Question:
can I refinance my home if I home if I have a repo?
Answers:
Assuming they've already seen your credit report, it shouldn't matter if they've already approved you.
The main question is, will they require YOU to pay off any remaining debt on that repo? I doubt you really want to pay off someone else's debt.
Say what??
A repo can always be refinanced once you own it (Deed of Trust/Deed). Not enough info to take it to another level.
Unless they are brokering the loan out, they shouldn't repull the credit. It also depends how long ago it was. What you need to find out though, is there a balance still owing on the repo. The lender may require that to be paid off. It will take about 7 years for the repo to fall of your credit. Also, if there is a large enough balance, sometimes the auto companies will also file a judgment against you and/or can garnish your wages. Have the lender show you you report and find out if anything is owing though.
I know it was a hard lesson learned but you NEVER want to cosign for anyone. If you do, make sure you have the bill come to you and you make sure that you mail it off or pay it yourself.
I hope this helps you some.
CA Lender
It all depends on the lender..it may or may not affect the loan. The person doing your loan should be able to tell you if it will or won't affect your approval. If you have any other questions or anything feel free to email me. I also work for a lender and if the person you are currently working with is not able to get the loan done for you I would be happy to try to help.
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