loan modification question

[Anonymous]

ok, here's my scenario. i've been working to rebuild or clean up my credit so that my fiance and i can refi her house into our names and remove her ex from the loan. a LO that i work with was telling me that a modification would be the best way to remove him and add myself without needing to credit qualify or deal with appraisals in this terrible market.

the mortgage is held with wells fargo. it's been paid perfectly for 5 years now. my question is this...i have a charge off with wells fargo and my dofd is 03/03. would they over look that and allow the modification to take place? i wouldn't want them to slap a lein against the house or anything like that or put my fiance in danger because of my past.

any help or advice is welcome.

thanks to all of you for your continued help!!

[Lel]

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coppernights wrote:

ok, here's my scenario. i've been working to rebuild or clean up my credit so that my fiance and i can refi her house into our names and remove her ex from the loan. a LO that i work with was telling me that a modification would be the best way to remove him and add myself without needing to credit qualify or deal with appraisals in this terrible market.

the mortgage is held with wells fargo. it's been paid perfectly for 5 years now. my question is this...i have a charge off with wells fargo and my dofd is 03/03. would they over look that and allow the modification to take place? i wouldn't want them to slap a lein against the house or anything like that or put my fiance in danger because of my past.

any help or advice is welcome.

thanks to all of you for your continued help!!

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Loan modifications are not intended to be used to remove ex-spouses from mortgages.  I'm not even sure if it's done at all.

Does your fiancee have any equity in the home?  What are your FICO scores?

[Anonymous]

thanks for your response. the house is valued at around 250k and the mortgage balance is about 230k from the last statement. her credit is well above 700's. i've been working on repairing my credit and i'm experiencing the credit roller coaster. i was 502 when i started then shot up to 580 and last pull was 550 fico. the LO i was talking to was saying that they can do it as a "hardship" because she doesn't qualify for the mortgage on her own income. since the ex is gone and not paying ( i am) the LO is saying that this is a good case of a hardship where they would do it because they wouldn't risk her falling delinquent on the mortgage.

i work for bofa but i'm a tad too embassed to go talk to an LO in my building with my horrible credit standings at the moment.

[Anonymous]

I am fairly sure that a loan modification can not remove or add people to the loan.  hopefully one of the experts will chime in, but modifications are to help people who can not afford a mortgage keep a house.  They are not to change the ownership of the debt/obligation.