how can I get my 30yr mortgage changed to
40yr? my mom & I went together on a house in 2008 because she didnt like living in my mobile. We have it down to $183,877.62 and loan is at 6%. Since that time my credit has suffered due to 3 major medical bills going to collection and a car repossesion(all during time I was on disability and my insurance was not paying my bills). My mom has now done a total about face deciding she wants to live in senior community and going to walk off and leave me to deal with house. I tried asking Chase if I could assume the loan, they said no based on my credit/income. My income is 47,000 a year, my scores are Experian 644, Equifax 574 and transunion 589 for rounded of 602. This is up from December when it was 589. I have paid off 2 of the 3 medical, and got another car and been on time with payments(14%interest). I also got 2 small credit cards and paying them off after letting it cycle thru one month, but never using to more than 30% of total max, just to build credit. My mom's name will be coming up at any time on the senior housing waiting list. So I'm looking for ideas, I tried loan modification to lower payment and they said no until she is gone and not paying her half. Cannot refinance to lower % till I get to 620 credit score. I also just found out she signed a paper years ago when she was on California free medical program that any asset when she dies, the state can take to pay them back for 12 years of her free medical. She used over 90grand, so I have to get this place out of her name or everything I've paid into it will be lost to the state. Is it possible to refinance to a 40 year when you've been on a 30 year so you can lower payments and also remove one person's name? Or do they only do that stuff for those with good credit?Chase said that I do not qualify to refi on my own, even though my debt to income ration is very low because of my credit score. I cannot even modify loan because of score. I am confused why the person said it's median, because even the credit counselour program offered by the city I live in, which charges nothing, said to take the 3 scores, total them, then divide by 3 and that is the score the bank goes by. My mortgage insurance is in place for 10 years, so that wont drop off until another 7 years, and my mom wont be here that long. The other person was confused about the 90 grand. That is how much my mom used from State Insurance. Say by some miracle of God I could make the payment on my own til my credit comes up, then refinance, still when I sold the house someday the state would take $90 grand towards what she owned because her name was on the title. So I must have her name off the title before she dies, which at 80 could be any day. Someone once told me I could have her quick d
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08-14-2011, 08:26 PM
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