Posted on: 30th Aug, 2008 09:48 am
i went through a divorce in march and i decided to keep our house. i had to refinance to get her off the title, why that and not a quit claim deed? also, a new financial worksheet shows i won't be able to afford this house. my job cut their hours. any way out of this mortgage without foreclosing or selling(my area is not selling or buying).quit claim to lender or deed in lieu?
Hi isoalexander,
Welcome to forums.
I believe you had to refinance because your ex-spouse had her name on the loan. A quitclaim deed would have simply removed her from the title, not the loan. But didn't you sign a deed while refinance so that you would be able to owe the property alone.
"Also, a new financial worksheet shows I won't be able to afford this house"
Did you get the worksheet after the refinance? I believe you should speak to your lender then and explain your situation. Send him a hardship letter explaining with clarity why you can't pay off the loan.
A deed in lieu is possible but it's up to the lender as to whether he'll accept it. But if you have refinanced recently, I doubt whether he'll allow you to do so. Moreover, lenders don't generally agree to a deed in lieu unless you have missed a few payments or so.
Thanks
Welcome to forums.
I believe you had to refinance because your ex-spouse had her name on the loan. A quitclaim deed would have simply removed her from the title, not the loan. But didn't you sign a deed while refinance so that you would be able to owe the property alone.
"Also, a new financial worksheet shows I won't be able to afford this house"
Did you get the worksheet after the refinance? I believe you should speak to your lender then and explain your situation. Send him a hardship letter explaining with clarity why you can't pay off the loan.
A deed in lieu is possible but it's up to the lender as to whether he'll accept it. But if you have refinanced recently, I doubt whether he'll allow you to do so. Moreover, lenders don't generally agree to a deed in lieu unless you have missed a few payments or so.
Thanks
Since this was my first time buying with the wife(ex now), I was kinda lost and confused. She wasn't, so I went to work and let her do it, I just signed it. I must be a fool, now with my father's expertise (after the loan approval) he came up with a detailed look at my finances each month which shows my income is way less than my expenditures. So some how, together my ex and I could do it and with all my overtime. Now it's just me and no overtime, and getting ready to take my crap and run. :?
Well Isoalexander, such things do happen at times. Do take it as a learning experience and avoid signing on a deal without analyzing the pros and cons. So, what are your plans now?
The house isn't selling because the market isn't going good. So, I think instead of walking away if you can continue payments either through an alternative payment plan or forbearance or a loan modification, that'll help you actually.
"Any way out of this mortgage without foreclosing or selling(my area is not selling or buying).Quit claim to lender or deed in lieu?"
A deed in lieu is similar to quitclaiming property to your lender. They aren't separate.
Hope this helps...
god bless you.
Samantha
The house isn't selling because the market isn't going good. So, I think instead of walking away if you can continue payments either through an alternative payment plan or forbearance or a loan modification, that'll help you actually.
"Any way out of this mortgage without foreclosing or selling(my area is not selling or buying).Quit claim to lender or deed in lieu?"
A deed in lieu is similar to quitclaiming property to your lender. They aren't separate.
Hope this helps...
god bless you.
Samantha
