Posted on: 30th Jan, 2009 10:50 am
We are upside down iin our house by 500K...need to do a short sale or deed in lieu. Would it be possible (and wrong?) to take my husband off the loan/deed so that the negative impacts on our credit will only affect mine and my husband would still have good credit? Is that even possible? My dad said we could put it in his name if we needed to. Thanks.
hi guest!
welcome to forums!
i don't think you can now remove him from the property deed or the mortgage. if you remove him from the deed, it can be taken as a fraudulent transfer and you may be penalized for it.
as you are thinking about short sale or deed in lieu, you must be past due on your payments. in that case you will not be able to remove your husband's name from the mortgage as you will not be able to refinance the property.
feel free to ask if you have further queries.
sussane
welcome to forums!
i don't think you can now remove him from the property deed or the mortgage. if you remove him from the deed, it can be taken as a fraudulent transfer and you may be penalized for it.
as you are thinking about short sale or deed in lieu, you must be past due on your payments. in that case you will not be able to remove your husband's name from the mortgage as you will not be able to refinance the property.
feel free to ask if you have further queries.
sussane