Racheal B asked:
To make a long story short, My grandmother bought our house in her name because my husband and I didn’t have enough credit. The plan was that after 2 years we would refinance the house into our names (we have been making the mortgage payments). So when the house was purchased, we made the mistake of getting an adjustable rate instead of fixed, and our monthly payment has gone up $300 already. We desperately need to refinance into a fixed rate before our monthly payment goes up again in February. If we aren’t approved, we will have to sell the house. I don’t want to mess my grandma’s credit up, so selling the house would be our only other alternative. Any advice on what I should do?
To make a long story short, My grandmother bought our house in her name because my husband and I didn’t have enough credit. The plan was that after 2 years we would refinance the house into our names (we have been making the mortgage payments). So when the house was purchased, we made the mistake of getting an adjustable rate instead of fixed, and our monthly payment has gone up $300 already. We desperately need to refinance into a fixed rate before our monthly payment goes up again in February. If we aren’t approved, we will have to sell the house. I don’t want to mess my grandma’s credit up, so selling the house would be our only other alternative. Any advice on what I should do?
