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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » I need to refinance my home in 5 years and owe only student loans. Will it be problem?

I need to refinance my home in 5 years and owe only student loans. Will it be problem?

I have 1 credit for my husband and I (who had to file chapter 7 a year ago because he had lost his job and couldn’t pay his credit cards after he got a new job due to the HUGE increase in rates for being late while he was off from work; he didn’t receive unemployement either) and I’ve paid off all my credit cards but 1 for $2000. I do have $50,000 in student loan debt though. Do you think we will have a problem re-financing in 5 years (damn ARM) for around $100k ??

1 credit = 1 credit card
What is a community property state?

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3 Responses to "I need to refinance my home in 5 years and owe only student loans. Will it be problem?"

  1. Concerned says:
    You may be able to refinance the loan into your name alone. Both your husband and yourself will be on the title, but you would be responsibile for the loan. Honestly, your credit score, employment history, and the refinance amount will all play a factor in the refinancing. The short answer: Yes, it can be done even witha BK. Best of luck.
  2. Landlord says:
    It depends on where you are.

    If you are in a community property state, there is no way.

    If you are not in a community property state it depends on your credit and income. If you are paying the debt and both debts total less then 30% of your income you will be OK.

    You picked the ARM loan, this is exactly what you wanted.

  3. yssirhcx says:
    Depending on how your file your taxes and if your husband’s Chapter 7 has been discharged already .. You will not need to worry about a community property state:
    http://www.fairmark.com/spousal/comprop.htm

    I would reccomend speaking to a mortgage broker when the time comes closer to your refinance. Who knows how much the programs will change in the next 5 years… Banks are rarely offering ARMs now… so look at the change in just a few alreay.

    Refinancing is based on your FICO, income, your debt to income ratio and the loan percentage to value you are looking to acquire.

    For example, if you make $20,000 a year and your bills are $100,000 – your debt to income ratio would be totally unbalanced. Since your debt is relatively small you should be ok … again, there are the other factors mentioned so without all the details it is impossible to give you an exact answer.

    Lastly, you may want to consider refinancing in one name if possible. If your husband’s credit still isn’t up to par when you want to refinance you can do it in your name only.

    If the Chapter 7 has been discharged you can have an attorney file a Quit Claim Deed and remove his name from the property… you can then do the refinance on your own.

    There are a lot of ways to work around this but without all details there is no one that can give you an answer with all specifics.

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