Do you just tell the truth?

[Guest]

My brother is trying to refinance his loan on his mortgage.

The paperwork wants to know why he needs to refinance to a lower payment.

Well the truth is he got divorced and lost half his income.

When the mortgage was taken out both him and his ex wife were on it. When she divorced he lost half his income. The payment was based on both their incomes.

He wonders if that's a good enough excuse though, or if they will say too bad so sad.

He tried to do this previously, but they said because he wasn't behind they couldn't help him. Now he is behind and they want to help. It's totally backwards.

Would you just give that excuse? It is what happened, it's not a lie.

His ex wife is still on the mortgage because they both looked into it and it would cost them several thousand dollars they do not have to remove her from it. The divorce papers state she has to pay to remove her name but neither of them have that kind of money. I do not know how this is different than her removing her name.

[anon]

Don't lie and if she has to pay money to have her name removed, why does he care?

[Guest]

He definitely shouldn't lie. Divorce or reduction in income seem like they would be common and understandable reasons.

But if they're not taking her name off the mortgage, won't the bank still include her income? It may be necessary to take her off.

[bmw29]

You can refinance for any reason. Dh and I refinanced a few years ago just because we weren't happy with our lender. When he refinanced he should be able to do it without her if he qualifies alone as long as she agrees.

[Pjmm]

Don't lie. They'll find out anyhow.

[Vanillacupcake]

How much will it cost to take her off? Seems that a refinance would be needed in that case anyway.

[Guest]

Don't lie and if she has to pay money to have her name removed, why does he care?

She doesn't have the money and neither does he.

[Guest]

He definitely shouldn't lie. Divorce or reduction in income seem like they would be common and understandable reasons.

But if they're not taking her name off the mortgage, won't the bank still include her income? It may be necessary to take her off.

They said they won't as long as she signs a form stating she doesn't live there.

[Guest]

How much will it cost to take her off? Seems that a refinance would be needed in that case anyway.

Several thousand dollars.

[Deleted User 670]

My brother is trying to refinance his loan on his mortgage.

The paperwork wants to know why he needs to refinance to a lower payment.

Well the truth is he got divorced and lost half his income.

When the mortgage was taken out both him and his ex wife were on it. When she divorced he lost half his income. The payment was based on both their incomes.

He wonders if that's a good enough excuse though, or if they will say too bad so sad.

He tried to do this previously, but they said because he wasn't behind they couldn't help him. Now he is behind and they want to help. It's totally backwards.

Would you just give that excuse? It is what happened, it's not a lie.

His ex wife is still on the mortgage because they both looked into it and it would cost them several thousand dollars they do not have to remove her from it. The divorce papers state she has to pay to remove her name but neither of them have that kind of money. I do not know how this is different than her removing her name.

The answer would be to take advantage of the lower interest rate and save money. The mortgage company is going to find out about his income situation anyway when they look through his credit history and I would think that with the refi it would be an easy thing to get her name off the mortgage if he qualifies for the new mortgage on just his income alone.