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Help!!!!!! Need information to clean bad credit for refiHelp!!!!!! Need information to clean bad credit for refi
hsiehd said: "I have bought a land i 2002 and warranty deed is under my name since then. But I received a letter from a lawyer saying I owed former owner $30,000 and I have to pay it in 2004. I did not pay it becasue I owed nothing to former owner. Two months ago I needed to refinance my house but I found out I have bad credit on my credit report. Because of this matter, mortgage broker told me I cannot get a refinance loan on my house because the land and the house are two blocks away. What I can do to clean this situation in order to get a refinance loan."
liverichly said: "Your post was a little scattered but I think I got the general idea.
Just to let you know owning land nearby your primary residence doesn't disqualify you in any way from refinancing you own home. However since you've owed $30k to the former owner for 2 years (was financing through the seller?) that could be the reason that you might not be able to refinance... because if it was a mortgage with the seller and $30k was owed for 24 months, you'd technically be in default and not every lender can help someone if they are currently in default, and perhaps they were not one of them. If you are in default on the land and you need money to pay it off then there are lenders that can help you with a cash-out refinance on your home, but you'll need to clarify if that's the case or if it's a lien against the property, or if it's something else completely.
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