Posted on: 11th Apr, 2011 10:42 am
I am getting a divorce and my wife has agreed to sign over the title of the house to me. However, I have to remove her from the mortgage.
Having spoken to my bank, Citimortgage, they indicated the best way to go about this is a Release of Liability, which will remove my wife as well as keeping the terms of my loan unchanged.
The problem is that I am currently unemployed and of course the bank will be checking my credit rating (which is excellent) and income verification.
My parents have offered to co-sign and/or collateralize the loan. My question is, in your experience, will the bank be OK with this? Will I be able to add my parents to the loan?
Thanks,
Ed
Having spoken to my bank, Citimortgage, they indicated the best way to go about this is a Release of Liability, which will remove my wife as well as keeping the terms of my loan unchanged.
The problem is that I am currently unemployed and of course the bank will be checking my credit rating (which is excellent) and income verification.
My parents have offered to co-sign and/or collateralize the loan. My question is, in your experience, will the bank be OK with this? Will I be able to add my parents to the loan?
Thanks,
Ed
I think this is one of those cases in which you need to ask directly of the bank in question. I'm sure there's no regulation that specifically points out what they must do, but that, instead, it's strictly up to the individual lender to make those determinations.