Home Equity Loan
i have a home equity ?
My son came into a sum money he has never delt with banking etc spent all his capital bought a home started a buissness and bought two cars.After two years of taxes and starting a buiss my son became in need of some cash to pay bills taxes etc.He went to castlepoint I've learned was the worse.They said he had no credit history yet and he needed a cosigner to get a equity loan.I agreed to run my scores and they are bad but just enough to get the loan but I'd have to put my name on his deed they tricked me and now I completly own my sons home and loan.Also castlepoint was told I'm on ssi disability 600 a month and no income incase my sons bizz failed I need low payments and I need small payments they said I'd pay hi rate for 1 year 550 a month so I agreed.then they sold me and sold me again and i cant get a lower payment or refi not for cashout but for small payments now.because bizz not doing well and am behind in everything only income ssi my scores are bad NO ONE WILL REFI ME HELP
Public Comments
- At closing, did you sign a quit claim to get you son off of the title? He should still be on! See if Castlepoint will work with you guys.
- This does not sound like your problem. This is your sons house, let him either pay for his house, refinance in his name or foreclose. You never should have gotten involved in this, but you did. Now it is time to wash your hands. The bank can only take your sons house, your income can not be garnished.
- have your son co-sign so you can refi. Use his income from the business.
- Always look at your paperwork before you sign, please. It would have said who the owner of the mortgage is. These people clearly tricked you, but this is your son's problem and he needs to take care of it. Try to get an FHA loan. They are typically for 1st time buyers with little or no credit, and people with 580 score and above. If you have your paperwork, you may be able to "assume" the mortgage to your son. Get with a mortgage broker and seek their advice and help. They have access to hundreds of lenders across the country and can usually get different types of people in. If they can get you a loan, they will charge you a fee. But you won't be able to get a loan through a normal bank. If they can't they can give you advice as to what to do. Bring your paperwork so they can look over it.
