My ex-husdand and I have a home mortgage that is not assumable. We have agreed for him to have the house. Is there a way we can transfer the title without refinancing?
2007-04-27 07:51:57 · 6 answers · asked by mountainrainflower 1 in Business & Finance ➔ Renting & Real Estate
Have you actually asked your lender about assumability? Sometimes, even if they're not usually assumable, they'll allow it in cases of divorce.
Without an assumption or a refinance, you should NOT sign any quit claim deed releasing your rights in the property.
I've seen many cases where the spouse did so, and 4 years later the other spouse went into foreclosure, and their credit still got trashed years after they had let go of their interest in the property.
You need to force a refinance. Do NOT sign the deed until you are at the closing with him for the refi. If not, you're only putting yourself at risk.
2007-04-27 08:27:23 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Generally, no. Even if one of you executes a quit claim deed to the property, that person will remain as an obligatory party to the mortgage contract. I am not aware of any mortgage lenders who will willingly remove one party on a mortgage contract without refinancing.
2007-04-27 08:00:08 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Can transfer title any time you wish; and that will make him owner; but that does not release you from responsibility from the mortgage. Live with it on your credit or refi are your only options unless you can get the bank to issue a release for your interest; and that virtually NEVER happens.
Sorry
2007-04-27 07:58:35 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
Thats up to the loan holder. If your income was a deciding factor in the loan being granted they might not go along with removing your name. After speaking with the mortgage holder you might be better off selling the property.
2007-04-27 08:05:59 · answer #4 · answered by Victor B 3 · 0⤊ 0⤋
you need to hope there is enough equity in the house plus a decent credit rating so your husband can re-fiance, if not you are liable for the note, so if payments are late ding on your credit, does not pay another ding on your credit,
to save both of your credit you will need to work it out so he can re-fiance, if bad credit maybe his parents or brother can co-sign
2007-04-27 08:15:51 · answer #5 · answered by goz1111 7 · 0⤊ 0⤋
interior the united kingdom i think he may be entitled to 0.5 the fairness minus expenditures on the day he left. this might want to bypass to a court for judgement. might desire to he take care of to pay for the criminal expenditures, he won't get carry of criminal help.
2016-10-30 10:58:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋