Posted on: 26th Jun, 2010 07:17 pm
My husband has been making some really bad financial decisions re. credit cards, loans, etc. My main worry is how to protect the house. He has agreed to sign a quitclaim or interspousal transfer (and/or a legal separation). My worries are tax consequences and I have heard that these type of deed transfers can trigger your mortgage lender to demand loan payment in full (He has been the sole breadwinner for some years now and, although I would be able to handle the payments via savings and eventually get a job I could not pay in full). Husband is out of work as well, I'm thinking refi is out of the question but he is not concerned about having his name on the mortgage, he knows I can & will pay. We are in California. Thank you in advance.
borja010
you rightly said that once the name of the person on the deed is changed surely mortgage lender will expediate the process of full recovery and thus you will in big trouble once again.
My proposition is get a new job for yourself and then go for refinancing on your own so you will be able to save the home.
thanks & keep in touch....
you rightly said that once the name of the person on the deed is changed surely mortgage lender will expediate the process of full recovery and thus you will in big trouble once again.
My proposition is get a new job for yourself and then go for refinancing on your own so you will be able to save the home.
thanks & keep in touch....