Posted on: 15th Dec, 2009 08:25 am
My husband and I got divorced 1 year ago. After we were unable to sell our current house with a short sale, I kept the house after doing a loan modification. In the divorce papers it stated my ex was not financially responsible for this house, so he was able to get a loan on his own and buy his own house. How do I get his name off the house/loan without refinancing? Also, in the future can I add a new spouse to the house? Thanks!
As far as I know refi is the only option that would fully remove him from the loan. You can do a quit claim but then he would still be somewhat liable: if you miss a mortgage payment his credit would be affected and the lender would go after him if they cannot get the money from you. But if it is not his concern that can be a good option.
I learned these by being in a similar situation recently and researching the issue (taking to a mortgage broker and reading this site etc). I am pretty sure I am correct but please anyone correct me if I am not.not.
I learned these by being in a similar situation recently and researching the issue (taking to a mortgage broker and reading this site etc). I am pretty sure I am correct but please anyone correct me if I am not.not.
hi k!
welcome to forums!
if you want to remove your ex-spouse from the property deed, then you will have to ask him to sign a quitclaim deed in your favor. once he transfers the property to you, then you can refinance the loan in your name to remove him from the mortgage. apart from refinance, you can apply for a novation to remove your ex-spouse's name from the mortgage but lenders prefer refinance over novation.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you want to remove your ex-spouse from the property deed, then you will have to ask him to sign a quitclaim deed in your favor. once he transfers the property to you, then you can refinance the loan in your name to remove him from the mortgage. apart from refinance, you can apply for a novation to remove your ex-spouse's name from the mortgage but lenders prefer refinance over novation.
feel free to ask if you've further queries.
sussane