Posted on: 24th Mar, 2009 01:13 am
I purchased a home 4 years ago...at that time my husband was not on the the mortgage or the deed...after 3 years he was added on to the title ONLY not the mortgage...We are now discussing divorce the first thing he did was quit claim the property back to me..He has not been on the title or the mortgage for the past month...I thought I was going to be able to make the payment on the home but have quickly relized it won't be long before I will fall behind on the home..My husband has offerd to buy the home from me...I have no problem with this ,I would like for one of us to have a familiar home for our children.. My question is can he purchase this home even though he was just on the title a month ago...we are still legaly married...our intentions are good I just want to make sure this is something that can be done before we go any further..
your husband can not purchase the home from you while you remain married. the lender will consider this, what is called a "arms length transaction". i advice you to contact your lender for a possible refinance program which may allow you to add him to the loan. at this point you can remove yourself from title. keep in mind that if your name remains on the loan you are still liable for the loan, moreover have no ownership in the property. hope this helps.
tx,
michael lemons
tx,
michael lemons
Hi morenomomx,
Michael is quite right. Your lender might not allow such a sale from you to your husband. But refinancing is a good option for you. You can quitclaim to transfer the title to your husband and then get it refinanced in your his name. You should talk with your lender regarding this.
Michael is quite right. Your lender might not allow such a sale from you to your husband. But refinancing is a good option for you. You can quitclaim to transfer the title to your husband and then get it refinanced in your his name. You should talk with your lender regarding this.