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Hi, I've been on SSDIncome for several years - my family pays my mortgage for me now. My interest rate is currently 6.70. With rates so low now is there any way to refinance at a lower rate and save approx.
$100-200 a month in interest? My mother and sister have no problem paying (lawyers) but they get all freaked out when I tell them if they co-signed the Bank would do it. It would save them a lot of money - but they don't want to. Is there any way to set up something where they pay but don't co-sign?
They can always pay your mortgage and not be on the mortgage, there is no rule that says only the borrower of the mortgage must do so... however mortgage guidelines require qualifying based on the people who are borrowing the money, so if your mother & sister won't co-sign, and you'd be the only borrower on it, then qualifying will be all on you. I suspect they don't want to co-sign in case they can't make the payment for some reason, then their credit would be impacted.
You can qualify using SSDI if it's expected to continue for at least 2 years. How long is your SSDI expected to last? Can you get a physician's statement stating the disability is constant in nature?
I think it's a matter of being afraid I might be hospitalized and then being responsible for the place? In turn, as you said it might then impact their credit. But they'd still have to help me sell it if I couldn't live alone anymore so they'd still be doing the "work" of selling the place etc.
My SSDI is considered temporary (Schizophrenia) but I've been on it for 18 years...I have to constantly be reviewed but we know it will not go away and the Dr. would agree, but we still have to jump through the bureaucratic hoops.
My SSDI is only $751 a month and the mortgage is $800!! There's no way I'd qualify based on income. I only have 10-15% equity...so that doesn't help. My credit's good for what that's worth. I'd obviously lose the place to forclosure if they didn't help so I wondered if there would be any way to refinance to help them and me to stay in my condo. I'm just looking to do anything that will lighten the load they carry for me.
Mmmm, yeah even though SSDI can be grossed up by 125% for qualifying purposes (since SSDI is non-taxable)... $938.75 isn't going to qualify for a $600/mo payment (you said you could drop the payment by $200/mo). You will need a co-signer to help. Temporary SSDI can qualify though, your Dr. would just need to write something that says based on your current condition it is very likely it will continue for 2 years. I understand you want to help them out, but if they seem fine with the payment as it is, I wouldn't push the issue. You could always find a sugar-momma to marry and refinance together ;-)
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