Posted on: 24th Sep, 2010 07:14 pm
I am divorced and in our divorce papers it states that my ex-husband must sell the house and give me my part of the equity. He has not been able to sell the house, and is now currently two months behind in the payments and the house is up for forclosure, if he does not come up with the amount by end of month. I am going to have to help him with this payment. WHat are my options and what can I do to protect my equity in the house? I have offered to take over payments, and move in myself, and buy the house. I would think that he should sign over a quitclaim deed?
hi bmw,
welcome to mortgage fit,
currently he owes you some part /equity of the house just for the sake assume that he owes you 50 %....
now you only need to buy remaining 50 % from him.what you can ask him is to sign a quitclaim deed for the remaining 50 % equity.and if you are eligible on your own to get the mortgage refinanced then you should go ahead with it.
before going ahead with quitclaim deed make sure you intimate the lender about your moves otherwise he may just start the process of foreclosure.
in order to check whether you qualify for refinance or not you need to check out with your lender.you may also find below mentioned link very useful
http://www.mortgagefit.com/refinance.html
feel free to ask any further query if you have.......
dipa
welcome to mortgage fit,
currently he owes you some part /equity of the house just for the sake assume that he owes you 50 %....
now you only need to buy remaining 50 % from him.what you can ask him is to sign a quitclaim deed for the remaining 50 % equity.and if you are eligible on your own to get the mortgage refinanced then you should go ahead with it.
before going ahead with quitclaim deed make sure you intimate the lender about your moves otherwise he may just start the process of foreclosure.
in order to check whether you qualify for refinance or not you need to check out with your lender.you may also find below mentioned link very useful
http://www.mortgagefit.com/refinance.html
feel free to ask any further query if you have.......
dipa
hi bmw!
welcome to forums!
you will have to ask your husband to sign a quit claim deed and transfer it to you. you can then take over the payments and pay the dues on time which will help you to save the property and your credit report. moreover, you'll be able to save the equity in your property.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will have to ask your husband to sign a quit claim deed and transfer it to you. you can then take over the payments and pay the dues on time which will help you to save the property and your credit report. moreover, you'll be able to save the equity in your property.
feel free to ask if you've further queries.
sussane