Posted on: 10th Dec, 2009 09:36 pm
at the beginning of september my husband and i separated and decided to pursue a divorce at the same time we had had previous conversations about pursuing home loan modification due to him losing his job in feb 09. so at the same time we separated i began the home loan modification process with temporary approval awaiting all the documentation to be sent in. i am ready to send the information in, but now my husband's lawyer is advising him to not sign the documents. neither of us can afford to live here without the modification at this point, so i don't understand why he can't just sign and then it will help to determine whether we are approved or not (headed for foreclosure, etc) while we work out other details of our divorce. the other concern is if we finally get his signature, send it in and it is approved. how long before it can be refinanced to remove his name. does the quit claim deed initially protect him until or before refinancing? the plan would be to refinance with my mother and myself on the loan. also, is there a way to complete the home modification without including him though his name is on the mortgage? can my mom somehow be put in on the mortgage and remove his name? any thing you can offer would be helpful.
Hi Dawn,
Your husband's signature will be required as he is a co-borrower on the mortgage loan. You need to talk to him and convince him to sign the modification paper because if he does not, it will affect his credit scores. If the loan is not modified and you cannot afford the payments, the house will be foreclosed on, affecting the credit of both you and him.
You do not have to wait for refinance. If you qualify, you can refinance the existing mortgage and remove his name from the loan. A quitclaim deed does not protect him from the liability of the loan. He will remain responsible for the loan until you refinance. Your mom can co-sign with you if she has good credit.
Your husband's signature will be required as he is a co-borrower on the mortgage loan. You need to talk to him and convince him to sign the modification paper because if he does not, it will affect his credit scores. If the loan is not modified and you cannot afford the payments, the house will be foreclosed on, affecting the credit of both you and him.
You do not have to wait for refinance. If you qualify, you can refinance the existing mortgage and remove his name from the loan. A quitclaim deed does not protect him from the liability of the loan. He will remain responsible for the loan until you refinance. Your mom can co-sign with you if she has good credit.
It is mandatory that your husband's signature is required for this task and thus you need to get his signatures as early as possible.