Please Help...Trying to refinance and dealing with mom-in-law's debt
Hi...this post is for advice and to vent.
My H and I are trying to refinance our house.
Go back to 3 years ago when we got our mortgage...I had a better credit score but his was lower. We got a decent interest rate, however, we also had $12,000 tagged on our credit from a credit card that belongs to his mom. Long story...his mom cannot handle her finances anymore...my H has POA, etc. Why she has 12K on a credit card? That's another story.
Anyway...my H looked into getting this refinance and has paperwork etc. I just have to sign it. The refinance should save us $300.00 or so a month, which is good. Of course you have to cover the cost of refinancing, but after that we will be saving money.
The problem is, when I looked at the paperwork...there is the 12K credit card from his mom again. I had asked him after we got the first mortgage to PLEASE get his name off of his mother's card, so it would not affect us in the future. Well, it's still in his name and I'm pissed. I told him I'm not signing until he gets name off of account.
The loan person is telling me that we shouldn't take his name off account now as it may affect the credit...that we should wait, get the loan, and then take his name off. She is saying that we have the highest credit? at 740 so we should just go with this. This may be true, but logically it doesn't make sense and I'm also pissed that he hasn't taken care of this. Does anyone know if taking my H's name off of this now would indeed affect his credit score so that we wouldn't get a good deal on refi?