Posted on: 02nd Aug, 2010 02:34 pm
I was divorced in July 2007. My ex husband honestly did not even participate in the divorce at all due to chemical dependency issues. He signed everything over to me, assests and debts and walked away. I saw this slide beginning 2 years before we divorced and thus refused to sign on the loan when we refinanced at that time. It has come back to bite me as I am now attempting to get some type of mortgage modification since he has not made any child support payments in over 2 years. I made it through the HAMP trial period only to be kicked out because my name is not on the loan. I have not missed any payments and although I don't receive the statements, since they are mailed to my ex. Our relationship is becoming more contenscious as he his coming out of his fog and realizing what all he gave up. I had to get a restraining order and it seems like it would be wise to get my name on the mortgage and his off since even this year it was difficult for me to get him to give me the interest info I needed for tax purposes. Wells Fargo will not talk to me at all since my name is not on the loan. It is a 15 year mortgage, at 4 5/8th% so the rate is pretty good right now. The problem is that the payments are well out of my comfort zone since I am not receiving child support and I am running into debt. I was told it would cost $922 to assume the loan, providing I even qualify. There is over 50% equity the house. Do you have any suggestions for me? Thank you for any help you may be able to provide.
Whose name is on the title? Are you employed? In order to get it out of his name you are going to need to refinance. Do you possibly have some family that would agree to co-sign?
thank you for your reply. we did a quit claim deed so my name is now on the title. i think that i should be able to qualify, but i was mainly wondering if sicne i would liek to reapply for the hamp if it would be better to assume the loan, even though there are no guarantees and it would be $922 out of pocket. also, do you know how i can get my name off of my post. i went to my profile, but was not able to change it. thanks!
There is no need for HAMP if you have 50% equity. So both of your names are on title? In order to refinance him off he would be required to sign a few documents acknowledging that you are taking over the loan. Is your credit good? What state are you in?
The title is now in my name only. My credit is good. I am in MN. I doubt he will sign anything though. That is part of the problem. Control, control, control.
Well there is nothing any new bank can do to force him to do anything.
But since you are in title you are only one who truly owns the home. He is just liable for the debt. Perhaps try that angle with him.
But since you are in title you are only one who truly owns the home. He is just liable for the debt. Perhaps try that angle with him.