Posted on: 05th Sep, 2009 06:24 pm
do you recommend removing my husband from the title, so that way if we were to foreclose he will be cleared of any liens and we would be able to purchase another property? ( my husband is on title but not on the mortgage)
hi asmith,
welcome to our forum.
in my opinion, you can ask him for sign a quite claim deed & transfer property to your name. if he is not agree with that & you wish to buy another property you can refinance this loan on his name, then he will be resposible for making payment of monthly dues of lender as well as owner of property.as you say, currently you on mortgage & your husbands name on property deed but not on loan, that means now you are resposible for paying to lender.
if you stop to paying to lender,after few months he will file forclosure to recover loan amount. but i think it will effect on your credit history. good option is that, refinance loan to your husband & get out from there & try to buy new property. best of luck
thanks & regards
gunz.ijjistaff.
welcome to our forum.
in my opinion, you can ask him for sign a quite claim deed & transfer property to your name. if he is not agree with that & you wish to buy another property you can refinance this loan on his name, then he will be resposible for making payment of monthly dues of lender as well as owner of property.as you say, currently you on mortgage & your husbands name on property deed but not on loan, that means now you are resposible for paying to lender.
if you stop to paying to lender,after few months he will file forclosure to recover loan amount. but i think it will effect on your credit history. good option is that, refinance loan to your husband & get out from there & try to buy new property. best of luck
thanks & regards
gunz.ijjistaff.
Hi asmith,
Welcome to mortgage forum
It is not required as your husband's name is not on mortage.
Can your husband purchase new home alone without your support? your credit score will be reduced by 250 pts due to forclosure. Be ready for it.
Welcome to mortgage forum
It is not required as your husband's name is not on mortage.
Can your husband purchase new home alone without your support? your credit score will be reduced by 250 pts due to forclosure. Be ready for it.
