Refinance suggestions? (loan, credit, loan, equity)

[chrtr]

I have first mortgage 111.000 second 26,000, 6% intrest on first and 6.5% intreast on second . I want to refinance get a lower intrest rate. I am going through a devorce and spouse wants me to take over all bills and pay him 10,000 and then I can buy the house. as of right now I pay mortgage payment of when he had a great job now lost. I can only pay with my 15,000 that I make a year. we owe 8,000 in debt wich I pay through green path debt counselor solutions. I rent 4 rooms out at aproximatly 1.200 a month if no one moves out. with utilities and all debt it cost me 2400.00 a month. The renters dont count when I want to refinance . any one have any sujestions for me?

[399083453]

You dont make enough to refinance. Either keep paying or sell the house.

[VictorBurek]

if the loan is in both names, the poster may have no choice but to refi or sell. If i was getting divorced and wife was keeping home, i would make sure the divorce papers required her to get my name off the loan so if a payment is missed, my credit isnt damaged.

But reading the post, it is very unlikley the poster can refi due to income and credit.

I would suggest you contact your current lender, let them know the situation and see if they can offer any help.

[Modification Specialist]

Originally Posted by VictorBurek

....the loan is in both names, they have no choice but to refi or sell......

There are only two ways - refinance, or sell..... I've worked with this type of situation many times in the last 12 years. The terms of the loan stand, because both borrowers information was used to qualify the loan.

I suggest not to refinance because if will cost you more in lost equity. Because you just got divorced, suggest to apply for a loan modification.

The three "D's" - Death, Divorce, Disability, can qualify you for a lower payment without being late on the mortgage. You need to be very careful on how much information you share with your lender. Many times people end up by victims because they shared to much information.

PM me if you need any help...