What shows up? Trying to get a refinance right now and I have steadily paid the property 2-3 weeks late, never 30 days. The current loan is not in my name, I took over managing the payment about 2 years ago. Since then, I have never been 30 days late. I have **never** assumed this loan, just ensured that it was paid, and kept reasonably current. Before I took over payments, the loan was steadily paid at 30-60-90 days late, this was over two years ago. My broker said the lender is running a mortgage history on the current loan to "determing pricing", my interest rate. Kind of concerned what the lender is going to provide. Will they ask for history past a year? Can I be reported as late, if I wasn't 30+days, will they care? I don't think it is fair to base my interest rate on a loan not in my name, I get handed a mess when I began managing it.
cinderella It sounds to me as if the broker is going about your situation the wrong way. If you have not been on the mortgage, have you been on the deed? That becomes the primary issue. If you haven't, then there is a very easy way to do it. If you have, it is still doable, but becomes a bit more convatuleted. I would be willing to discuss the scenarios off board if you wish. Email me with contact info. and I will get in touch with you. fla-tan
Hi flat-tan, thanks for the response. I was just added to the deed about a month ago. I provided the lender cancelled checks on the mortgage for the last two years, in which I paid, and a current utility in my name for the property to be refinanced. As it turns out, the lender only did a 12 month review of my current loan (not my loan, just the one I manage) and it came back clear!!!! Supposedly, I am supposed to be hearing back from the broker tomorrow regarding the lenders decision.....cross my finger and toes! It has been a month since I started this process. Everything was going smoothly until the title company ran the wrong house, not good. I will let you know what happens.....saying my prayers.
Ok, broker tells me I have been approved for the refinance. Apparently, there was some problem with the first lender, because I have only been on title for over a month. It's a 30 year fixed, at 6.89%. A true stated income loan, only assets verified, with a middle score of 702. Also, cash out up to 75% of home appraisal. Too early to celebrate, still somewhat doubtful until the loan has funded, which I am **supposed** to sign the docs on Monday or Tuesday, with funding by end of next week.
1*My broker said the lender is running a mortgage history on the current loan to "determine pricing," my interest rate. Kind of concerned what the lender is going to provide. 2*Will they ask for history past a year? Can I be reported as late, if I wasn't 30+days, will they care? Cinderella =========== 1*What does that have to do with what you should pay? I see no connection between the account history and you. 2*How on a loan you never assumed. Hain't score based pricing wonerful? The END ************************* LB 59
