Posted on: 06th Apr, 2011 01:46 pm
I am going through a divorce and want to keep the house. I can't afford the mortgage on my own, so I hope a loan modification will help. My soon to be ex will sign the quit claim. What do I need to do next? I have an 80/20 loan from BoA and GMAC and fear this will cause problems getting a modification. What are my options?
Hi chrisalapati,
You will have to record the quitclaim deed and get the property transferred in your name. Once you do so, then you can apply for a loan modification. However, if your ex-spouse's name is mentioned on the loan docs, then both of you will have to jointly apply for a loan modification.
Thanks
You will have to record the quitclaim deed and get the property transferred in your name. Once you do so, then you can apply for a loan modification. However, if your ex-spouse's name is mentioned on the loan docs, then both of you will have to jointly apply for a loan modification.
Thanks