Posted on: 13th Apr, 2010 06:00 am
my wife and i have sperated about four months ago. recently she and the bank had me sign a letter stating that she is paying the mortage herself so she could receive a lower rate. i am however paying her to agreed terms of the seperation. because the modification is like a refinance that did not include my salary but included a copy of my new lease, ...........can i make the bank give me a quick claim deed. thanks. jack from maryland
a refinance is not similar to a loan modification. in case of a refinance, the mortgage can be transferred from one person to another whereas in modification your loan terms and conditions are changed. getting a modification does not mean that your name is removed from the loan doc. though you sign a quit claim deed now, you will be responsible for the mortgage payments.