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Is there any lender that will refinance a house with a borrower middle score under 500?
Wiki User
∙ 17y ago
There are just a few--none that you want or should to do business with. (My opinion) Please call your mortgage company and ask about applying for a HUD asistance loan. They will reduce the payment that is manageable until your situation is resolved.
Wiki User
∙ 17y ago
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How do you refinance a house that you owe more than it's worth?
Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.Generally, no new lender will allow a refinance in that situation. You should speak with your lender.
When you refinance a house as a co-borrower can you take your name out of the loan?
Only if the borrower qualifies on his own and the bank allows it. You will also have to be removed from the deed.
What is colleteral?
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
What is a pledge asset?
An asset that a borrower transfers to the possession of a lender as collateral for a loan. The borrower maintains ownership and all associated rights of the pledged asset. When the loan is repaid, the lender transfers possession back to the borrower. The pledged asset reduces the risk to the lender that the borrower will default, therefore possibly qualifying the borrower for some benefit, such as a lower interest rate. When buying a house, some mortgage borrowers will pledge an asset, such as stock, to the lend
Where can you refinance your house?
Your first stop should be the original lender. You have a relationship with them, which means that lots of things will go more smoothly. If that doesn't work, then search online for a local lender.
How can you borrow money against a home you own outright?
You mortgage the home. The process is similar to a refinance, but you do not have a lender that will be paid off. Therefore it is automatically a "cash out" refinance mortgage.
What are the requirements to refinance a house?
Each lender will have specific requirements for refinancing, but most will expect that your income be significantly higher than your mortgage, that you will be able to pay closing costs after the refinance, and that your house is worth more than you are asking to borrow in the refinanced loan.
What happens when someones dies and leaves you a house with a mortgage?
What can happen and what will happen are often very different. Technically, death of a borrower is a "default event" for most mortgage loans, meaning that the bank can call the loan due and payable. This would typically force the inheritor to sell or refinance the home. However, if there is no interruption in payment, the lender may not be aware that a borrower has passed away for some time. The best thing to do is decide what will be done with the home. If it will be retained, refinance the loan once the ownership has been transferred legally to you. If you want to sell the home, you may continue making the payments while you market the home without involving the lender until you are ready. Remember that the lender does not know who you are, so be prepared to send any Will or Trust documents along with death certificates to the lender.
If you are a co-signer on a loan for a house and you refinance will your old debts be paid off?
Co-signer or co-borrower? A cosigner has no legal right to property, unless their name is on the title/deed. When refinancing a house, if there is a "cash out" transaction, that money can be used to pay outstanding debts. Usually this is a Home Eq. loan, but it can be a refinanced transaction. Although the debts are listed in the paper work, they are not automatically paid, unless there are specific contractual stipulations between the lender and borrower.
Who is the person who joins borrower and lender for a real estate loan thereby earning a placement fee?
Typically if it's not an in-house agent of the lender, it's either a mortgage banker or a mortgage broker.
What is the optimal credit score for a house?
fine. So it is really difficult to simply quote a baseline score, as it will not be applicable from lender to lender or borrower to borrower. However, with credit scores of 653, 676 and 697, you have a good chanc what credit score you need to buy a home. http://www.squidoo.com/whatcreditscoredoyouneedtobuyahouse
What happens when a borrower doesn't pay back a mortgage loan?
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
