joint tenants/div

[sjf]

minnesota-Someone please help. I am going through a divorce, finally my husband has agreed to give me the house, under 1 circumstance. I need to get the mortgage in my name and out of his. I am on the title & deed but not the mortgage. I have been paying it alone for the past 4 years no problem. But the problem is we filed ch 13 together, and my credit is ruined. I don't think anyone will give me a chance. And without that he wants to sell the house that I have lived in for my whole life,(we bought it from my parents) and my 15 yr old daughter. I refuse. I don't want to uproot her since this is the only home she has ever known.. what are my options?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sjf:
minnesota-Someone please help. I am going through a divorce, finally my husband has agreed to give me the house, under 1 circumstance. I need to get the mortgage in my name and out of his. I am on the title & deed but not the mortgage. I have been paying it alone for the past 4 years no problem. But the problem is we filed ch 13 together, and my credit is ruined. I don't think anyone will give me a chance. And without that he wants to sell the house that I have lived in for my whole life,(we bought it from my parents) and my 15 yr old daughter. I refuse. I don't want to uproot her since this is the only home she has ever known.. what are my options?<HR></BLOCKQUOTE>

Go see a reputable mortgage lender who has contacts with "B and C" lenders. There are ways to finance if you have a stable job, a good payment history since the BK and sufficient equity in the property.

 

[David J. Miller]

Homeguru is correct but I'd like to add some things. Be careful when you specifically request B and C financing. Typically, a mortgage person can demand a higher commission for B and C financing thus the cost to you is greater. Because you filed chapter 13 does not necessarily mean that higher rate (B & C)financing is your only option. The mortgage company will be interested in the date of discharge, the reason for the bankruptcy and your current credit score/history. There are two categories of bankruptcies that a mortgage company will place you in based on this information, financial mismanagement or extenutating circumstances. You'll be looked at more favorably if your bankruptcy resulted from extenuating circumstances, i.e. catostrophic medical bills, sudden unemployment etc... In any event even if your bankruptcy is labeled financial mismanagement, the following criteria should get you a regular conforming "A" paper loan (best rates and costs):
1) Atleast 4 years should have elapsed since the discahrge.
2) Borrower must have a 660 credit score.
3) Typically a minimum of 4 tradelines (4 open accounts) for at least 24 months. If not from traditional accounts, ie. car loan, mortgage, credit card etc.., non-traditional credit can be verified, ie. utility bills, insurance payments, etc..
4) No housing payments 30 or more days past due in past 24 months. Basically no 30 or more past dues on any accounts. No tax liens or judgements since bankruptcy discharge.

The fact that youv'e been making the mortgage payments for 4-years, presumabely on time should help. Remember, unless you want to pay the highest rates and costs, don't specifically request B and C financing. See if you can qualify for an "A" paper loan first.

 

[David J. Miller]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by David J. Miller:
Homeguru is correct but I'd like to add some things. Be careful when you specifically request B and C financing. Typically, a mortgage person can demand a higher commission for B and C financing thus the cost to you is greater. Because you filed chapter 13 does not necessarily mean that higher rate (B & C)financing is your only option. The mortgage company will be interested in the date of discharge, the reason for the bankruptcy and your current credit score/history. There are two categories of bankruptcies that a mortgage company will place you in based on this information, financial mismanagement or extenutating circumstances. You'll be looked at more favorably if your bankruptcy resulted from extenuating circumstances, i.e. catostrophic medical bills, sudden unemployment etc... In any event even if your bankruptcy is labeled financial mismanagement, the following criteria should get you a regular conforming "A" paper loan (best rates and costs):
1) Atleast 4 years should have elapsed since the discahrge.
2) Borrower must have a 660 credit score.
3) Typically a minimum of 4 tradelines (4 open accounts) for at least 24 months. If not from traditional accounts, ie. car loan, mortgage, credit card etc.., non-traditional credit can be verified, ie. utility bills, insurance payments, etc..
4) No housing payments 30 or more days past due in past 24 months. Basically no 30 or more past dues on any accounts. No tax liens or judgements since bankruptcy discharge.

The fact that youv'e been making the mortgage payments for 4-years, presumabely on time should help. Remember, unless you want to pay the highest rates and costs, don't specifically request B and C financing. See if you can qualify for an "A" paper loan first.<HR></BLOCKQUOTE>
Be prepared to offer the following information:
a) Copy of bkrptcy discharge and list of creditors.
b) Divorce decree or if not finalized, marital termination agreement.
c) Name, address, phone & Loan # of current lender(s).
d) Homeowners Insurance info. (name, phone & policy # of agent.)
e) Real estate tax info. (annual amount)
f) Most recent paystub & W2
g) Most recent months asset statements, ie. checking, savings, IRA etc...

It may also be worthwhile to determine if you have conventional or FHA financing currently. If your current loan is FHA, you'll have a much easier time refinancing because FHA guiedlines are more liberal concerning bkrptcy.