I need a mortgage/refinance on a house bought for cash in 2005 which appraised in Aug for $370,000 in Georgia.

The house is my daughters and I was added to the deed in September. I need to pay off credit card debt and she needs cash to make some repairs and pay off some house debt, the house is currently vacant. She lives in CA and I live in VA. My median credit is 683 and hers is 609. My daughter purchased a home in Northern GA in 2005 for cash. The house was built in 2000 but has been vacant for most of four years. It is currently a 4 bedroom, 3 1/2 bath 3000 sq. ft. home with a garage sitting on a 4 acre lot in an upscale subdivision. Her home is the lowest valued house in the subdivision. Part of the cash is to finish the basement which would add another 1500+ sq. ft. plus there is an unfinished bedroom upstairs that also needs to be completed.She has since moved to CA to live with her husband's parents. She doesn't work and could no longer afford to live in the house even though it was paid for. Her husband was working retail and with the economy in the dump and state of the job market, she could either pay the utilities and upkeep of the house or feed and clothe her children. Her husband was to get work at his dad's landscaping business when they moved to CA but that didn't work out because of the economy as well. The plan originally was for both her family and my husband and I to move into the house together. However, with the housing market downturn I can't sell my house without taking a loss. I will have to wait until housing prices increase. So the plan for the interim is to get the house livable and rent it out for a couple years. My involvement is that I am her mother and want to help. I have been helping her financially with the house. I applied and qualified for a loan 30 year fixed at 3.5% and was two days before settlement when the loan was cancelled. The loan officer didn't realize that because I was only put on the deed in September that I would have to wait six months to qualify. I was way up front about it and even asked the question BEFORE applying. The house appraised at $370,000 with no issues. Please Help. by Cellis_590_733 from Springfield, Virginia. Nov 21st 2012 Reply