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    syhoyt's Avatar
    syhoyt Posts: 2, Reputation: 1
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    #1

    Apr 19, 2011, 05:11 PM
    Ineed help with refinancing my bond for deed home?
    My husband and I bought a bond for deed home in Louisiana... it is almost time to refinance this house and we are having trouble finding help. We have never been late on our payments we have all the affairs in order. Long story short, we are self employed and my husband has a tax lien that we make payments on also so his credit is not good. My credit is fair, I have a high enough credit score but he makes the most money. It just don't seem fair that we will lose our house if we can't find help. Any Ideas? At roads end now...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Apr 19, 2011, 05:13 PM

    What have you tried? How long have you been in the contract? If you have equity it shouldn't be too hard to find a lender.
    syhoyt's Avatar
    syhoyt Posts: 2, Reputation: 1
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    #3

    Apr 19, 2011, 05:57 PM
    There is equity... we have been in contract 17 months now. We owe 145,000... There is and appraisal being done this week. We have to have at least 305,000 home owners insurance. We have put a lot of money in the house...
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Apr 19, 2011, 06:01 PM

    And you didn't answer what you have tried. Once you get an appraisal you will know how much equity you have. You will be in a better position to apply for a loan.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Apr 19, 2011, 07:08 PM

    This is the issue with contracts for deeds, if you don't make the contract long enough, the same reasons you can't get a loan at the time of purchase is the same problems you have now.

    I guess I will ask, when you bought it, 17 months ago, what was the plan to improve your credit, to be able to get the loan ? What have you done to improve the credit.

    Loans were hard, very hard to get 17 months ago due to high foreclosure rate, and it has not improved much at all.
    So unless the house has a real value of a lot more than you need to borrow, it will be almost impossible to get a loan.
    have you tried to work out a deal to continue current agreement for another few years
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