Posted on: 06th Aug, 2010 05:48 pm
my mother and her soon to be ex-husband are both on their mortgage note in virginia. my question is if she files a quit claim deed to take her name off the mortgage note, will he have to requalify for the mortgage now that he'll be the only on the mortgage note?
respond asap please!! thank you!!
respond asap please!! thank you!!
hi braucci,
once your mother signs a quit claim deed in her soon to be ex-husband's name, he'll have to refinance the mortgage in his name. in order to refinance the loan, he should have a good credit score and income. apart from this, his debt to income ratio will also be taken into consideration and the property should also have equity in it.
once your mother signs a quit claim deed in her soon to be ex-husband's name, he'll have to refinance the mortgage in his name. in order to refinance the loan, he should have a good credit score and income. apart from this, his debt to income ratio will also be taken into consideration and the property should also have equity in it.