refi

[ezcontaz]

What is the name of your state? florida
I am attempting to refi. our home I had a bankruputcy 2 years ago and the refi. company wants to do the loan in my wifes name only and put me in the on the title and not the mortgage, when I asked what would happen to the home if something should happen to my wife I was told not to worry about it since on one would try to call in the loan in the event that something did happen to her I would simply just keep on making the payments and that they were only putting it in her name because she had the better credit score.also they have offered me a cash out on the Refi. of around 20.000, the home is already carrying a second mortgage and they want to consolidate the two at 6.58 % the value of the home is 200.000 and the total of the loan would be for 175.000,there will also be a pre-pay penalty for 3 years. does this sound like anything that I should stay away from ?
the pre-pay ? My name not on the mortgage ? Help

 

[HomeGuru]

What is the name of your state? florida
I am attempting to refi. our home I had a bankruputcy 2 years ago and the refi. company wants to do the loan in my wifes name only and put me in the on the title and not the mortgage, when I asked what would happen to the home if something should happen to my wife I was told not to worry about it since on one would try to call in the loan in the event that something did happen to her I would simply just keep on making the payments and that they were only putting it in her name because she had the better credit score.also they have offered me a cash out on the Refi. of around 20.000, the home is already carrying a second mortgage and they want to consolidate the two at 6.58 % the value of the home is 200.000 and the total of the loan would be for 175.000,there will also be a pre-pay penalty for 3 years. does this sound like anything that I should stay away from ?
the pre-pay ? My name not on the mortgage ? Help

**A: it looks like you have no choice.

 

[MortgageGuru]

Stop!

You do have a choice. 2 years out of BK is good enough to go conforming. You should be able to do this loan on much better terms with no pre-payment penalty. Put simply, if your wife alone qualifies at a rate that low on a sub-prime loan then her scores are probably high enough to go conforming. Shop your loan around some and make sure you get the best deal.