Posted on: 20th Jul, 2009 10:35 pm
i feel like i know the answer, but i'll ask anyway. in my divorce i was granted the house, and my ex was bought out. we did a qc, but since the divorce the house had decreased in value and the loan is set to adjust in 9/10. i want to refinance the house, and called the bank only to find out that he revoked my right to talk to them about the loan, because the loan is in his name only. by my divorce decree i'm to pay all the bills associated with the house, but if i'm not able to get the loan moified i will not be ablt to afford the mortgage. what are my options?
Hi,
As your ex is still on the mortgage, he is legally responsible for it. But he has no interest in the property as he has quitclaimed it to you. If you want to get the loan in your name, you need to refinance. But a refinance does not look possible, as the property has decreased in value. I think you need to talk to your ex and make him understand that in case you default on the loan, his credit is going to be affected. So, it's better for him if he helps you in refinancing the loan in your name. Since you're not on the loan, the lender will not modify the terms of the loan until you refinance. So, a refinance is important both for you and your ex.
As your ex is still on the mortgage, he is legally responsible for it. But he has no interest in the property as he has quitclaimed it to you. If you want to get the loan in your name, you need to refinance. But a refinance does not look possible, as the property has decreased in value. I think you need to talk to your ex and make him understand that in case you default on the loan, his credit is going to be affected. So, it's better for him if he helps you in refinancing the loan in your name. Since you're not on the loan, the lender will not modify the terms of the loan until you refinance. So, a refinance is important both for you and your ex.
yes, i think you need to talk with your lenders about your complicated situation. You should let the lenders know that if you cannot pay that much, you will default, then house will go foreclosure, they will lose even bigger than they agree you to do the refinance or the loan modification. You will also have you ex understand that too since he is the person who will be responsible for the loan. His credit will be affected if you default or go foreclosure. Hope this helps.
Hold on...
If you are the only one on the deed, then you CAN refinance the property. His loan will be paid off at closing. You do not even need to call his bank. The closing agent for your new loan will call that other bank to find out what the payoff amount is. That is all...
Now, sure your home has lost value but we will need more info to determine whether refinancing is out of the question. What is the loan balance and what is the property value? Everyone, she said the home lost value. She never said it was under water.
If you are the only one on the deed, then you CAN refinance the property. His loan will be paid off at closing. You do not even need to call his bank. The closing agent for your new loan will call that other bank to find out what the payoff amount is. That is all...
Now, sure your home has lost value but we will need more info to determine whether refinancing is out of the question. What is the loan balance and what is the property value? Everyone, she said the home lost value. She never said it was under water.
