Posted on: 25th Apr, 2007 11:06 am
hey..
my exgirlfriend and i bought a house together. now we have split up and she has moved out of the residence. she wants to get her own place but she is still on the mortgage with me. i can't refinance right now because my debt to income ratio is too high the banks say. can a quick deed help to take her off and enable her to get another house?
my exgirlfriend and i bought a house together. now we have split up and she has moved out of the residence. she wants to get her own place but she is still on the mortgage with me. i can't refinance right now because my debt to income ratio is too high the banks say. can a quick deed help to take her off and enable her to get another house?
hi scott,
welcome to mortgagefit forum.
a quit claim deed will only remove her name from the title of the house but she will remain on the mortgage.
if refinance is not possible because of your dti ratio she will remain on the mortgage along with you. what you can do is pay off some of the other debts and reduce the ratio so that refinance can be possible.
otherwise she will have to get a house with this present mortgage still showing on her credit report.
colin
welcome to mortgagefit forum.
a quit claim deed will only remove her name from the title of the house but she will remain on the mortgage.
if refinance is not possible because of your dti ratio she will remain on the mortgage along with you. what you can do is pay off some of the other debts and reduce the ratio so that refinance can be possible.
otherwise she will have to get a house with this present mortgage still showing on her credit report.
colin
My DTI is being affected by a vehicle I purchased. I have hardly any other debts besides that one. I though about giving the truck back to the bank as a voluntary reposession, but I figured if I did that then there wouldnt be any way I could refinance after that hits my credit. Is this true?
Yes voluntary reposession will have bad affect on your score.
Hi Scott,
Repossession is what will appear on your report and it will not be mentioned whether it is voluntary or not. Both voluntary as well as involuntary repossession have negative affect on your credit score.
In addition, in repossession, it will be sold in a auction and if there is a negative balance then you will remain responsible for it. So, don't go for it. It will not be of any help for you.
Do let me know if you have any other questions.
Thanks
Blue
Repossession is what will appear on your report and it will not be mentioned whether it is voluntary or not. Both voluntary as well as involuntary repossession have negative affect on your credit score.
In addition, in repossession, it will be sold in a auction and if there is a negative balance then you will remain responsible for it. So, don't go for it. It will not be of any help for you.
Do let me know if you have any other questions.
Thanks
Blue
Hi Scott,
The quitclaim deed will help your ex-girlfriend to take her name off the title but her name will continue to exist on the loan document until and unless it is paid off or you refinance the loan. Even though your debt-to-income ratio is higher, you can still apply for a refinance loan.
You may qualify for a no-ratio loan where the debt-to-income ratio of any borrower is not considered. Refer to a previous community discussion on No-Ratio Loans to know more on this issue.
Good luck
The quitclaim deed will help your ex-girlfriend to take her name off the title but her name will continue to exist on the loan document until and unless it is paid off or you refinance the loan. Even though your debt-to-income ratio is higher, you can still apply for a refinance loan.
You may qualify for a no-ratio loan where the debt-to-income ratio of any borrower is not considered. Refer to a previous community discussion on No-Ratio Loans to know more on this issue.
Good luck
I have a rental Upper and Lower duplex. Can't find renters and have refinanced it and now have no jobe, I am behind two months and they are calling the mortgage due. How can I give the house back with the least negative impact on my credit and especially the public knowing about it.
T
T
So, did you ask the lender what alternative options he may allow you to follow? or are you interested to simply give back the house by way of deed in lieu?
I guess there's no way you can give back the house without affecting your credit. Even a deed in lieu would bring down your credit score by 250 points or so.
Take care
I guess there's no way you can give back the house without affecting your credit. Even a deed in lieu would bring down your credit score by 250 points or so.
Take care