Can I Refinance?

[lacysea]

What is the name of your state? New York

Hi all,

I bought my house 10 years ago, 4 years later I became very sick and now I am disabled. My younger brother cosigned my mortgage loan and I put him on the deed. He didn't give me any money, I just needed his good credit.

Now I am in a bind. I had an illegal apartment which I rented to a bad person who reported the apartment to my town. The town is after me and I think it is best to make the apartment legal which would cost alot of money.

Can I refinance my house being disabled? If I don't do anything, I will lose my house.

Thanks.

[pojo2]

How is the credit rating now? Do you have the income necessary to secure a refinance? Does the town have any kind of legal action going on against you and the property? Is the home worth what you want from a refinance?

[Samm1970]

This is not a legal question. You should be calling a mortgage broker in your area to see if you can qualify based on your income, assets and credit rating.

[lacysea]

Thanks for your responses. My house is worth 4 times the amount I bought it for and I never took any loans out before.

My credit is terrible since I became disabled.

I just got off the telephone with a Bank about refinancing and they told me that my brother would have to sign all the papers and my mortgage payments would be lower plus I would have extra money to settle my debts.

Yes, the town has legal action against me and they have a "false affidavit" from my previous tenant. The ex-tenant gave an affidavit stating that I gave him a lease, but I never wrote up any such lease.

Now this becomes legal, right?

So I am talking about 2 issues here, refinancing and what do I do about the Legal Action that the town took against me for renting an illegal apartment.

Now for the personal: my brother is on the Deed on the house, ever since he got married, my sister-in-law is not a nice person and probably won't let my brother sign for this refinance. If I tell my brother that I won't pay my mortage payments, won't the current Bank go after him and ruin his credit?

[Samm1970]

Now for the personal: my brother is on the Deed on the house, ever since he got married, my sister-in-law is not a nice person and probably won't let my brother sign for this refinance. If I tell my brother that I won't pay my mortage payments, won't the current Bank go after him and ruin his credit?

Yes. But that would not be a very nice thing to do to your brother who helped you buy the home in the first place. With an attitude like that, you're not going te get any free advice here!

[lacysea]

Hi, I don't want to threaten my brother as I love him very much. He is not the problem, my sister-in-law is.

I have helped my brother out more than anyone can ever guess as I am a very giving person. My brother is fine, it's his wife that's the problem. I don't want to hurt anyone, I just desperate for help right now.

I am not asking my brother for money, I just need his signature. I have paid my mortage on time for 10 years now and due to personal situations, I am scared that I will not be able to pay it now.

I do not want to hurt or threaten anyone. I just want my family to help me or I am going to be a homeless person.

[pojo2]

I just got off the telephone with a Bank about refinancing and they told me that my brother would have to sign all the papers and my mortgage payments would be lower plus I would have extra money to settle my debts.

Please know what you are doing before signing or having your brother sign anything.

You do come across as the world owes me something person.

His wife would have every reason for concern, if you did not make those payments they come after him. His buying power is reduced because of the debt he would be taking on for you so yes she DOES have a right to place an opinion, they are married.

I can't believe you actual said you would ruin his credit, jeez!

[lacysea]

Maybe you misunderstood me, I don't want to ruin his credit. I don't want to hurt anyone.

I can't make my payments, I am asking for help, that's the bottom line.

I am very ill and I have no support whatsoever.

When my brother was ill, I was there for him physically, emotionally, financially, etc. He is my baby brother and I love him dearly.

The world does not owe me anything, I am responsible for myself. Sometimes a person gets in a situation like getting very sick (I didn't ask to get sick and I am trying to get better), and I have been there for everyone in my family, but when I got sick, everyone ignores me.

I am the last person in this world to hurt another, because I have helped so many people, I got hurt because my heart is just too big.

I guess I don't express myself very well.

[webwench]

Don't give up. If you don't find a suitable, workable situation offered by one mortgage broker, contact another one. Investigate a reverse mortgage. There may be special mortgage types available for disabled people. If you are a veteran, you can check with the Veteran's Administration for guidance on finding out how to refinance under your circumstances. Check with your local Department of Health and Human Services to get referrals to agencies that fund grants to people with disabilities. Ask your Department of Social Services for referrals to foundations or charitable organizations that help people in your position. Good luck!

[lacysea]

Thanks everyone for your help and links.

So far, every bank I talked to told me that I need my brother's signature on any papers because his name is on the Deed. My credit and income is not good enough for me to do this alone. Guess my house will get foreclosed.

[HomeGuru]

Originally Posted by lacysea

Thanks everyone for your help and links.

So far, every bank I talked to told me that I need my brother's signature on any papers because his name is on the Deed. My credit and income is not good enough for me to do this alone. Guess my house will get foreclosed.

**A: can you sell it?

[lacysea]

I honestly don't know if I could sell it because the town is after me to get all these permits which I can't afford because I am disabled.

Then the house needs so much work which is the reason I wanted to refinance to begin with: to make the cottage legal by attaching it to my house.

The inground pool is completely destroyed from 2 winters ago and my homeowner's refused to pay to fix it.

It seems like one mess after another and I am getting really stressed out.

Can I sell it with my brother's name on the Deed?

[pojo2]

Originally Posted by lacysea

I honestly don't know if I could sell it because the town is after me to get all these permits which I can't afford because I am disabled.

You will not like what I am about to say, however here goes. Many people in life are disabled and though I do not know your disability I do know you have the capacity to sit and type out these "poor old me" posts. I think if you used just 1/2 that energy toward helping yourself you might find yourself a much less desperate individual.

You desperate? Then do something about it! Find out if your house will sell instead of sitting thinking about it.

Just a thought sometimes in life people disable themselves within their own mind set that has nothing to do with their physical condition.

[lacysea]

Obviously, you had not read all my posts. I stated my disability and I also stated that I had a Mortgage Broker look at my house.

I am not only fighting for my health (my legs don't work due to Chronic Lyme Disease of 10 years), I am fighting for my house. I don't believe in self-pity and I thought this was a legal advice forum.

Sorry, I don't see any legal advice from you.

[BRN2005]

How close is your house to actually being seized? How far behind are you on your mortgage? Is it possible that you have a car or something you can refinance to pick up the deficiency?
Screw those who do not understand what a physican problem can do to an otherwise sound person. I went through 2 years of being very ill. I had kidney cancer and then went into septic shock. All in all, I spent aabout 2 years being very ill. Prior to that, I was very financially sound, but I owned my own business (which I had to let go), and I had no disability insurance. I am single, so I was my sole means of support. Let any of these critics go for 2 years with major medical bills and no income. See what will happen to them. Let's see how many of them cry poor mouth.
Hey, **** happens. Now you have to figure out how to save the pieces. Have you talked to a Consumer Credit Counceling Service. There should be a free service in your area. I would suggest you talk to them about what you can do. They can be very helpful and often can get creditors to work deals with them that they will not work with you.
As far as refinancing, check and check and recheck. There are all kinds of mortgage lenders out there. Many specialize in helping people with bad credit, who are down and out. They gamble that you won't be able to pick yourself back up and they will end up with your house. Usually they charge a pretty high interest rate, but it is better than losing your house. If you can get one to refinance you, pay the higher rate until you can get in a better position to refinance in a more favorable position. As for your brother having to sign: through a regular lender like your local banks, they will probably insist on him co-signing, just so that they have him to fall back on if you don' tget back on top of things. Since his name is currently on your mortgage, he would have to sign, but you do not have to leav him on your mortgage. If you can find a special lender who will qualify you alone, you simply have him quitclaim his name and rights off your house at the time you refinance.