Posted on: 03rd Nov, 2009 01:24 pm
my ex husband has applied for a loan modification. in our divorce decree, he assumed responsibility for the house; however, my name is still on the loan and the title because he has not been able to refinance in only his name. can the bank do the loan modification without me? will this remove me from the loan since i didn't participate, provide information, or sign any of the documents?
i would like to buy a house of my own but am afraid that being on my old house will hurt my chances. i don't want to force him to sell but i want off the loan so that i can move forward with life. thoughts?
i would like to buy a house of my own but am afraid that being on my old house will hurt my chances. i don't want to force him to sell but i want off the loan so that i can move forward with life. thoughts?
One other option is asking the lender if the loan is assumable, unless he refinances this is the only way to remove yourself from the loan. You may need to force him to sell.
The only success I have had in helping clients in your situation is showing the divorce decree and then showing that the other party has made the last 12 months in payments...however, this is rare, often times couples are not willing to work such things out and it becomes just another battle.
DO NOT give him the deed unless you are sitting at the closing table and he is refinancing or selling otherwise you will lose any say you have. And of course go see your attorney if it's court ordered then he's in contempt. If he agreed to it, then he needs to do what it takes to make it happen. Good luck.
The only success I have had in helping clients in your situation is showing the divorce decree and then showing that the other party has made the last 12 months in payments...however, this is rare, often times couples are not willing to work such things out and it becomes just another battle.
DO NOT give him the deed unless you are sitting at the closing table and he is refinancing or selling otherwise you will lose any say you have. And of course go see your attorney if it's court ordered then he's in contempt. If he agreed to it, then he needs to do what it takes to make it happen. Good luck.
dont think the answerws complete. can he do a loan modification wthout her signatre?
Hi franklin!
Welcome to forums!
Hi franklin,
If she is on the loan doc, then he will have to take her permission and signatures to complete the loan modification process.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Hi franklin,
If she is on the loan doc, then he will have to take her permission and signatures to complete the loan modification process.
Feel free to ask if you've further queries.
Sussane