Posted on: 16th Nov, 2008 01:16 am
this may be confusing but i'll try...
husband and wife separated in 2006, husband signs quit claim deed at that time, and then wife refinances the home in her name only.
husband and wife reconcile by 2007, and take out a home equity line of credit. wife is borrower and husband is the co-borrower.
my question is...if the husband no longer had an interest in the property since the quit claim deed was filed in 2006, and he's no longer obligated to repay the mortgage because his wife refinanced in her name only, and his name isn't on the title, how can he be a co-borrower for an equity line of credit?
husband and wife separated in 2006, husband signs quit claim deed at that time, and then wife refinances the home in her name only.
husband and wife reconcile by 2007, and take out a home equity line of credit. wife is borrower and husband is the co-borrower.
my question is...if the husband no longer had an interest in the property since the quit claim deed was filed in 2006, and he's no longer obligated to repay the mortgage because his wife refinanced in her name only, and his name isn't on the title, how can he be a co-borrower for an equity line of credit?
Hi tymilynnuhl!
You should inform the lender about the situation. Once you inform the lender about this, you can ask your wife to quitclaim some property in your name. I don't think the lender will object to this as your wife is not quitclaiming to a third party but to the co-borrower of the property.
Thanks,
Jerry
You should inform the lender about the situation. Once you inform the lender about this, you can ask your wife to quitclaim some property in your name. I don't think the lender will object to this as your wife is not quitclaiming to a third party but to the co-borrower of the property.
Thanks,
Jerry
The lender probably did it as a formality to cover an possible community property interest.
