Posted on: 14th Sep, 2009 06:11 pm
i have been divorced 3 years and can not refi to remove my wifes name off the mortgage due to loss of equity. now i have been approved for a modification due to a balloon arm that has come due. i have explained that my ex has no income and i have been awarded the home occupency for the last 3 years payment history has improved to perfect and credit cards are getting paid off but my dti is still too high to refi. does a quit deed claim help this situation???
quit claim will nto help you in this siatuion
quit claim will only remove your or your wife's anme from the deed, but not from the loan
refinance is the only option
quit claim will only remove your or your wife's anme from the deed, but not from the loan
refinance is the only option
Hi franklenner,
You can ask your wife to sign a quitclaim deed in your favor in order to transfer the property to you. However, her name would still remain on the loan docs.
You need to negotiate with your lender to check if he goes for a novation. This will will help you in removing her name from the mortgage. Then you can get the loan modification solely in your name.
Thanks
You can ask your wife to sign a quitclaim deed in your favor in order to transfer the property to you. However, her name would still remain on the loan docs.
You need to negotiate with your lender to check if he goes for a novation. This will will help you in removing her name from the mortgage. Then you can get the loan modification solely in your name.
Thanks
james wouldn't it be easy to get the quit claim deed and refinace the house?
if the lender can agree for novation, does nto they agree for refinance in this situation
if the lender can agree for novation, does nto they agree for refinance in this situation