Posted on: 27th Sep, 2008 06:14 am
My son's wife, wants a divorce. They both purchased this house they are in and have only had it 4 months. She wants to be able to live in it with a friend and the friend pay my son's half of the mortgage. (Sounds suspicious to me) They were both in military when they purchased house so it could be a VA mortgate! How can my son get off the mortgage so he doesn't literally get screwed, any more than he already is.
he cannot get off the mortgage unless and until his wife makes arrangements to refinance the loan in her own name (and her new friend, if applicable).
lenders aren't likely to agree to release someone from responsibility for payments, especially in this marketplace.
if the third party is amenable to it, your son can arrange to quit claim his interest in the property to his wife and she can simultaneously arrange to refinance. as a general rule, however, there is compensation offered when one quit claims to another, particularly in a marital situation.
does your son have legal counsel? that is highly recommended.
lenders aren't likely to agree to release someone from responsibility for payments, especially in this marketplace.
if the third party is amenable to it, your son can arrange to quit claim his interest in the property to his wife and she can simultaneously arrange to refinance. as a general rule, however, there is compensation offered when one quit claims to another, particularly in a marital situation.
does your son have legal counsel? that is highly recommended.
Hi dleary!
Welcome to Forums!
Your son can quitclaim the property to his wife's name and then his wife can refinance it. The lenders generally prefer refinancing.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Your son can quitclaim the property to his wife's name and then his wife can refinance it. The lenders generally prefer refinancing.
Feel free to ask if you have further queries.
Sussane
