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plumber Tom

06:47PM | 04/12/04
Member Since: 05/10/03
810 lifetime posts
Bvrealestate
Before my wife and I were married she re-financed are mortgage. The current mortgage is called a baloon mortgage and in the year 2012 we owe a 1 time payment of 42K. My wife has another property which she co-signed on and no bank will even come close to us until her name is off that other property. Is it possible to get her name off that other property (maybe put in another relatives name or some kind of trust account?) I don't have the 1st clue about real estate. our current interst rate is 11.5%. Somebody really rooked my wife. I live in Pa. and any advice anyone can provide would be greatly appreciated.

homebild

07:53PM | 04/15/04
Member Since: 01/28/03
694 lifetime posts
Plumber Tom:

You and your honey need to get out of this ridiculous and exorbitant 11.5% baloon mortgage and refinance!

You can get the same arrangement today as you had then for less than 5% (or LESS) interest with NO balloon payments!

Lenders today are THAT desparate for your business!

Start shopping TODAY!

Geeze, I re-financed 3-4 years ago from an 8% fixed 30 year mortgage to a fixed 30 year 6.125% mortgage and have saved thousands since!.

Rates have remained that remarkably low (or lower) since then.

Every week and month that goes by you waste too much money on interest and other stuff for it to even be funny.

Re-finance NOW! (if not sooner)

Just DO IT.

Do it, Tom!

Right now you are getting reamed and reamed royally!

And if you need some 1-1 advice feel free to wrte me at homebild@praize.com

plumber Tom

05:28PM | 04/18/04
Member Since: 05/10/03
810 lifetime posts
I have sought the advice of a mortgage broker who is willing to buy out the other property in which my wife co-signed and re-finance my mortgage. The problem is the "other" co-signer was her brothers girlfriend who abandonded the property and no longer lives there. We have to find her and get her to sign over. Not going to be hard, just frustrating. Thanks for the advice, Tom

k2

02:12PM | 04/19/04
Member Since: 06/06/03
1250 lifetime posts
Hello Tom,

I know we've talked a couple times before about this. Homebild is correct, it would be great if you can refinance that awful mortgage!

I'm a little confused about the mortgage broker's interest in wanting to buy the 2nd property. I'd feel better if his interest was in simply refinancing. Besides, it seems to come down to it not being "all yours" to sell--whether to the broker, or to anybody...

I'm also a bit confused as to why BOTH your properties seem to hinge on the "vanished" co-signer for the one property. Can't you at least refi your own home?

I think you should make finding that co-signer a priority--she may not be as far off as you think. Every month causes you extra expense. I can see why it would be best to have her name gone--you don't want to sell a home with a "questionable" title.

As for removing her name without her being present--I think you are in the realm of needing a real estate attorney.

Good luck with this thorny problem!

-k2 in CO

Moderator, Miscellaneous Forum

http://www.bobvila.com/BBS/Miscellaneous

homebild

07:20PM | 04/19/04
Member Since: 01/28/03
694 lifetime posts
My continuing advice is to NOT settle on the first lender or broker who comes your way and 'seems' to solve your problems.

Mortgages are extremely cheap today and any mortgage buyer is in the driver's seat.

Make sure you research and understand what you're refinancing or remortgaging...

And make sure you get at least 3-6 mortgage brokers competing for your business to get the best price.


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