I have had a mortgage at 7.25% for the last 2 years, I cannot afford this anymore. I do not qualify to re-finance, but my boyfriend of 3 years is moving in and qualifies for a very low rate. I spoke with a bank in my area and they said he has to be on the deed for 6 month's before we can do anything do to some new law in NY is this true? by jessica42 from Flushing, New York. Jun 3rd 2010
Have you looked into a modification? Call your lender and inquire about the HOPE for homeowners program. This could possibly get your rate modified. Hope this helps.
To answer specifically; yes it's true and no it's not really that new or even specific to New York. If your intention was to add him to title and then refinance, it would have to be "seasoned", meaning he would have to have had ownership for a set period of time. You didn't mention if you have equity or not or specifically why you cannot qualify for a refinance; If you have equity and it's a matter of credit score why you can not qualify, you may be able to sell your property to your boyfriend and he can get his own financing at a much lower rate. If it is a matter of equity, the as Adennie mentioned, you may want to check into a modification. Best of luck. Gregorio Denny -- WeFixRates.Com --
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