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Open Question: If you don't qualify to refinance a reverse mortgage, can you circumve

This is a discussion on Open Question: If you don't qualify to refinance a reverse mortgage, can you circumve within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; i inherited this debt from a friend. I live with my parents, i have no income and no + or ...


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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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Old 01-24-2008, 08:31 AM
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Default Open Question: If you don't qualify to refinance a reverse mortgage, can you circumve

i inherited this debt from a friend. I live with my parents, i have no income and no + or - credit history. but if i get to refinance with co-signers (my parents), then i will have income, no living expences, and will be able to generate a credit history. does it not matter that i can sware i'll never miss a paiment, but can't prove it through my history, or curent situation? Am i not able to work with the realestate company at all. it seems either they think i can pay off the loan and purmit me to refinance it, or they make me sell the home to pay off the loan. and there's no way i could co-sign a loan big enough to pay off the curent one, which i know is an option, but one that you have to qualify for. i'm willing to do whatever i can to keep the house, but i may not be aloud to. i could even get a job, but no better than $10 an hour 40 hours a week, which would be more than helpful, especially since i wouldn't have living expences. does that not even matter? i inherited this debt from a friend. I live with my parents, i have no income and no + or - credit history. but if i get to refinance with co-signers (my parents), then i will have income, no living expences, and will be able to generate a credit history. does it not matter that i can sware i'll never miss a paiment, but can't prove it through my history, or curent situation? Am i not able to work with the realestate company at all. it seems either they think i can pay off the loan and purmit me to refinance it, or they make me sell the home to pay off the loan. and there's no way i could co-sign a loan big enough to pay off the curent one, which i know is an option, but one that you have to qualify for. i'm willing to do whatever i can to keep the house, but i may not be aloud to. i could even get a job, but no better than $10 an hour 40 hours a week, which would be more than helpful, especially since i wouldn't have living expences. does that not even matter?

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