Posted on: 02nd Feb, 2011 10:58 pm
hello!
i'm wondering if anyone can help me. i was awarded my home after divorce 3 years ago. i am not on the loan, for no reason other than i was a sahm at the time of purchase and had no idea i was destined for divorce. a quit claim deed was completed following the divorce, so i am listed on the title, but not the ex.
ex has agreed to a streamline refinance and has signed docs. bank doesn't know that we are divorced. i have been paying the note since that time. i never thought about the title issue until i saw the charge for a title insurance policy on the closing summary. i am assuming this will halt the entire thing, correct? also, if paperwork is submitted, i would have to pay the $1500 for this title policy regardless if the refi goes through i suspect?
i have no problem making the current payment. i would, however, love to get the interest rate down, but don't want to open a can of worms. also, on paper, i would not qualify for this mortgage on my own so that is not an option. i wonder if i can be added to the note without adding him to the title? can anyone shed some light on this?
i'm wondering if anyone can help me. i was awarded my home after divorce 3 years ago. i am not on the loan, for no reason other than i was a sahm at the time of purchase and had no idea i was destined for divorce. a quit claim deed was completed following the divorce, so i am listed on the title, but not the ex.
ex has agreed to a streamline refinance and has signed docs. bank doesn't know that we are divorced. i have been paying the note since that time. i never thought about the title issue until i saw the charge for a title insurance policy on the closing summary. i am assuming this will halt the entire thing, correct? also, if paperwork is submitted, i would have to pay the $1500 for this title policy regardless if the refi goes through i suspect?
i have no problem making the current payment. i would, however, love to get the interest rate down, but don't want to open a can of worms. also, on paper, i would not qualify for this mortgage on my own so that is not an option. i wonder if i can be added to the note without adding him to the title? can anyone shed some light on this?
Hi AJK,
In my opinion, you should inform the lender about the divorce and ask your ex to refinance the loan. As your ex will be refinancing the loan, you can ask him to pay for the title insurance policy at the time of the closing of the loan.
Thanks,
Jerry
In my opinion, you should inform the lender about the divorce and ask your ex to refinance the loan. As your ex will be refinancing the loan, you can ask him to pay for the title insurance policy at the time of the closing of the loan.
Thanks,
Jerry
Thanks Jerry. My ex has no problem refinancing the loan. He has already signed the papers but I need to know if the title being in my name only is going to cause a problem for the refi? I don't mind paying any related closing costs but if the title would cause the whole thing to fall through, than I rather not pay $1500 for nothing. I guess what I am asking is will the title in my name only, without my name being on the mortgage (ex's name only) cause a problem for the refinancing?
The title of the property should be in the name of your ex so that he can refinance the mortgage in his name.
Thanks Niicss, that's the problem though. It's my house through the divorce so he is no longer on the title. He has the loan in his name as he has no choice. This is the way we purchased the house and I don't qualify to refinance due to income, even though I am the one who makes the payments.
I guess that I can assume that once the bank receives the title information on the refi (if I send the papers in for processing) they will see that the title is not in the name of the person wanting to refinance and deny it, correct?
I guess that I can assume that once the bank receives the title information on the refi (if I send the papers in for processing) they will see that the title is not in the name of the person wanting to refinance and deny it, correct?
Hi Guest,
It will be your lender's discretion as to whether or not he will allow you to assume the existing mortgage.
It will be your lender's discretion as to whether or not he will allow you to assume the existing mortgage.