Novation - Transfer mortgage to another individual

My wife and I just recently bought a new home about 3 months ago. Because of another home that I own with my mother, we decided to buy this one strictly on her name only in order to qualify for the tax credit. Now my wife has decided to divorce me and is willing to allow me to assume the mortgage and deed once I qualify. She has agreed to move out and allow me to live in the home in the meantime. Is there a way to insure that she honors this agreement in writing?

it's hard to answer that question. "honoring an agreement" also includes marriage vows, and i don't mean to be critical, here. but if that's an agreement that can be broken, and we do it all the time in this country, then what would make us assume that a living arrangement such as you describe become upheld? can you insure it? i don't know that, of course. but if there's a deed back to you as the owner, and if you're able to assume that mortgage (does she know she'll still be liable for it?), then that would seem pretty close to being cemented.

My now husband and his brother purchased a home together before we married. My husband is the co-borrower on the mortgage. After we got married, brother moved to another state and I have been paying the mortgage for several years. Does this affect my credit either positively or negatively? We live in a community property state. Is it necessary for us to refinance to remove brother from property interest and mortgage? I would rather not pay fees. Is novation and QCD the best route assuming the lender will allow this? What harm is there leaving it as is (brother in law and husband as borrower and co-borrower) as long as timely payments are made?

the last shall be first: i don't know of any harm based on timely payments. i don't have any expertise in community property situations, but that ought to protect you from any harm, i presume. as for a downside, if you should sell the home at any time with existing ownership interests, your brother in law, of course, would be due a sum of money from proceeds, if any. that's the case no matter what...if he quit claimed his interest to you now, it would make sense for him to be compensated for his equity.

a quit claim would make sense to me, if the lender allows novation. in this sort of case, i suppose novation is a more sensible alternative to the lender, particularly in light of your residence there now and that you've not been late on said mortgage in the past.

we would like to use a quitclaim deed in order add a well-off family member (mother) to our title in order qualify for a new mortgage. can we do this?

i suppose you can...as long as she's happy with it, why not?

ive been living with my girlfriend for ten years paying the mortgage on the house that we bought that is in her name only.all payments have been made thru her checking account. how would i get my name on the mortgage for the purpose of claiming the interest for my tax returns

ditch the only way you can become obligated on a mortgage is if you become an owner of the home and you do a refinance transaction with your lender or another lender.

How are you doing with geetting an answer to your question?

that depends on who you're asking...my questions have gone long unanswered, for example.

I am married and trying to purchase property without using my husbands information. I was just informed by my lender, that FHA requires my husbands debt information in processing my loan. Now because my husband had property before we got married and has multiple morgages, I now have a high "debt-to-ratio" income score. My lender stated, my husband has to my purchase and that he can Quick Claim Deed at closing. My lender says, this will remove my husband from title and his name will not appear on the loan. Is this ture? And if not, how can I remove him from title and loan?

your lender is sadly misinformed. in all likelihood, it is his company who is working with a specific investor that requires this information.

and then , as far as what he said about quit claim deed and promissory note - this is a lender you need to run away from, in my opinion. if someone purchases a home and subsequently quit claims his interest in that home to another person (and i don't care if it's husband/wife, boyfriend/girlfriend, boyfriend/boyfriend ad nauseam...you cannot eliminate a person from a promissory note unless the underlying loan is paid in full.

you might be "tired" but i'm getting annoyed by the fools that masquerade as seasoned loan officers and their employers who pass off their internal policies (or their investors' policies) as gospel straight from the fha or fannie or freddie. this is nonsense, and these clowns give the rest of us a bad name.

i think you ought to discuss this with another lender - one with a head on straight.

Thank you gmakerley.

I currently have the same situation as Tired. B of A stated to me that my spouse would be considered as a non-purchasing spouse and their financial information was required. That my spouse had to fill out documents as I did. But rest assure, my spouse would not be on the loan or title due to the Quickclaim Deed being file along with the other documents. I too, was also told about income ratio to debt. Can you explain this debt to ratio issue? Why a spouse debt has to be considered in a FHA loan? Why does that debt affect your loan? What can be done not to include a spouse? A little background on me; I have a credit score of 800 and have been on my job for 24yrs. I have one credit card, that is not at the limit, which is my only bill. My spouse has made heir mark and doing well with their properties. I just wanted to get something for myself to add to what we have. But this has been long and tiresome. Tired, I'm with ya.