Posted on: 06th Dec, 2009 11:43 am
i am currently in year 3 of a 30 year fixed rate mortgage in my name only at 6.25%. i want to refinance to lower the rate to just under 5%. the loan is already in just my name alone, but the deed to the house has my name and my soon to be ex-husbands name as well (community property state). we are divorcing and it is taking a very long time. i want to refinance now so that i can make ends meet with the lower payment. we are not in contact, so a quit claim is not an option, nor is it realistic to think he will sign anything to facilitate. do i have alternatives?
You can still refinance AND he can still be on the deed. Just be up front and honest with him. In fact, let his divorce attorney review the docs.
You can refinance and deed them off, but depending on the state you are in you could still have to handle the property during the divorce. Hopefully, the property is yours in the divorce and it is no issue for you.
Hi dleighk,
I do not think there will be any problem for you to refinance the existing mortgage. Your soon-to-be ex-husband could be on the property deed, but it is not mandatory for him to be on the mortgage. If you can qualify for the loan using your own credit and income, his name does not have to be on the loan. But since you live in a community property state, your soon-to-be ex does have an ownership right to the property and if he agrees to release his rights, it will be easier for you to get the loan in your name.
I do not think there will be any problem for you to refinance the existing mortgage. Your soon-to-be ex-husband could be on the property deed, but it is not mandatory for him to be on the mortgage. If you can qualify for the loan using your own credit and income, his name does not have to be on the loan. But since you live in a community property state, your soon-to-be ex does have an ownership right to the property and if he agrees to release his rights, it will be easier for you to get the loan in your name.