Posted on: 01st Aug, 2009 12:18 pm
hi, my husband and i divorced over 4 years now. we both owned a house at the time and because he willingly gave the house to me, the judge accepted his requested and this was part of my settlement. the mortgage company seems to have his ss # on file because every time i call them they cannot find the account under my ss#. however, we both signed the deed and closing papers at the time of the sale, and i have been the one paying the mortgage from the inception to now. i was not able to refinance in prior years to remove his name from the mortgage, so now that i am trying to do so without refinancing, what would be the best way for me to handle this. i cannot afford to refinance and he is willing to sign a quitclaim deed. another problem is he is on social security after having a heart transplant and i do not want anything to affect his receiving social security payments.
please help! thank you in advance for your responses.
ebonyroyal
please help! thank you in advance for your responses.
ebonyroyal
e_worrell_19
You said you will not be able to refinance the property on your name alone but at the same time you want to remove his name from the mortgage in order to not have any problem to your ex.
but at this moment I do not find any alternative to do this until and unless you keep something as a collateral (extra) in order to refinance it on your name only.
keep in touch.......
:arrow: :arrow: :arrow:
You said you will not be able to refinance the property on your name alone but at the same time you want to remove his name from the mortgage in order to not have any problem to your ex.
but at this moment I do not find any alternative to do this until and unless you keep something as a collateral (extra) in order to refinance it on your name only.
keep in touch.......
:arrow: :arrow: :arrow:
What do you mean by "keep something as collateral" in order to refinance?
Thank you
Thank you
hi ebonoyroyal,
if you refinance your existing loan, then the same property will be considered as a collateral. you do not need to provide the lender with another property as a collateral.
you've mentioned that you cannot afford to refinance the loan. is it due to your credit score or are you unemployed right now? if your credit score and income does not match the criteria of the lender, you won't be able to transfer the mortgage in your name. you can check out the option of novation but you should remember that lenders always prefer refinance compared to novation.
if you refinance your existing loan, then the same property will be considered as a collateral. you do not need to provide the lender with another property as a collateral.
you've mentioned that you cannot afford to refinance the loan. is it due to your credit score or are you unemployed right now? if your credit score and income does not match the criteria of the lender, you won't be able to transfer the mortgage in your name. you can check out the option of novation but you should remember that lenders always prefer refinance compared to novation.