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.
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.
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.?
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.
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.