Posted on: 23rd Jan, 2009 08:29 am
my husband and i are in the process of a divorce. we would both like for me to stay in the home with our children. i am active duty air force and very capable of making the payments on my own however he wants his name off of the mortgage so that he can move forward and get his own place without being tied o this home if i were to defualt on the mortgage. our credit is not great because he was out of work for 6 mos. and i don't think i wil be able to refinance it at this time. is a quit claim the way to go? does it apply to my vehicle as well? thanks so much.
ingrid if you acquire the property from him in a quit claim, your mortgage lender will ask that you refinance the loan you have. "not great" credit means a lot of different things. at this time, if your score is 580 or better, you can still (possibly) qualify for fha financing, which would afford you a decent interest rate and might make paying easier for you.
for a conventional loan, you'll need a score of 620 these days to get your foot in the door.
i'd suggest you investigate with a lender (there are many of us on this site) and see what might be able to happen for you, based on your actual credit score.
for a conventional loan, you'll need a score of 620 these days to get your foot in the door.
i'd suggest you investigate with a lender (there are many of us on this site) and see what might be able to happen for you, based on your actual credit score.
Ingrid, what is your current interest rate?
