Posted on: 12th Nov, 2010 11:00 am
i live in california and have been legally separated for a year and a half. i have been trying to get a loan modification during this time without success because my husband's income was too high. so in may 2010, i was told to have my husband sign an interspousal transfer deed so that i could qualify for a loan modification based on my income only, which is spousal support. the bank finally approved a three month trial period (forbearance agreement) which was addressed to my husband and i and signed by both of us. does the interspousal transfer deed release my husband of any responsibility to repay the debt from the first or second mortgage? this forbearance agreement is in both of out names and is for the first mortgage only. there is also a second mortgage on the home as well.
the interspousal transfer deed was done for the sole purpose of me qualifying for a loan modification with my income only.
the interspousal transfer deed was done for the sole purpose of me qualifying for a loan modification with my income only.
Hi Dodi,
The inter-spousal deed does not release your husband from the obligation of repaying the debt. It will only help you in removing him from the property deed. If your husband's name is on the mortgage, then he is still liable for the dues.
Thanks
The inter-spousal deed does not release your husband from the obligation of repaying the debt. It will only help you in removing him from the property deed. If your husband's name is on the mortgage, then he is still liable for the dues.
Thanks