Posted on: 14th Dec, 2009 11:28 am
property in question is in new york, staten island. my wife and i were divorced in 2007 and she retained the home at 63 ruth place as part of the settlement. she and a nonrelative, secured a mortgage from chase, sub prime, at 8.35%. the nonrelative is primary and my wife was secondary on the mortgage. in july of 2009, i remarried my former spouse and tried to purchase the home back using my credit only so i could get the 5.0% rate. i was refused by wells fargo and chase because they said that the new fannie mae requirements would not allow me to "bail out my spouse". recently, i was told to obtain a quitclaim deed adding me to the deed and waiting a few months and then apply for a "rate and term refinance" mortgage. will this work? i have a very good credit rating and i can't afford to pay this the chase sub-prime mortgage much longer..... thanks
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[size=9:b2e812e228][color=red:b2e812e228][email address deleted as per forum rules. thanks.][/color:b2e812e228][/size:b2e812e228]
Welcome William,
You will have to ask your spouse to add your name to the quit claim deed and then both of you can apply for a refinance. You've mentioned that you've a good credit rating. This is a positive point which will help you in getting a loan. I hope you have a steady income as well. The lender will also check your income before letting you refinance the loan.
You will have to ask your spouse to add your name to the quit claim deed and then both of you can apply for a refinance. You've mentioned that you've a good credit rating. This is a positive point which will help you in getting a loan. I hope you have a steady income as well. The lender will also check your income before letting you refinance the loan.