Question: Can't refinance without a job? nor home equity loan? divorced? its complicated.?

(Posted by: lightlytread on 2010-01-29 23:59:15)

I have a divorce settlement that left me with my house and my exwife relinquished the home. I have a tenant who pays my mortgage and everything is fine. Its just that when i want to make a move like refinance, I am pretty sure i cant because i dont have a job (unemployed). Also i would like to get a home equity small loan but i feel like again it will be the same thing. Should it be this difficult for a home that is in good standing, i have great credit too. One of my problems is that the divorce doesnt take wife off of note. I even did a quit claim but still i am told i have to refinance to get her off the loan. But i cant refinance cause im not working.....do i got the vicious circle right or should i try a different banker?

Posted by: Landlord on 2010-01-30, 06:49:54

Since you are renting it out the rent money counts as income, you may be able to refi on that alone.

Posted by: Professional Peon on 2010-01-30, 00:31:23

Unfortunately going to another lender won't solve the issue. If you can get a job in the same line of work it would help you be able to refi sooner then if you started over in a new line of work, but yeah you are going to have to wait.