My house is financed in my name only my husband is on the title. We are on the verge of seperating I tried to refinance but they claim my debt ratio is to high. I can't afford this on my own and I am not sure what to do now.
2007-08-14 12:28:27 · 9 answers · asked by trphillips2402 1 in Business & Finance ➔ Credit
email me...i may have a few ways to help you. this isnt spam or any type of scam. i am loan officer that may know of some options
2007-08-14 12:32:34 · answer #1 · answered by tonytbag 5 · 0⤊ 1⤋
It won't go into foreclosure as long has the payments are current. When you get the divorce finalized, I assume your asking for the house in the filings, the judge will order a quit claim deed (in some states the final decree alone ask as the quit claim) You also need to specify in the decree that the equity in the home will be yours alone or more problems may happen. If you get the equity then you could sell the house and get a smaller one that may be easier to qualify.
One last idea, if your current loan is an FHA, you don't have to qualify for an FHA STREAMLINE refinance.
I hope this helps alittle. Good luck, wish you the best
2007-08-14 20:45:56 · answer #2 · answered by Etta P 4 · 0⤊ 0⤋
If the mortgage is in your name only, how did you get the loan in the first place? You would have been earning the same amount of money even without your husband, since he is not on the mortgage, but on the title.
Can you not make the mortgage payment if you reduce a few things you are doing currently?
Will your husband deed the property back to you as "a married women as sole and separate property." that is the only way you will be able to do anything with the property.
You may call your mortgage company, explain to them that the other debts were being paid by your husband, but his income will not longer be available to pay the other debts that he normally paid.
You may offer them the property back with a deed-lieu- of foreclosure.
You may attempt to sell the house.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-08-15 00:33:26 · answer #3 · answered by loanmasterone 7 · 0⤊ 0⤋
"My house is financed in my name only my husband is on the title."
I cannot imagine for the life of me why you would have done that.
For those of you out there who don't have everything you own with your spouse as joint tenants (unless it's something that you came into the relationship with), have everything - house, cars, bank accounts - in both your names. That way, neither of you can clean the other out or sell everything out from underneath each other if you eventually split up.
I know you never plan on having marital problems and can't even imagine getting divorced when you buy something like a house. But, you never know what happens and you both want to be protected.
In the scenario in the question, what would happen if the husband died? If the house were in both their names as joint tenants, the wife would just take over 100% ownership of the house. With the current situation, the house would go to probate, and she would have to hire an attorney and pay probate taxes just to get her own house back.
Anyway, as it is, you might end up getting foreclosed on, unless you work a deal where you keep the house owned as joint tenants, you make the payments and stay in the house, and you set a milestone (like if you ever get married again) where you then owe your husband 50% of the value of the house.
At that time, you and your new husband would buy your ex out, using both you and new hubby's income to get the mortgage.
That's what my mom and dad did when they got divorced some 30 years ago. 10 years later, my mom remarried and paid my dad off. It may be your only chance to keep the house, unless you have a friend or relative who wants to become a joint tenant with you under the same terms I just described. You don't have to be married or even related to be joint tenant owners of a property.
2007-08-14 19:42:44 · answer #4 · answered by Paul in San Diego 7 · 0⤊ 0⤋
Try to sell your property. Contact the loan servicing dept and speak to someone in the foreclosure department.
However, if you are on the loan, just have your husband add you to the title and he can "quit claim" off. Why do you need to refi if you are the only one on the loan?
If you can't afford the house you must sell it. Try to get a "short sell" price (less than what you owe) so you can see it quick. A lender would rather go this route than let it foreclose.
2007-08-14 20:40:11 · answer #5 · answered by Richard S. 3 · 0⤊ 0⤋
Global Equity Lending, cuts your mortgage in half at 1.7% with credit of 650 or higher
2007-08-14 19:38:06 · answer #6 · answered by tomorrow is yet to come 2 · 0⤊ 1⤋
Talk to the bank and let them know your situation. Ask them what options you have.
2007-08-14 19:31:16 · answer #7 · answered by Answer Queen 3 · 0⤊ 0⤋
sell it and get a more affordable house
2007-08-14 20:05:31 · answer #8 · answered by Michael M 7 · 0⤊ 0⤋
hi, are you behind on the payments?is selling it out of the question?
2007-08-14 19:32:30 · answer #9 · answered by tammy g 4 · 0⤊ 1⤋