Posted on: 07th May, 2009 06:49 pm
my former husband signed a quit claim deed when we divorced, transferring his entire interest in the house to me. now he wants to buy a house and his name is still on the mortgage and on his credit report. what do we do about that? is there anything we can do without incurring the cost of refinancing? also, if i do nothing about it, can i sell the house later or will it to my children would i need his cooperation?
hi scruggzy!
welcome to forums!
the best option to remove your ex-husband's name from the mortgage is to refinance it in your name. if you cannot do so, you can check out the option of novation which is also a way of transferring the mortgage from one person to another.
if the property is in your name, then later on you would be able to sell off the property or will it to your children. you won't require your ex-husband's cooperation for that.
feel free to ask if you have further queries.
sussane
welcome to forums!
the best option to remove your ex-husband's name from the mortgage is to refinance it in your name. if you cannot do so, you can check out the option of novation which is also a way of transferring the mortgage from one person to another.
if the property is in your name, then later on you would be able to sell off the property or will it to your children. you won't require your ex-husband's cooperation for that.
feel free to ask if you have further queries.
sussane
i concur with sussane's comments, and i'll add that if you seek novation, you'll need to keep in mind that the lender is going to need to be able to rely on your ability to continue making payments while considering that you'd be the sole responsible party.
and, yes, you can certainly transfer the property as the sole owner.
and, yes, you can certainly transfer the property as the sole owner.
