boyfriend signed quit claim deed to me refin being done title search also ..is this a positive for the loan?

Question

he's out of work temp. makes good money has child supp. arrears cannot get refin loan. signed quit claim deed over to me. I work 13+yrs low income. bank said they would accept me alone on the refin. loan i have approx. $6000-$8000 debt wondering if they will accept me enough to get the refinancing loan. credit 585 im waiting for the title search..could this look good

house is going to be foreclosed if we dont take some action now he attempted to ref was denied because of no income at this time starting bus at home but it has to be 2yrs or a paycheck for the bank to consider is going back to work job offerings comign great refer. idea thought of by mortgage ref co. (has to get his driving lic together) to work (engineer)always worked Not trying to fk me. will refinance again when he starts job his name will be put back on the deed then. I am actually in the position to fk him if this goes through. I live here have paperwork bank said they would use me without him mort co said they would not continue with the process if the bank wanted him on with me. He's considered $0$ status wiht the new business and an arrears. Always pays. GUYS NEED YOUR FEEDBACK REGARDING MY POSITION AN AFFIRMATIVE FROM THE BANK. WHEN MORT. GUY SUGGESTED A QUIT CLAIM HE WAS NO WHERE AROUND I KNEW THAT HE WOULD OKAY IT IF WOULD WORK
REAL LIFE SITUATION I MAKE

IM WAITING FOR THE TITLE SEARCH INFO - ANSWER. NERVOUS HE BOUGHT HOUSE REDID IT COMPLETELY ALONE HARRRRD WORK(4 YRS) WHILE PAYING BILLS INCLUDING CHILD SUPPORT WORKING FULL TIME JOB WITH PLENTY OVERTIME
PLEASE GIVE ME SERIOUS ANSWERS FOR A FAIRLY GOOD MAN
DO YOU THINK THEY WOULD DO A TITLE SEARCH IF THEY DID NOT PLAN ON SAYING YES WHEN HE ATTEMPTED TO REFINANCE HE DIDN'T GET THIS FAR THIS TIME BECAUSE OF HIS ARREARS and no real income to show(2nd REFINANCE LOAN) WE WERE TOGETHER WITH THE FIRST REF. LOAN

my bills get paid not his not doing it for that worked hard to make this house gorgeous with his bare hands i mean from inside out a brand new house electri, plumbing, windows, inside outside insul,new frames, patio in back , deck, enclosed porch just redid it totally over

bought at $110,00 mortgage is now only $140,000 cash out under $5,000

my income $30,000 said they would try for FHA

refinancing to finish the roof, driveway, cashout, for business

i know more of his financial stats hidden or open than he does please read this without the jerry springer swerve
messed up situation mortg co. suggest i refinance after he gets back on deed once he starts work again

Answer 1

You dont say what your income is or what the loan is going to be, which makes estimation difficult.

If he owes 80% of the value, its a shoo-in. YOu should have no problems. if you're getting a loan at 100% of the market value, its going to be a lot harder- 585 is JUST BARELy enough for a 0 down loan-- which means yuo MUST make enough to pay the mortgage and all your bills with under 50% of your gross monthly income.
Title search has nothing to do with getting approved-- its all about incme and credit and such. Quitclaims/title stuff doesn't have much to do with the loan unless there turns out to be a major encumbrance on title, which isn't likely.

Answer 2

You should sell the home and get out. Too many issues here. If he did that much work to the home, you should be able to make some money on the sale and purchase something else to fix up.

Please keep in mind that if he signs over the home to you, and you qualify for the loan, you can put him back onto the deed, but if the lender finds out, they can call the note due immediately (as per the "Due on Transfer" clause) and then you're both back in the same boat.

You never did say why you needed to refinance? Are you going to get that much better of an interest rate? Do you need cash out? Much of this makes a difference. Too many things don't add up at this point - it seems like he's trying to hide assets.

Good luck.

Answer 3

Sounds to me like he is trying to transfer his assets to you to avoid his child support. If so, then shame on you.

And the good news is the courts will consider this a "fraudulent transfer", and your plan won't work.

Answer 4

I have a very bad feeling about this situation.