Posted on: 09th Jun, 2009 02:09 pm
Our house was previously paid off and he (X) took out a line of credit against it. We are now seperated and have been for 1-2 yrs. Iam listed on the deed but not on the line of credit. I was told that I needed to list his line of credit monthly payment ( which I do not pay) into my expenses just incase he defaults on it . If I do this combined with my monthly rent and my true expenses it puts me over the debt to income ratio. Is this correct? Should I shop another lender? Can I sign off on a Quick claim deed or a interspousal transfer? Would this remedy my issues with the lenders ?
After having the worst experience in the Florida market, my advise is to get a competent attorney to help you with your transaction.
the quit claim deed would essentially accomplish what you are looking to do unless you expect to see proceeds from the sale of that home one day.
you can also go to another lender and this may not be an issue.
you can also go to another lender and this may not be an issue.
melodyflds
Welcoem to the form.
Quit claim deed will relase you from the property, but not from the loan if your name is on it.
If you can prove that yoru X is mkaing all the necessary payemnts on the HELCO, then you shoudl be able to get the loan for your new house.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcoem to the form.
Quit claim deed will relase you from the property, but not from the loan if your name is on it.
If you can prove that yoru X is mkaing all the necessary payemnts on the HELCO, then you shoudl be able to get the loan for your new house.
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.