FHA Streamline refi

[Anonymous]

I had posted on this previously but seeking advice.
I owe $256.0k+ on my current mortgage. House just sppraised for $340.0k.....but i have a solar loan of about 39.0k. And the best....a judgment of about $13.0k.
I dont have enough equity to cover all.
So fha streamline.....no problem EXCEPT the judgment. I dont have $13.0k.
The whole reason to refi is to get rid of of freelosding alcoholic ex BF who is on my loan and deed. He will quitclaim if i get him off the loan.
I just contacted US Bank...who holds my mortgage....am going to try assumption but worried my credit score is too low.
I have made all of the mortgage payments for the last 2 years...i bought my house in july 2015.

Any thoughts on home equity loan to pay judgment? And then streamline refi?

Just at a wall and dont know what to do.
The judgment is the issue.
I have my friend who is an sttorney trying to negotiate with these people....
Funny thing is the solar lian/lien is a 20 yr loan and will always be in front of their judgment and now they know there is no equity to pay them.
Judgment filed in 09....i know yhey will renew in 2019...just that kind of person.
Thoughts?
If i go through another broker to try streamline, title still gets run, right?

I do have a co-signer if needed for assumption or novation.
Feel like this is my best hope and option.

[VALoanMaster]

Hi Kimszoo,

Unfortunately you can't do a streamline refi if you're taking a borrower off the existing loan because you have to demonstrate that you qualify on your own which makes it a full, qualifying refi.

The good news is we might be able to do a cash-out refi, payoff the judgment, any other debt you can & subordinate the solar loan.

[Anonymous]

Hi. The issue with the cash out refi is that my house didnt appraise high enough. Appraised at 340.0k.
I was told i have to pay off the solar first. My existing mortgage us 256.0k, solar around 39.0k....at 85% loan to value....i cant do it...
Was told i could do streamline but judgment has to be paid which i dont have. I want to offer 13.0k which is the original judgment. They r stuck at 18.0....but thats if i had the equity.
I wanted to pay down the solar, pay the judgment. Im on payment plan for the irs so they r fine.

I have also looked into assumption since my existing loan is fha. And if needed i have a cosigner.

[Anonymous]

If i pay down tbe solar im hoping they will subordinate...i have to pay it down by march 2018 regardless to keep my low rate and lower payment.
In about 12 months...assuming i can refi now....i can refi and payoff the solar altogether.
Its just dealing with this stuff now to get the jerk out of my house and off my property. Sigh

[VALoanMaster]

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@Anonymous wrote:
Hi. The issue with the cash out refi is that my house didnt appraise high enough. Appraised at 340.0k.
I was told i have to pay off the solar first. My existing mortgage us 256.0k, solar around 39.0k....at 85% loan to value....i cant do it...
Was told i could do streamline but judgment has to be paid which i dont have. I want to offer 13.0k which is the original judgment. They r stuck at 18.0....but thats if i had the equity.
I wanted to pay down the solar, pay the judgment. Im on payment plan for the irs so they r fine.

I have also looked into assumption since my existing loan is fha. And if needed i have a cosigner.

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Who told you that you have to pay off the solar first?

[Anonymous]

The mortgage broker.
The bottom line is that there is equity in my house so it is figuring out how to distribute it....
Funny that if i did streamline she said solar loan can subordinate...so why cant they subordibate on a cash out.....especially if we can use funds to pay it down?

[VALoanMaster]

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@Anonymous wrote:
The mortgage broker.
The bottom line is that there is equity in my house so it is figuring out how to distribute it....
Funny that if i did streamline she said solar loan can subordinate...so why cant they subordibate on a cash out.....especially if we can use funds to pay it down?

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What state are you in?

[Anonymous]

California...Los Angeles County

[VALoanMaster]

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@Anonymous wrote:
California...Los Angeles County

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Can I PM you?

[Anonymous]

Of course.
Do u need my cell or email?