Hammlin Posted December 13, 2012 Report Share Posted December 13, 2012 Hey everyone/anyone...I'm wondering if there are any "me too" or "I've been there" people who can offer advice.My ex and I co own my house, and ideally I would like to buy it off of him, as he has moved and I am the only one in the house (he wants out from under it as well)My complications are that I had a bankruptcy 3 years ago (just me, not him) and I make half of what we qualified for the mortgage with (cause he made the other half)But the house is at like 6.75% interest rate and I would love to get down to 3% (is that even practical?) because the mortgage is ridiculous for the home. There is no chance (and I wouldn't want to) refinance together.I doubt I can qualify on my own, but does anyone have any ideas???I'm at a loss... My Blog | My Story Race: Wood Elf | Class: Footpath Ranger Leader Level: 18 (STR):44.25 (DEX):37.25 (STA):30 (CON):31.25 (WIS):31.5 (CHA):25.25 "All that is necessary for the triumph of evil is for good men to do nothing." -Edmund Burke "Love does not throw the book at you because love doesn't have a book to throw." -CS Lewis Link to comment
Heidi Posted December 13, 2012 Report Share Posted December 13, 2012 Mortgages are at an all time low, so if you are a first-time homebuyer, you might be able to get 3.5% or lower.Call a lending agency (I know a great mortgage agent if you are interested) and find out what their requirements are, and then go look up your credit score -- 620 or better is needed to get a mortgage. ♥ & ☮, Heidi West-Marches Campaign Herb-Gatherer Spoiler Gypsy Druid Level 12 Philosopher and level 11 Librarian (built on the Monk class, with a training path in The Way of the Cobalt Soul) Ranger: 1 | 2 | 3 | 4 | 5 | 6 | 7 :: Druid: 8 | 9 | 10 | 11 | 12 | 13 |:: 14 | 15 | 16 | 17 | 18 |:: 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |:: 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 |:: 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 |:: 47 | 48 | 49 | 50 | 51 | 52 | 53| 54 | 55 | 56 | 57 | 58 | 59 | 60 |:: 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | :: 70 | Paladin: 71 | 72 | 73 | 74 | 75 | 76 | :: 77 | 78 | 79 | 80 | 81 | Shaman: 82 | 83 | 84 Philosopher-Librarian 85 |:: 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | Heidi Chronicles NF Character Sheet | @theheidifeed| MySlashdotKarmaIsExcellent Walk to Mordor - (spreadsheet) Let's catch up: https://calendly.com/loveandpeace Link to comment
Hammlin Posted December 13, 2012 Author Report Share Posted December 13, 2012 Mortgages are at an all time low, so if you are a first-time homebuyer, you might be able to get 3.5% or lower.Call a lending agency (I know a great mortgage agent if you are interested) and find out what their requirements are, and then go look up your credit score -- 620 or better is needed to get a mortgage.I'm not a first time buyer though, I live in the house that I own, I just would like to own it alone, not with my ex >.<Thanks though! I'll ask around, I just don't want to be paying lenders for their services if the answer is going to be no anyway.I appreciate the response. My Blog | My Story Race: Wood Elf | Class: Footpath Ranger Leader Level: 18 (STR):44.25 (DEX):37.25 (STA):30 (CON):31.25 (WIS):31.5 (CHA):25.25 "All that is necessary for the triumph of evil is for good men to do nothing." -Edmund Burke "Love does not throw the book at you because love doesn't have a book to throw." -CS Lewis Link to comment
Heidi Posted December 13, 2012 Report Share Posted December 13, 2012 Rates are down to such low rates that you might be able to refinance using your existing lender and get him off the loan entirely. I would start there first, and i'm pretty certain they would be interested in keeping your business. ♥ & ☮, Heidi West-Marches Campaign Herb-Gatherer Spoiler Gypsy Druid Level 12 Philosopher and level 11 Librarian (built on the Monk class, with a training path in The Way of the Cobalt Soul) Ranger: 1 | 2 | 3 | 4 | 5 | 6 | 7 :: Druid: 8 | 9 | 10 | 11 | 12 | 13 |:: 14 | 15 | 16 | 17 | 18 |:: 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |:: 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 |:: 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 |:: 47 | 48 | 49 | 50 | 51 | 52 | 53| 54 | 55 | 56 | 57 | 58 | 59 | 60 |:: 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | :: 70 | Paladin: 71 | 72 | 73 | 74 | 75 | 76 | :: 77 | 78 | 79 | 80 | 81 | Shaman: 82 | 83 | 84 Philosopher-Librarian 85 |:: 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | Heidi Chronicles NF Character Sheet | @theheidifeed| MySlashdotKarmaIsExcellent Walk to Mordor - (spreadsheet) Let's catch up: https://calendly.com/loveandpeace Link to comment
Reinoa Posted December 13, 2012 Report Share Posted December 13, 2012 My friend Sara (bankruptcy lawyer) said you should check out http://www.cobar.org/index.cfm/ID/53/dpwfp/Legal-Assistance-Programs for advice on such matters. Good luck! Level 2 Hobbit Adventurer STR: 6 | DEX: 3.8 | CON: 5.95 | STA: 5.9 | WIS: 7.6 | CHA: 4My Intro Post | My Battle Log | My First Challenge | My Second Challenge"Only those who risk going too far can possibly find out how far they can go." --T.S. EliotACSM Certified Personal Trainer Link to comment
Hammlin Posted December 13, 2012 Author Report Share Posted December 13, 2012 My friend Sara (bankruptcy lawyer) said you should check out http://www.cobar.org/index.cfm/ID/53/dpwfp/Legal-Assistance-Programs for advice on such matters. Good luck!Do I need a lawyer? eesh, I don't want to sue anyone or anything like that, I just want to buy my house, and get a much much lower rate, otherwise I may as well just leave it as is. Did Sara mention how that would help? My bankruptcy is 3 years in the past, over and done.I don't want to be insolent, I just don't know, ya know? Thanks! My Blog | My Story Race: Wood Elf | Class: Footpath Ranger Leader Level: 18 (STR):44.25 (DEX):37.25 (STA):30 (CON):31.25 (WIS):31.5 (CHA):25.25 "All that is necessary for the triumph of evil is for good men to do nothing." -Edmund Burke "Love does not throw the book at you because love doesn't have a book to throw." -CS Lewis Link to comment
Elastigirl Posted December 13, 2012 Report Share Posted December 13, 2012 Well you can probably get pretty low interest right now. But if you can't qualify, can you afford the house payments on your own/ If the bank is looking at it and doesn't think you have the income why are you confident that you can? Have you done the numbers to make sure you can make the payments? Sorry to be a voice of gloom, I just hate to see someone get in over their head in mortgage payments, because I've had too many friends who have really struggled after buying more than they could afford. Wisdom 22.5 Dexterity 13 Charisma 15 Strength 21 Constitution-13 "Love the Lord your God with all your heart, and with all your soul, and with all your strength, and with all your mind' Luke 10; 27 Link to comment
Tanktimus the Encourager Posted December 13, 2012 Report Share Posted December 13, 2012 What if you sell the house so you are both out from under it and get something else? Current Challenge "By the Most-Righteous-and-Blessed Beard of Sir Tanktimus the Encourager!" - Jarl Rurik Harrgath Link to comment
Reinoa Posted December 14, 2012 Report Share Posted December 14, 2012 Not a lawyer per se, but someone who can help you (pro bono no less, hence the link) with questions you might have regarding purchasing a home one, from your ex, and two, after a bankruptcy. It's good to have someone on your side who knows all the procedures (and your rights), so that a bank doesn't try to walk all over you. Level 2 Hobbit Adventurer STR: 6 | DEX: 3.8 | CON: 5.95 | STA: 5.9 | WIS: 7.6 | CHA: 4My Intro Post | My Battle Log | My First Challenge | My Second Challenge"Only those who risk going too far can possibly find out how far they can go." --T.S. EliotACSM Certified Personal Trainer Link to comment
Hammlin Posted December 14, 2012 Author Report Share Posted December 14, 2012 Well you can probably get pretty low interest right now. But if you can't qualify, can you afford the house payments on your own/ If the bank is looking at it and doesn't think you have the income why are you confident that you can? Have you done the numbers to make sure you can make the payments? Sorry to be a voice of gloom, I just hate to see someone get in over their head in mortgage payments, because I've had too many friends who have really struggled after buying more than they could afford.I hear you but yes, I currently pay the mortgage on my own (for the last year and a half). It's just really tight and I would prefer to get a better rate while they are out there. I just don't know if I qualify which is why we can't just sell it and I go get my own. I was just wondering if anyone here has tried to purchase post bankruptcy, that I could glean some wisdom from My Blog | My Story Race: Wood Elf | Class: Footpath Ranger Leader Level: 18 (STR):44.25 (DEX):37.25 (STA):30 (CON):31.25 (WIS):31.5 (CHA):25.25 "All that is necessary for the triumph of evil is for good men to do nothing." -Edmund Burke "Love does not throw the book at you because love doesn't have a book to throw." -CS Lewis Link to comment
Hammlin Posted December 14, 2012 Author Report Share Posted December 14, 2012 Not a lawyer per se, but someone who can help you (pro bono no less, hence the link) with questions you might have regarding purchasing a home one, from your ex, and two, after a bankruptcy. It's good to have someone on your side who knows all the procedures (and your rights), so that a bank doesn't try to walk all over you.Gotcha, thanks! My Blog | My Story Race: Wood Elf | Class: Footpath Ranger Leader Level: 18 (STR):44.25 (DEX):37.25 (STA):30 (CON):31.25 (WIS):31.5 (CHA):25.25 "All that is necessary for the triumph of evil is for good men to do nothing." -Edmund Burke "Love does not throw the book at you because love doesn't have a book to throw." -CS Lewis Link to comment
Elastigirl Posted December 14, 2012 Report Share Posted December 14, 2012 I hear you but yes, I currently pay the mortgage on my own (for the last year and a half). It's just really tight and I would prefer to get a better rate while they are out there. I just don't know if I qualify which is why we can't just sell it and I go get my own. I was just wondering if anyone here has tried to purchase post bankruptcy, that I could glean some wisdom from Ok, I understand now. Wisdom 22.5 Dexterity 13 Charisma 15 Strength 21 Constitution-13 "Love the Lord your God with all your heart, and with all your soul, and with all your strength, and with all your mind' Luke 10; 27 Link to comment
ana_wee Posted December 19, 2012 Report Share Posted December 19, 2012 Hammlin! I'm actually a realtor down in Colorado Springs. I work closely with a lender who has an office up in Denver. If you want to find out if you can refinance on your own you do not have to pay them for this service and they can usually do a "prequalification" type thing over the phone. Since interest rates are lower right now you may be able to qualify on your own. I can get you his number if you're interest. He's been known to work miracles!Also, most lawyers will do a FREE one hour consultation. You might be able to get the questions you have answered if you prep before you go in. Link to comment
ana_wee Posted December 19, 2012 Report Share Posted December 19, 2012 Ok more information...I figured I'd just ask one of my mortgage lenders in the office real quick.She said that as long as you have been repairing your credit since the bankrupcy (even though it was fairly recent) you shouldnt have a problem refinancing. PM me if you want some people to call, I know a few lenders in Denver and all the lenders I work with down here can refinance you too. Hope this helps, and let me know if you have any other questions! Link to comment
Recommended Posts
Archived
This topic is now archived and is closed to further replies.