I'm recently divorced. The ex quit-claimed the house, and the house was awarded to me under default dissoltion. I have been paying the mortgage, and all associated expenses for more than 18 months. It is an FHA loan.
I need to basically assume responsibility for the mortgage, and have his name removed from the loan. I have money in escrow from insurance for hurricane damage that I need to have paid out, to me in my name only, so that I can continue repairs. Right now, because he is listed as a borrower, the check would be issued in both names. He's long gone, and I won't be able to get him to sign a check.
Can I just present my paperwork, (the quit claim, the divorce decree, the bank statements, etc.) as proof that I've been solely responsible for the loan and assume the mortgage? Or, do I still need to pay the assumption fees, and qualify for the loan?
2006-06-23 04:13:06 · 9 answers · asked by niffer's mom 4 in Business & Finance ➔ Personal Finance
In all probability you will have to pay the assumption fee and qualify for the loan.
First I would gather my canceled checks for 18 months, his quit claim deed, and the court documents that awarded the house to you and fax that information to the lender to see if that would work. In some instances this will suffice as you have proved through your canceled checks that you and you alone has been making the payments on the mortgage.
If that does not work you will have to go through the assumption route and qualify for the mortgage.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-06-23 04:24:21 · answer #1 · answered by Skip 6 · 2⤊ 1⤋
You cannot assume a loan upon which you are already a borrower. You need to refinance it. You probably qualify for an FHA Streamline refinance. Cheap and simple. That would remove him from liability on the note and make you sole responsible party. Then the check would be issued in your name only.
The minimal costs of the refi can be included in the loan. There is no qualifying, no credit. I do these all day.
Visit my website at firsthorizonusa.com/nancylabont, or call me at 800 971-4638
Having been there myself, I'd be happy to help you get this resolved.
2006-06-23 05:17:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Still have to qualify for the loan because the bank won't let your husband off the hook unless they know based on creditworthiness you can swing it. Basically he is their fall back guy. You miss a payment they come after both of you. But if you can qualify then they should let you assume it and remove him from the loan and if it is a reputable bank they should not charge you an assumption fee since you are on the origianl note. Hope that helps
2006-06-23 04:18:23 · answer #3 · answered by devildog29 2 · 0⤊ 0⤋
Normally you would need a new loan since he is listed on the old one. However,if it reads your name OR his name you can just have him removed. If it reads your name AND his name it will be harder. If he is long gone with no way to reach him, the bank or a lawyer may be able to help you find a way to remove his name in that case, but you will probably need a new loan.
2006-06-23 04:19:46 · answer #4 · answered by psycmikev 6 · 0⤊ 0⤋
You are in luck that the home has an FHA loan on it. They are the only loans that are assumable anymore. You will have to qualify and be approved to assume the loan.
http://www.lendermark.com
2006-06-23 07:52:06 · answer #5 · answered by lendermark1 2 · 0⤊ 0⤋
i'm puzzled. in case you have been married, and then no longer, there constantly must be a quitclaim deed relinquishing call to the valuables, the two owned or quickly to be. Now you have a topic seeing that that become no longer observed. i won't be able to have faith the call organization did no longer require this. Yeah, you have a brilliant subject. And the subject isn't the secondary and accepted; it rather is who has interest interior the valuables. in the event that they are requiring his signature, guess what - he's responsible too!!!!!
2016-12-13 18:20:47 · answer #6 · answered by rivalee 3 · 0⤊ 0⤋
If you can not find him, and you have made 55% of all the payments, and 100% snts the dic. then go to the maorgage company with all this and they should be able to take his name off it so you can get the repaires money and get yourself back on your feet.
2006-06-23 05:15:14 · answer #7 · answered by Nellie Reeder 1 · 0⤊ 0⤋
What title company are you working with, and where are you located?
2006-06-23 04:20:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Have a look here.
2006-06-23 06:19:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋