Posted on: 11th Feb, 2008 05:24 pm
My exhusband and I divorced almost two years ago. I was awarded the house in the property settlement and have been paying all the bills and mortgage since then. I am trying to find out how to get his name off the mrotgage and have it only in my name so that he may purchase another home and get a mortgage in the future without this mortgage showing up on his credit report. He would not qualify for two mortgages and I do not want to keep him from moving forward on buying a new home. Is this an option? Or, if not, is there a cheaper alternative to refinancing?
welcome meltrawick,
is your ex-spouse on the loan or the both of you? since you are making the payments, it should show in your credit report but for that your name should be on the loan. otherwise, if your ex is on the loan and you ahve been paying just on behalf of him, then it will get reflected on his credit report and he'll get the benefits of paying off a loan in a disciplined way.
the best way to get his name off the loan is to do a refinance. you can go for 30 year fixed if you are planning to occupy this property for a long time.
is your ex-spouse on the loan or the both of you? since you are making the payments, it should show in your credit report but for that your name should be on the loan. otherwise, if your ex is on the loan and you ahve been paying just on behalf of him, then it will get reflected on his credit report and he'll get the benefits of paying off a loan in a disciplined way.
the best way to get his name off the loan is to do a refinance. you can go for 30 year fixed if you are planning to occupy this property for a long time.
most lenders will review the documentation you have that awarded the property to you and ask that you also provide evidence that you have been paying the mortgage for at least the most recent 12 months without being late.
based on what you described, this is precisely the case. by coming up with this evidence, the proposed lender for your former spouse ought to be able to overlook that mortgage in the process of qualifying him for a new loan.
i hope this was clear.
based on what you described, this is precisely the case. by coming up with this evidence, the proposed lender for your former spouse ought to be able to overlook that mortgage in the process of qualifying him for a new loan.
i hope this was clear.
