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i have been divorced for some time now. i was suppose to sell the house but after divorce was final my ex verbally agreed to let me stay in the house so i didn't need to move the kids out of their home. at the time there was no way i could refinance so since the divorce i have been making all payments on the house and now i would like to try to refinance. was wondering if anyone could tell me if they think it might be possible yet. i currently make $59k a year. i was making half that at the time of divorce. i think the home is probably valued around $160,000 to $165,000. i currently owe $116,500. i have no collections or bankrupcies but have a lot of lates on my report back from when i got divorced and a lot of credit card debt.
i just pulled my transunion fico score and it is at 646 up from 585 back in May. i have been working hard at paying all bills on time and my last late was back in Sept 07 but my ex was to take care of paying off the Discover card and he didn't and when i pulled my report last May i found he was 90 days late on that so i had to take over payments because my name was still on the account and i couldn't get it off until account was paid in full and closed. He was out of job and i didn't want him messing up my score any more than it was. So the last late showing up on my report is actually 6 months ago. i currently have $18,000 i have to get paid off but thought if i could refinance i could take some cash out to pay down the credit card debt.
any thoughts or suggestions would be appreciated.
Good news/Bad news.
With a 646 and no lates in 12 months, you should be able to get a refi. If it 59K per year is documented income, 116K loan on a 160K property, and a letter of explanation showing the divorce as well as the job loss by ex-husband as compenasting factors in the lates. Also, attempt to GW the lates to get the removed.
The bad news is that cash out refinancing is harder to get right now. You may have no problem, but I just am not sure. Someone with mroe info should come laong to help shortly.
@punkin wrote:i have been divorced for some time now. i was suppose to sell the house but after divorce was final my ex verbally agreed to let me stay in the house so i didn't need to move the kids out of their home. at the time there was no way i could refinance so since the divorce i have been making all payments on the house and now i would like to try to refinance. was wondering if anyone could tell me if they think it might be possible yet. i currently make $59k a year. i was making half that at the time of divorce. i think the home is probably valued around $160,000 to $165,000. i currently owe $116,500. i have no collections or bankrupcies but have a lot of lates on my report back from when i got divorced and a lot of credit card debt.
i just pulled my transunion fico score and it is at 646 up from 585 back in May. i have been working hard at paying all bills on time and my last late was back in Sept 07 but my ex was to take care of paying off the Discover card and he didn't and when i pulled my report last May i found he was 90 days late on that so i had to take over payments because my name was still on the account and i couldn't get it off until account was paid in full and closed. He was out of job and i didn't want him messing up my score any more than it was. So the last late showing up on my report is actually 6 months ago. i currently have $18,000 i have to get paid off but thought if i could refinance i could take some cash out to pay down the credit card debt.
any thoughts or suggestions would be appreciated.
You should be able to get a refi - cash out with all programs but fha will have a hit to rate for the cash
FHA will have PMI but so will conventional if yu exceed 80% of the value (which you will to get that 18k and cover the costs) so since fha doesnt have a hit for scores I woul think that FHA would be the lowest payment overall
You need to apply and let someone run the numbers through automated underwriting and give you an answer it wont take long and then you will know.
B
Yes as a matter of fact rates are low enough that even when you add in the PMI for FHA you should be able to at least match that rate - 6.25% rate plus .55% PMI - or at least come very close....
You need to have someone run the numbers for you and then look at what the options are...
Pay some - pay all etc....
Brian