Can my husband and I get a mortgage loan if he has signed a quit claim? His ex-wife has not sold the home.?

Question

We are planning on putting at least 30% down, he singed this 3 years ago and she has still not sold the home.

Answer 1

You will have to review the divorce decree and determine if they were supposed to refinance or sell the house within a certain period of time. I would force the issue since he is stil on the hook for the mortgage even with a quit claim. You might be able to force a sale or refinance through the courts.

On the other hand you might be able to get a loan without doing this anyway. If you have 30% down and can qualify for a new home with both housing payments in your debt ratios then you should be fine, or on the other hand some lenders will accept canceled checks from the X to determine that he is not making the payments and nto count it against him.

I think you have many good options.

Answer 2

You can buy a house. There are several requirements your broker or lender will ask for so they wouldn't count the mortgage on the ex's wife. Here are the requirements:

1. Divorce decree showing the house is wife's and responsibility.

2. 6-12 months worth of canceled checks (front and back) from the ex wife showing she's been paying for the mortgage herself.

Not only can this be done just for a mortgage but if he also co-signed for a car or other loans, all you need are proof (canceled checks) from the person who is paying for the loan. As long as you can afford and have good enough credit I don't see any reason why you wouldn't be able to buy a house with your husband.

Answer 3

If his name is on the mortgage for the other house then it still is on the mortgage for the other house. He abandoned his interest in the house (quit his claim) but that doesn't affect his responsibility to pay whatever debt he agreed to pay (the mortgage note). Unless there was no mortgage on the previous house or the lender released him in writing and recorded the release (at the county recorder's office) he still has responsibility for that debt.

That really doesn't answer the question you asked though. You asked if you and he could get a mortgage loan. The answer to that is yes, provided the lender believes that the two of you are generating enough income to pay BOTH the loans. There is no limit to the number of mortgages or houses a person may own at one time. I have several mortgages on several houses right now. The limit is imposed only by the lenders assessment of how much you can pay and how much risk they have.

By the way, I really hope that he got something in return for quitting his claim on his ex-house.

Answer 4

Signing a quit claim just means he no longer has any rights of ownership with the property, and does NOT relieve him of liability to pay the mortgage. Unless he was also taken off the mortgage by the lender, it would still show as his debt and could affecct your ability to get a mortgage.

If you have 30% down, your credit is good, and you don't have much other debt, you might still be able to get a mortgage though.

Good luck.

Answer 5

And the X does not have to sell the home---unless it is in the divorce...Your husband is on the hook to the mortage company for the home... A quit claim gave the X complete owner ship of the home -- husband is no longer on the deed...He is still responsible for the balance of the mortage... If the X does a refi then your hubby is off the hook..
One other way to get a mortage is if you make enough money to pay the old and the new mortage of your home..