In a bad situation need to sell home to relative or something refinancing is out of the question?
Hello. I am in a bad situation. I was forced to refinance my home about a year ago at a payment that was way too high for me but i would rather not get into details on that part
.
I need to come up with about 10k very fast as i really have some issues that need to be resolved QUICKLY and refinancing is out of the question by the way.
my home is worth around 88-90k , the payoff on the loan i have out now is around 76k. Is there a way i could sell this home to my fiancee which has no legal tie to me yet and we could come out with a lower payment and at least that much cash out of the deal?
I was forced into a 15 year mortgage by the way so my payments now are problably double what they should be.
Fiancees credit rating is around 550-600 according to an online estimate at bankrate.
I am desperate if you didnt notice, we would rather pay a high interest loan or even the monthly payment we have now than to face what would happen if i dont come up with the 6-10k .
And if you tell me you may be able to help like marty the real estate guy down there im not going to email you- your not getting a dime from me. Sorry but internet scams are becoming worse than the real life scams.
cheryl g, yes you can be forced or tricked into this. Its called fraud, where one party offers a certain amount of money for your deed of trust but then switches the paperwork around.
My situation was along the same lines as a foreclosure rescue scam, but i was not in foreclosure actually my home was paid for in full but i wanted to purchase a business from someone, they ended up being a dirty real estate broker that switched the paperwork up after i signed it and before it was recorded so as the look like i borrowed money from them for “no reason”.
Situation is terrible.
Category: Renting & Real Estate | Tags: 15 Year Mortgage, Amount Of Money, Bad Situation, Bankrate, Credit Rating, Deed Of Trust, Email, Face, Fiancee, Foreclosure, Fraud, Hello, High Interest, Interest Loan, Internet Scams, Paperwork, Real Estate Broker, Refinance, Refinancing, Situation Need 2 comments »
December 2nd, 2009 at 7:12 pm
Caffeinated Content
First thing would be a nice sincere prayer to GOD. I’m not sure if you know him but he’s GREAT with working out situations like these. Secondly what youre proposing sounds do-able but she would have to be able to qualify for a loan before she can purchase your home from you. If she qualifies for 90K then she should be able to get a lower payment then what you have. Hope I helped.
“Email me at maybe I can help!”
December 3rd, 2009 at 9:40 am
Caffeinated Content for WordPress
Bad news…your fiance probably doesn’t qualify for a loan. You could sign a quit claim deed, making him the owner, but that really wouldn’t help you out of this situation.
You might apply to your bank for a personal line of credit for the bare minimum of cash you need. Sadly, it’s probably not likely that you’ll be granted another loan based upon the information you’ve given.
You really don’t have enough equity in the home to get a loan based upon that angle.
The only other thing you could do is try to liquidate everything you have that is worth anything, including your car, TV’s, computers, etc. Then work on rebuilding your finances.
No one is forced to refinance and obtain a 15-year loan. More likely, it was another case of a self-made emergency. You really need to get a credit counselor/financial advisor and take the advice you are given. Most metropolitan area have free services for people in this situation.