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transfer of ownershp in divorce

Posted on: 25th Jul, 2009 10:43 pm
i am getting a divorce. we own 2 houses. my wife has bad credit and will not be able to refinance. how can i transfer ownership without refinance.
Hi rdferguson,

You do not need a refinance to transfer the ownership of the property. You can do it through a quitclaim deed. However, if there's a mortgage on the property, then your wife needs to refinance it in order to transfer the mortgage in her name.
Posted on: 27th Jul, 2009 01:02 am
My soon to be ex-wife does not have a sufficient credit rating to allow her to refinance the house in order to transfer the mortgage in her name. Is there another alternative like a contract for deed or some sort of a legal instrument to have it done in the future when the mortgage is paid off.?
Posted on: 27th Jul, 2009 09:56 pm
hi ronald,

if the mortgage is paid off, then there's no need to refinance the property. you may sign an agreement with her that she would refinance the property as soon as her credit improves.

though novation is also a process to transfer the mortgage from one person to another, the lender would consider her credit in that case as well. moreover, you should note that lenders always prefer refinance over novation.

take care.
Posted on: 29th Jul, 2009 01:13 am
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