Posted on: 02nd Dec, 2007 10:18 pm
My husband and I have decided to divorce. It is amicable and our friendship remains. We bought a brand new house 06/2006 with little money down, my job stabilty, and his income. Our credit, both as individuals and as married, was fair at best, and isn't any better now. Therefore, this apparently was not a deciding factor for our lenders. I will be moving out of the house, as I cannot afford the mortgage. My husband, on the other hand, can afford it and wants to stay in the house. I want to sign the house over to him so I have no part in the decisions/headaches regarding it in the future. However, at the same time, if I do that, the house will have to be refinanced in his name. As I said, our credit is a mess, and I'm afraid that if I Quick Claim Deed it to him, he will wind up loosing the house. Is there any way of signing the house over to him legally without having to risk him loosing the house altogether?
hello tammie,
you are right. your husband has to refinance the mortgage in his name to get the loan in his name only.
have you already spoken to lenders about a refinance? what is your husband's credit score? was he turned down for the refinance?
novation is another option by which you may transfer the loan to his name but you have to talk to your lender for that. lenders generally do not agree for a novation if your credit is not good but you may give it a try.
you are right. your husband has to refinance the mortgage in his name to get the loan in his name only.
have you already spoken to lenders about a refinance? what is your husband's credit score? was he turned down for the refinance?
novation is another option by which you may transfer the loan to his name but you have to talk to your lender for that. lenders generally do not agree for a novation if your credit is not good but you may give it a try.
Hi Tammie,
You have said that your husband can afford to make the mortgage payments. So there is no question of loosing the house as long as he can pay it. So you can sign a quitclaim deed to transfer the property and he can refinance to remove his name from the deed.
Thanks,
Larry
You have said that your husband can afford to make the mortgage payments. So there is no question of loosing the house as long as he can pay it. So you can sign a quitclaim deed to transfer the property and he can refinance to remove his name from the deed.
Thanks,
Larry