Posted on: 02nd Jul, 2007 11:34 am
My exwife and I were divorced a year ago. However, I let her keep the house and all its contents. But, I did a quit claim deed prior to getting divorced. My attorney has it in her possession until such time as the ex refinances the house. She was granted one year from divorce to refinance, and she has not done it. Now she wants me to give her the quitclaim deed prior to her refinancing. My attorney says she has to refinance first and show she has, then the quitclaim deed can be turned over. I'm confused. Should I give it to her now? Or should I wait for her to refinance? I am currently trying to force a sell of the house....
Thank,
Thank,
Hi Patrick,
Welcome to Mortgagefit discussion board.
To refinance the mortgage into her own name your ex wife will need to have ownership rights over the house. Is the house in both names?
If the house is in your name only then she will need the quit claim deed first as to get the loan refinanced the lender would require her to have ownership of the house.
However if the house is in both names then she should be able to refinance the mortgage into her name as she already has ownership rights over the house. And you should wait for her to refinance the mortgage before giving the deed which transfers full ownership in her name.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
To refinance the mortgage into her own name your ex wife will need to have ownership rights over the house. Is the house in both names?
If the house is in your name only then she will need the quit claim deed first as to get the loan refinanced the lender would require her to have ownership of the house.
However if the house is in both names then she should be able to refinance the mortgage into her name as she already has ownership rights over the house. And you should wait for her to refinance the mortgage before giving the deed which transfers full ownership in her name.
Do let me know if you have any other questions.
Thanks
Blue
I am no longer confused. Very helpful information. I just hope it works out in my favor. BTW... Both of our names are on the house. We used the VA, and I just want it back for my availability if I should choose to use them again.
"I just want it back for my availability if I should choose to use them again."
Your eligibility will be restored when the va loan is paid off after the refinance by your ex wife.
Your eligibility will be restored when the va loan is paid off after the refinance by your ex wife.
Hello Patrick,
You can have a previously-used entitlement restored or made available to purchase another home with a VA loan if:
You can have a previously-used entitlement restored or made available to purchase another home with a VA loan if:
- An eligible veteran buyer agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement that was initially used by the veteran seller. The entitlement may also be restored once only if the veteran has repaid the previous VA loan completely but has not disposed of the property purchased using the prior VA loan. The remaining entitlement and restoration of entitlement can be requested through the nearest VA office by completing VA Form 26-1880;
- The property that has been purchased with the prior VA loan, has already been sold and the loan has been paid completely.
I got divorce this year. Can I refinancing a mortage loan that is in my soley in my name, but my exwife name is on the deed only.
Hi Willie
I think it is possible to refinance the mortgage in your name. But hasn't your ex-wife quitclaimed the property to you after your divorce?
Thanks.
I think it is possible to refinance the mortgage in your name. But hasn't your ex-wife quitclaimed the property to you after your divorce?
Thanks.
No, you can't take out a loan on property you don't own. If only she owns the property, she would have to be a borrower.
No, she has done it yet. Would that be a problem?
Welcome Willie,
If your name is on the mortgage whereas both your ex-wife's name and your name is on the property deed, then I think you will be able to refinance the mortgage. However, it will be better if you can ask your ex-wife to quitclaim the property to you and then look for a refinance.
If your name is on the mortgage whereas both your ex-wife's name and your name is on the property deed, then I think you will be able to refinance the mortgage. However, it will be better if you can ask your ex-wife to quitclaim the property to you and then look for a refinance.
my boyfriend purchased a home loan with the help of the va. his lender is telling me that i cannot have my name put on the deed because it is a va loan(my credit it bad). what if something were to happen to him? who would be in charge of the home, what rights would i have, we have been together 5 years.
Hi angie,
As your boyfriend is applying for a VA loan, it's better to have only him on the loan. However, if you are concerned about who would be in charge of the property, you can ask him to prepare a will which clearly states who would inherit his property after his death. He can also create a living trust and name you as its beneficiary.
As your boyfriend is applying for a VA loan, it's better to have only him on the loan. However, if you are concerned about who would be in charge of the property, you can ask him to prepare a will which clearly states who would inherit his property after his death. He can also create a living trust and name you as its beneficiary.