Posted on: 10th Jun, 2011 07:21 am
In 2006, while in the process of a divorce, we refinanced our home, which had both our names on the deed. Divorce final in 2007, x did quitclaim, name off title, granted. Never heard from gmac. I tried to do a modification last year, come to find out, my name is on the mortgage, but not on the note, which is the only thing that matters. Therefore, I am not the owner. Submitted an offer for a settlement, so I could remortgage, 3 weeks ago, along with all the proper paperwork, with x's signature, yesterday, received a denial because owner does not occupy property...What to do next? Does the bank legally have a lien on the property? thank u mj
I am trying to put it all together. If you did a quitclaim to remove your ex, therefore you would still be on title to the property and considered the owner. If both of your names are on the mortgage, there is no way to remove yourselves from the loan, without another refi, or to sell. A court order from divorce does nothing with your liability to the lender. So if you are on the loan, you had to have been on title at the time. If you are not currently on title, then someone made a mistake. Contact your county and pull up the records. If you did a refi with GMAC, then they have a lien on your property, just as any lender would. If they are saying you are not the property owner, then you must not have been on title. Somehow you were removed. Figure out what happened, add your self back to title, show the bank that you have been making payment with cancelled checks and explain there was a recording error, or what ever the reason was you were removed from title. Contact me if I was unclear understanding your question or if you need more info.
I went and pulled all records. I was on the title at the time of refi and am now the only one on. At the closing I signed, what I thought all necessary paperwork, gmac said I never signed " the note" which is the only part that shows u r the owner of the mortgage. We had to fax an ok, from my x, just so I could get info from about the gmac mortgage. I have sent them a copy of the title showing me on. But they r not willing to work with me, they said my x, the owner of mortgage and property, does not live here. I checked my credit report, nothing about mortgage. By giving him this quitclaim, he is totally removed, shouldn't they have been sure this mortgage was in both our names including this note, which has been the most important part. Actually, when they recorded this, the attorney said they only send the mortgage, therefor both our names were on, they do not record "the note", that is only part that shows who owns the mortgage. I live in Massachusetts. thank u,mj
Do you live in the property? If you live in the property and you are on title, as long as you can prove that you have made payments on the mortgage, that declares your ownership and vested interest in the property by making payments. If this is the case, let me know.
It appears to me that this is not at all about ownership and title to the property, it's about liability under the promissory note.
Boston, you said yourself that GMAC told you that your signature does not appear on the mortgage note. Therefore, you are not obligated to make payments under the note. Laws are restrictive as to who may discuss matters such as this with a lender. Only a borrower is entitled to private information concerning the account. Since you are not a borrower, you have no rights as far as the debt is concerned. Its' not your debt.
GMAC is right in that the only person authorized to speak with them concerning the debt is the borrower, and that is your former spouse. The transfer of ownership has nothing to do with the legal obligation to pay the debt. Since only an owner-occupied home is going to be eligible for the modification you're seeking, the obligated party (your former spouse) must reside in the home in order to qualify.
GMAC is going by the law.
Boston, you said yourself that GMAC told you that your signature does not appear on the mortgage note. Therefore, you are not obligated to make payments under the note. Laws are restrictive as to who may discuss matters such as this with a lender. Only a borrower is entitled to private information concerning the account. Since you are not a borrower, you have no rights as far as the debt is concerned. Its' not your debt.
GMAC is right in that the only person authorized to speak with them concerning the debt is the borrower, and that is your former spouse. The transfer of ownership has nothing to do with the legal obligation to pay the debt. Since only an owner-occupied home is going to be eligible for the modification you're seeking, the obligated party (your former spouse) must reside in the home in order to qualify.
GMAC is going by the law.
