Want to fix my rate

[lookitsmary]

What is the name of your state (only U.S. law)? Florida I have a friend who is in her late 70's and she is in a bind.... She was married for 33 years to a navy man. A one star admiral to be precise He found he couldn't make it in the civilian world and he acquired a ton of debt without the knowledge of his wife. Sometimes even signing her name. They were at the time estranged he lived in St. Crox and her here in Florida. In 2007 he purchased a home in Florida. 5 days after the purchase of the home there is a recorded quit claim deed from him to him and her. He passed away three years ago and she got hit with phone calls from all the creditors that he owed. She hired an attorney and paid off all the outstanding debt. Her credit rating was 600 and she has brought it up to 692 She has only one credit card with no lates on it and she has income of $6,000 a month. She is in the home and has been maintaining the payment, again with no lates. The home was put into "The Estate of Dennis Schwaab" (her deceased husband) by the mortgage servicer. Now is where it gets interesting...... He has the mortgage at an arm and she wants to fix the rate. The mortgage company said she has to apply for a mortgage in her name but she will not qualify...... and they tell her that she cannot refinance a dead mans loan. One person even suggested a short sale...... She does not want to move so how would that work? O and the best part the property is upside down by approximately 40K. She, well I guess he, owes 230K and she believes it would appraise out at 190K************** Again, she has maintained the payments for three years and isn't she considered the executor to the estate? Doesn't that mean she is there to make the decisions for the estate? What can she do? She would like to fix the mortgage rate on a 15 year term. Her debt to income is good. What can she do? She keeps asking me all these questions and I told her I will try to find out some information for her. Any advice is appreciated.

 

[OHRoadwarrior]

Sounds like she needs to continue paying until she is at a break even, then set aside money for a 20% down payment on a new loan at a fixed rate. Even if she can only finance a 30 year loan, she can increase the payments to pay off early. Once you have the situation under control, she can wait for a good rate and negotiate a no fee refi on whatever she started with.

 

[Just Blue]

What is the name of your state (only U.S. law)? Florida I have a friend who is in her late 70's and she is in a bind.... She was married for 33 years to a navy man. A one star admiral to be precise He found he couldn't make it in the civilian world and he acquired a ton of debt without the knowledge of his wife. Sometimes even signing her name. They were at the time estranged he lived in St. Crox and her here in Florida. In 2007 he purchased a home in Florida. 5 days after the purchase of the home there is a recorded quit claim deed from him to him and her. He passed away three years ago and she got hit with phone calls from all the creditors that he owed. She hired an attorney and paid off all the outstanding debt. Her credit rating was 600 and she has brought it up to 692 She has only one credit card with no lates on it and she has income of $6,000 a month. She is in the home and has been maintaining the payment, again with no lates. The home was put into "The Estate of Dennis Schwaab" (her deceased husband) by the mortgage servicer. Now is where it gets interesting...... He has the mortgage at an arm and she wants to fix the rate. The mortgage company said she has to apply for a mortgage in her name but she will not qualify...... and they tell her that she cannot refinance a dead mans loan. One person even suggested a short sale...... She does not want to move so how would that work? O and the best part the property is upside down by approximately 40K. She, well I guess he, owes 230K and she believes it would appraise out at 190K************** Again, she has maintained the payments for three years and isn't she considered the executor to the estate? Doesn't that mean she is there to make the decisions for the estate? What can she do? She would like to fix the mortgage rate on a 15 year term. Her debt to income is good. What can she do? She keeps asking me all these questions and I told her I will try to find out some information for her. Any advice is appreciated.

1. Your thread header is misleading as you as not a part of this.

2. Your friend should consult with an Estate Attorney and a Real Estate Attorney to assess her options. Many Attorneys offer free consults.

 

[lookitsmary]

thank you ......

Thank you OHroadworrior. We have found that she is on title and the existing servicer informed her of a bit more information she didn't know. The existing mortgage is not only an arm which was her concern with the rising rates but that it is an interest only mortgage ready to convert to a 20 yr August 2016 whereas her pmt will increase approx $1,000.00 a month. And $44,000 upside down sooooooo for now she is going to keep an eye on property values. She has an appointment with her Attorney next week, and she owns an adjacent cleared lot, so she is going to investigate the option of incorporating the lot onto the deed with the house for the purpose of upping the value. Once she can get to her target value she will then refi and her current servicer stated they will refi her. So thank you very much

1. Your thread header is misleading as you as not a part of this.

Ok Blue Meanie I am helping out an elderly friend didn't think it made a difference**************. Sorry to have seemingly bothered you. Have a wonderful day. Perfect screen name.