advice please - Posted by Fran

Posted by Fran on November 12, 2007 at 11:24:50:

Adding me to the title is not an issue which we tried to do during purchase but at the closing table our attorney mentioned that it could be done later and we agreed.