Posted on: 06th Apr, 2007 02:31 pm
i was divorced and signed a quick claim my name is still on the morgage can i pre-qulifie for another house?
As you are still named on the previous mortgage, you will get rate estimates higher than normal as loan obligation for the previous mortgage still exists against your name.
"i was divorced and signed a quick claim my name is still on the morgage can i pre-qulifie for another house?"
You can qualify for a mortgage if you are going to put a 20% or more down, have good credit score and income then you should not face any problem.
You can qualify for a mortgage if you are going to put a 20% or more down, have good credit score and income then you should not face any problem.
i would say that you ask your ex to have the mortgage refinanced in his name as having the mortgage on your credit report will affect chances of getting good rates.
you have already quit claimed the house over to him, so you should no longer remain liable for the mortgage. of course if the divorce decree states that you have to continue the payments then you cannot request a refinance.
but if the divorce decree does not require you to make the payments and he is only making the payments they you should ask him to refinance it in his own name. otherwise if he stops the payments it will start affecting your credit score.
nuckolls
you have already quit claimed the house over to him, so you should no longer remain liable for the mortgage. of course if the divorce decree states that you have to continue the payments then you cannot request a refinance.
but if the divorce decree does not require you to make the payments and he is only making the payments they you should ask him to refinance it in his own name. otherwise if he stops the payments it will start affecting your credit score.
nuckolls
Hi Mtitus,
"i was divorced and signed a quick claim my name is still on the morgage can i pre-qulifie for another house?"
Nuckolls is right, suppose your ex defaults and house goes into foreclosure, as you are also named on the mortgage, your credit score will go down by quite a bit.
You can qualify for another mortgage with existing mortgage still showing on your credit report but try as early as possible to get the mortgage refinanced in his name.
Colin
"i was divorced and signed a quick claim my name is still on the morgage can i pre-qulifie for another house?"
Nuckolls is right, suppose your ex defaults and house goes into foreclosure, as you are also named on the mortgage, your credit score will go down by quite a bit.
You can qualify for another mortgage with existing mortgage still showing on your credit report but try as early as possible to get the mortgage refinanced in his name.
Colin