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Divorce Re-Fi on my home

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Old 03-15-2012, 08:58 AM   #1
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Divorce Re-Fi on my home

I am in the process of getting my first and last divorce. Part of the settlement is to get a Re-Fi to get her name off the loan and the deed. I also have to pay her a large sum of money.

I have 90 days in which do this. Anyone have any advice (rates, how to do this, etc.)?

I live in Baldwin County in Alabama. Bank of America has my current mortgage after Compass Bank sold it to Bank of America. The house is not underwater even after paying her off.
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Old 03-15-2012, 09:02 AM   #2
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If you have access to a credit union that would be the best place to start looking. Refinance rates are very low right now so you should get a good rate.
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Old 03-15-2012, 09:04 AM   #3
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Im a loan officer but not for Mortgages.
But its pretty standard what you are doing.Simply apply online, in a branch, or over the phone.
You will have to do alot of the same thing you did whaen you bought it originally.Such as showing verification of income and getting an new apprasail on the property(yes even though they allready hold the mortgage) they are still going to make you pay for an appraisal.

As long as the house is worth what you still owe on it and your income is enough to cover the mortgage payment.Then you should be good to go.

Any really specific question - just ask and im sure we can help if able to . good luck.
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Old 03-15-2012, 09:06 AM   #4
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everyone says credit union and yes that where everyone should do there banking business at a credit union.But lets all get real regardless if you finance with a credit your note will be sold to a big bank ( Citi, Wells Fargo, Chase, BofA) - since you are with BofA talk tothem and see what they can do for you.

By the way I work for a credit union and have worked for a Bank in the past.
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Old 03-15-2012, 09:12 AM   #5
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Quote:
Originally Posted by TJGARZA84 View Post
everyone says credit union and yes that where everyone should do there banking business at a credit union.But lets all get real regardless if you finance with a credit your note will be sold to a big bank ( Citi, Wells Fargo, Chase, BofA) - since you are with BofA talk tothem and see what they can do for you.

By the way I work for a credit union and have worked for a Bank in the past.

Why would it matter who the loan is sold to down the road? It's all about the terms that you get when you settle. After that, who cares, right?
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Old 03-15-2012, 09:27 AM   #6
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Quote:
Originally Posted by TJGARZA84 View Post
Im a loan officer but not for Mortgages.
But its pretty standard what you are doing.Simply apply online, in a branch, or over the phone.
You will have to do alot of the same thing you did whaen you bought it originally.Such as showing verification of income and getting an new apprasail on the property(yes even though they allready hold the mortgage) they are still going to make you pay for an appraisal.

As long as the house is worth what you still owe on it and your income is enough to cover the mortgage payment.Then you should be good to go.

Any really specific question - just ask and im sure we can help if able to . good luck.
just an fyi you dont always need to prove income or get a new appraisal.

Quote:
Originally Posted by Dead Heretic View Post
Not correct. You can have a servicer that is difficult to deal with. Like no local branches, doesn't take automatic payments, high fees for phone payments, poor customer service. I am a mortgage processor that sells to bigger banks. There is a difference
agreed, like green tree i have heard tons of problems about and b of a sold them loans
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Old 03-15-2012, 09:30 AM   #7
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Wink

just an fyi you dont always need to prove income or get a new appraisal.

Yeah not sure if you have heard about financial institutions cracking down since they are being heavily monitored and audited by certain regulatoring commissions. So yes you will need to provided income and get a new appraisal on all property purchases and refinance..
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Old 03-15-2012, 09:33 AM   #8
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Quote:
Originally Posted by TJGARZA84 View Post
just an fyi you dont always need to prove income or get a new appraisal.

Yeah not sure if you have heard about financial institutions cracking down since they are being heavily monitored and audited by certain regulatoring commissions. So yes you will need to provided income and get a new appraisal on all property purchases and refinance..
your horribly mistaken.

i am a loan processor and for MHA loans its stated assets and we use the artificial intellegance to give us a value for the property. the only time you need an appraisal on a MHA refinance is if you pay mortgage insurance right now and you want to get rid of it, so if you have under 80% LTV and you are paying mortgage insurance thats the only time a appraisal is required, or if the AI tool doesnt have a value.
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Old 03-15-2012, 09:43 AM   #9
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guidelines:

Income and Employment

Income and Employment Requirements
Principal and Interest (P&I) Increasing ≤ 20%, Decreasing or Staying the Same
The following is required for all existing borrower(s) and new applicant(s):
· Income generated from employment (wages, salary, bonus, commissions, overtime, etc.) does not need to be documented.
· Traditional Verbal Verification of Employment (VVOE) is required.
· Income generated from self-employment does not need to be documented.
o The source of such self-employment must be verified through traditional Verification of Business Existence methods as outlined within Income and Employment - Conventional.
· The lack of a formal verification of income requirement or stated income is not an opportunity to misrepresent an applicant’s employment information.
· The final application must be updated, if necessary, to reflect the income source and amounts provided on any verification documentation.
· If the application contains changes, strikethroughs or amendments to the salaried or self employed income or employment information, then the loan must follow Credit Qualification requirements, unless the changes are supported by the following:
o Documented job changes in the same line of work
OR
o Reasonable increase in compensation






Appraisal Requirements
The following appraisal valuation requirements apply on all MHA loan transactions:
· The value in the MHA Eligibility tool should be used, however, a transaction may require a full walk-in appraisal in following situations.
o Existing 2nd lien lender is requiring a full appraisal to consider subordination (proceed to Subordinate Financing section below)
o There is no value or value of 0 reflected on MHA eligibility tool.
o There is a material data discrepancy between the address on the existing loan and the new Making Home Affordable (MHA) loan.
o Prior loan has Mortgage Insurance (MI), and the new LTV, using the value in the tool, would be 80% or less (a full appraisal is required in order to drop the MI)
o The following additional appraisal requirements apply based on the specific investor that currently owns the loan:

Freddie Mac
· Property Types and/or Ownership Rights Also Requiring Full Appraisal
· While the MHA tool will reflect no value or a 0 value on the following property types, associates must ensure a full appraisal is ordered given potential for missing or erroneous property type data in servicing system:
o Manufactured Homes
o Cooperatives
o 2-4 Unit Properties
o Leaseholds (Associates must review application and title work to determine if property rights are leasehold requiring a full appraisal)

Appraisals Obtained On Properties With MHA Eligibility Tool Value
· If a full appraisal is obtained, that value must be used even if it is less than the value provided by the MHA Eligibility tool. Refer to Appraisal - Conventional for standard appraisal guidelines.
· If a full appraisal was obtained on the subject property for another Conventional or FHA loan program application and is:
o dated 120 days before the note date, the appraisal must be used
o dated > 120 days before the note date, an updated appraisal is required
· Appraisals obtained on VA loans are not permitted to be used on MHA transaction.
Capturing Bedroom Count and Gross Rent on 1-Unit Investment and All 2-4 Unit Properties
· 1-unit investment properties and all 2-4 unit properties continue to require Bank of America to obtain information on bedroom count and gross rents to meet government reporting requirements even if rental income from such properties were not used for qualifying.
· If a full appraisal is obtained, bedroom count and gross rent information should be gathered from the comparable rent schedule required with the appraisal.
· If valuation tool was used, associates must verbally obtain the required information directly from the applicant. It is not acceptable to use third party Web sites to obtain this information (i.e. Rent-O-Meter, Zillow).
· The number of bedrooms and the gross rents for each unit must be captured on the MHA Eligibility & Loan Quality Checklist and entered into the 4.7.3 – Expanded Data tab in EDGE.
Appraisal/Valuation Expiration Requirements
· Appraisals/Valuations, including the value from the MHA Eligibility Tool, must:
o Follow standard age limitations
AND
o Not be dated > 120 days before the Note date as of the application date
· If the appraisal/valuation is dated > 120 days before the Note date:
o An updated appraisal/valuation is required.
o Standard appraisal requirements apply. Refer to Appraisal - Conventional for more information when an appraisal has expired.
· If the value from the MHA Eligibility Tool is being used and the value will be dated > 120 days before the Note date:
o The Current Valuation as of the date the MHA Eligibility Tool is re-pulled must be used.
o If the Current Valuation from the MHA Eligibility Tool now does not contain a value, a full appraisal must be ordered.
· If a full appraisal was obtained and the value will be dated > 120 days before the Note date:
o An updated appraisal is required.
o The MHA Eligibility Tool cannot be used to update a full appraisal.
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Old 03-15-2012, 09:46 AM   #10
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only 1 of 20 loans i do need an appraisal.

and the only time we need to prove income is if your claiming rental income, pension, social security, child support etc.
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Old 03-15-2012, 09:49 AM   #11
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I am not worried about proving my income. I have worked at the same place for 20+ years. Income is good, job security perfect and a equity in the house.

I am just looking for the best deal and I am trying to save money on the upfront costs because I don't know how many more years that I will live there.
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Old 03-15-2012, 09:57 AM   #12
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Epic! ^
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