gave my share of house to my ex but now i am having trouble getting loans because it shows up still on my credit report
2006-10-18 11:31:37 · 10 answers · asked by ears 1 in Business & Finance ➔ Renting & Real Estate
Quit claim deed would be your best way to remove your name from title. My only suggestion would be that you keep the court order approving the deed with you for a few months so that you can prove it when using your credit report is a must.
2006-10-18 11:33:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You don't need your name off of the Mortgage, you need it off of the Note. The Note is the financial obligation, the fancy IOU. The Mortgage is merely your pledge of the house as security for the Note.
It will remain on your credit report until it is paid off or until your name is removed. There is a very slim chance they will remove your name from it, but you might give your ex's name to a few mortgage brokers, she might decide that refinancing is to her advantage anyway.
Assuming your divorce papers clearly make this Note her responsibility (between the two of you, at least), submit a copy with your loan applications. Some lenders will see what's going on and ignore the loan.
2006-10-18 11:46:23 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Ask the attorney that prepared the marital settlement agreement, you've already deeded it to her but no body took you off the loan which should have been done by court order relating to the settlement agreement.
But you'll need this:
Credit Dispute Reporting forms: http://www.gpoaccess.gov/cfr/index.html
Once per year free credit report from all three credit reporting agencies:
http://www.annualcreditreport.com/cra/index.jsp
Buena Suerte
2006-10-18 12:46:52 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
The ex will have to re-fi in her name only, or the loan will have to be paid off. The only other solution is to sell the house, pay off the mortgage and split the profits.
2006-10-18 11:34:36 · answer #4 · answered by kc_warpaint 5 · 0⤊ 0⤋
A quit claim will not resolve your issue as it only releases your claim to the property...it does not release your obligation to the loan you signed for. The only way to be removed from that obligation is if she refinances in her name alone (or with anyone else but you).
2006-10-18 12:21:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
She has to refinance it. Period. Quit-claim deeds can't help you. The current mortgage company could care less. Have your divorce lawyer stipulate that she must refinance the mortgage.
Rick
www.primelendingonline.com
2006-10-18 16:25:01 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You cant get off a mortgage unless your ex refies becuase they used both your income to qualify you guys.
You can get it off the house using a quit claim, but not the mortgage.
2006-10-18 11:39:05 · answer #7 · answered by Anonymous · 1⤊ 0⤋
SHE WOULD HAVE TO REFINANCE THE HOUSE & YOU HAVE TO FILL OUT A QUIT CLAIM DEED. MAKE SURE THAT IN THE QUIT CLAIM DEED YOU PUT THAT YOU ARE TAKING YOURSELF OUT OF THE TITLE OF THE HOUSE AND THAT YOU ARE GIVING YOUR 1/2 INTEREST TO HER. BUT IT WOULD BE BETTER IF YOU BOTH SELL THE HOUSE AND SPLIT THE PROFIT.
2006-10-18 11:42:50 · answer #8 · answered by Purple Tink 2 · 0⤊ 0⤋
you need a quit claim deed with her signature showing the property passing to her.
2006-10-18 12:08:34 · answer #9 · answered by Anonymous · 0⤊ 0⤋
She has to refinance.
2006-10-18 11:35:03 · answer #10 · answered by Christina 3 · 0⤊ 0⤋