Posted on: 18th Mar, 2008 08:11 pm
i applied for a mortgage today, only to discover that my ex of over 8 years did not refinance the mortgage, even though i signed a quit claim. the mortgage has not shown up on my credit reports before when i've done routine checks, but the mortgage company said it was there. i called the credit union the mortgage is with, and sure enough, i'm still on the mortgage and so am unable to qualify for a new mortgage because with two mortgages, my debt to income ratio is too high.
what can i do to get my name off this mortgage? the property and credit union are both in north carolina.
thanks.
what can i do to get my name off this mortgage? the property and credit union are both in north carolina.
thanks.
hi crooks,
signing a quit claim deed will only transfer the title of property but not the mortgage. still you are liable for it.
who is paying the payment for past 8 years on that mortgage?
thanks
signing a quit claim deed will only transfer the title of property but not the mortgage. still you are liable for it.
who is paying the payment for past 8 years on that mortgage?
thanks
Hi gcrooks,
Welcome to the forums.
It's strange that the credit report does not reflect the mortgage. I hope the mortgage you applied for now is on a different property. So, the best thing would be to sell the other property in agreement with your spouse. Talk to him/her and explain that should have refinanced and just because it's not done, you need to sell and pay off the mortgage. Otherwise the credit union may come after you because he/she isn't bothered to pay.
Take Care
Welcome to the forums.
It's strange that the credit report does not reflect the mortgage. I hope the mortgage you applied for now is on a different property. So, the best thing would be to sell the other property in agreement with your spouse. Talk to him/her and explain that should have refinanced and just because it's not done, you need to sell and pay off the mortgage. Otherwise the credit union may come after you because he/she isn't bothered to pay.
Take Care
Have you talked to your ex to find out why he/she has not refinanced the mortgage, sounds like after 8 years that this person had no intentions of doing what was promised. Do you have the promise in writing? I would contact them and tell them that if they don't refinance that you intend on selling your half or do you even own half anymore since you quit claimed it? I am sorry this is happening to you, hope it all gets straightened out soon.
Ok so the mortgage is current and being paid for by either your ex-spouse or someone else. So, why don't you contact the lender and requst him to remove your name from the loan and add the person whose paying. This can be done through novation. Just try it out once and see if it clicks.
" The mortgage broker I was working with here is going to have their office in NC send an offer to refinance at a low rate and see if she nibbles, but since the mortgage is already at a very low rate through a credit union, I'm not holding out much hope of that happening."
Do you mean that the broker sent you an offer to refinance the mortgage? You would perhaps have to talk to the current owner then as he/she is the one paying for the loan.
Hope this helps...
God bless you.
Samantha
" The mortgage broker I was working with here is going to have their office in NC send an offer to refinance at a low rate and see if she nibbles, but since the mortgage is already at a very low rate through a credit union, I'm not holding out much hope of that happening."
Do you mean that the broker sent you an offer to refinance the mortgage? You would perhaps have to talk to the current owner then as he/she is the one paying for the loan.
Hope this helps...
God bless you.
Samantha
I have the same problem. My ex husband will not refinance even though I signed a quit claim deed and he paid me my portion og the equity and i am remarried to another man. We are trying to buy our first home together right now and I have a mortgage on my credit that my ex can but will not refi. I called a lawyer and the judge and because it was not in our divorce agreement that he had to refi. I can not compel him. he has great credit but does not want to lose his interest rate so he wont refi no matter what I say or do. I think that he is just doing it to prevent me from being happy because he is still angry over the divorce. Some people are just greedy and selfish and do things for themselves even if the decision negatively effects their own children.
Hey Guest.
your ex-husband has paid off your share of home equity to you and you have quitclaimed. So he is not obliged to refinance. You should have asked him to refinance when you have quitclaimed the property to him. Now you can only request him to refinance the mortgage on his name.
your ex-husband has paid off your share of home equity to you and you have quitclaimed. So he is not obliged to refinance. You should have asked him to refinance when you have quitclaimed the property to him. Now you can only request him to refinance the mortgage on his name.
People. Do not deliver the quitclaim deed until your name is off the mortgage.
My friend is in "separation mode" at the moment. He agreed to allow the soon to be ex-wife to keep the house (via quick claim deed). there is a clause in his Separation Agreement that states
"Upon the execution of this Agreement, Husband agrees to, by quitclaim deed, convey his interest in said property to Wife subject to the existing note and deed of trust encumbering the property, the balance of which Wife assumes and agrees to pay. Wife agrees to refinance said property within ninety (90) days of the signing of this agreement. Wife shall indemnify and hold the Husband harmless there from. Wife further agrees to assume financial responsibility for the mortgage on the marital property beginning the 1st day of January, 2009."
Needless to say she has yet to refinance and her "due date" was March 10th. What is his current course of action?
"Upon the execution of this Agreement, Husband agrees to, by quitclaim deed, convey his interest in said property to Wife subject to the existing note and deed of trust encumbering the property, the balance of which Wife assumes and agrees to pay. Wife agrees to refinance said property within ninety (90) days of the signing of this agreement. Wife shall indemnify and hold the Husband harmless there from. Wife further agrees to assume financial responsibility for the mortgage on the marital property beginning the 1st day of January, 2009."
Needless to say she has yet to refinance and her "due date" was March 10th. What is his current course of action?
Hi just wondering,
If the wife has not yet refinanced then I think the husband should contact her and know why she hasn't done so. It may be that she is in the process of refinance or may be her credit score is not good enough for her to qualify for a refinance. But if there is no such problem and still she is deliberately not doing a refinance, you can sue her in the court.
If the wife has not yet refinanced then I think the husband should contact her and know why she hasn't done so. It may be that she is in the process of refinance or may be her credit score is not good enough for her to qualify for a refinance. But if there is no such problem and still she is deliberately not doing a refinance, you can sue her in the court.