Am I liable for per diem?

Credit and mortgage advice Forums Buying Your Home Am I liable for per diem?

This topic contains 7 replies, has 2 voices, and was last updated by  Anonymous 8 years, 1 month ago.

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  • #423323


    Have her try, there are also several places on the web that specifically cater to people with low credit scores. Good Luck

  • #423324


    The answer is:

    There is ALWAYS some sub-par Mortgage Company that will approve her for a Refinance — and she is going to have to spend a lot of time looking around for this type of financing. It is going to take weeks of time — yours and hers.

    In reality — this interest rate is going to be high — and the payment will probably increase, and I doubt she has thought of the issue of having a proportion of the Taxes and Insurance (as well as most likely being required to purchase Mortgage Life Insurance) added on top of the basic principle plus interest payment.

    Is there a reason why SHE is wanting to buy you out with a shaky credit history? Why are you not buying her out — or both of you just placing the home on the market in the meantime?

    I suspect she is doing this because she would have difficulty either purchasing another residence, or can not juggle her budget to accomodate rental units either.

  • #423325


    She can bring in a partner with a better credit score.

    I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.

  • #423326


    i don’t think she has a chance but you never know! if you are interested then you buy her out and be done.good luck!

  • #423327


    Credit score aside, you haven’t said if she has enough income to get a loan that big.

    Best bet, sell the house. each of you get your half. Each of you buys your own house with your big down payment.

    You said “separating”. Do you mean divorcing? Dependong on what state you live in, that really matters…..

  • #423328


    Unless she can get an approved co-signer, you will not get released from the mortgage. She has to be able to qualify for the loan by herself or with a co-applicant. If she can’t do this, you two may have to sell the home and split the profits. Gosh I hope it works out for you.

  • #423329


    Don’t use Ditech or Lending Tree as they will pull her credit multiple times and will reduce the score even more. She needs to consultant a mortgage broker as they have hundreds of lenders to shop from and only need to pull her credit once. I do agree with a couple answers already given sounds like she will need a cosigner. (mother,sister or brother anyone who can help her qualify for the new mortgage payment) Her credit may be to low alone for 100% refinancing and a cosigner will increase her chances significantly. Trying to raise her credit score can take months if even possible depending on what is currently reporting now. I hope this helps you but if you have any further questions or need any further help please feel free to email me.

  • #202162


    My wife and I are buying an REO and there is a clause in the contract that we have to pay $100/day per diem if the house doesn’t close on or before contract closing date, which is this Friday. It’s a cash purchase so we aren’t waiting for loan approval. We signed off on inspections 3 days before contract deadline and were supposed to recieve opening package on a Friday; didn’t recieve it until the following Monday. Signed off on opening package (initial title report, etc) same day recieved (over a week ago) and still have not received closing package (HUD-1, etc). We are supposed to wire funds at least 24 hours prior to contract closing date which means tomorrow. I can’t wire funds without a HUD-1 though. Am I still liable for per diem even though the escrow company is the cause of the delay? I was ready to close last week. If I do get hit with per diem because of the escrow compan’s delays do I have any recourse?



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