I am in the final phases of my divorce and currently co own the home that I currently live in. I get to keep the home if I can qualify for a mortgage on my own. I do not need to take cash out to give it to him at this time. My question is- is there a way to remove a spouse from a mortgage and deed without having to refinance? Perhaps giving the bank the divorce decree, etc? We are in a adjustable rate mortgage that I would like to take advantage of the new plan that is soon to be available to freeze the introductory rate.
2007-12-08 02:12:45 · 7 answers · asked by tigerlily1210 1 in Business & Finance ➔ Renting & Real Estate
I live in TX and my ex- husband removed himself from our mortgage by filing a quit claim deed i am not sure how he did it I only he did it because I checked with the county clerk's official record site,and there it was in black and white
2007-12-10 11:45:17 · answer #1 · answered by highlightedsista 1 · 0⤊ 0⤋
From what you say, you have been given a limited amout of time to get a new loan and buy out your estranged spouse. If you don't complete the refi within whatever timeframe that the court has specified it will force a sale and division of any equity between the two of you.
In this situation we don't even need to address the issue of the fact that there's no way to remove someone from a mortgage. The court has ruled and you MUST comply with the ruling if you wish to keep your home.
And we don't even need to address the fallacy of waiting for a rate freeze that may never happen. The devil is in the details with that one, there's no way to know today if you would be covered by the bailout plan because the details have NOT been worked out. Congress will probably have to act and right now they're moving at the speed of smell.
The courts have spoken. Refinance or lose your home. Those are your ONLY choices.
2007-12-08 03:55:04 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
First, you cannot remove your ex's name from the mortgage without a refinance. You've also said something that raises a red flag -- "I get to keep the home IF I CAN QUALIFY FOR A MORTGAGE ON MY OWN." Has the court given you some timeframe in which you need to refinance and get the mortgage in your name?
Second, the rate freeze is voluntary -- the plan does not obligate lenders to freeze rates.
2007-12-08 02:51:32 · answer #3 · answered by Nancy G 4 · 1⤊ 0⤋
Sorry, but lenders do not remove signers from a mortgage without refinance. It's simply not in their best interests. They want to keep as many people liable for payment as possible.
2007-12-08 03:21:25 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Your score will possibly no longer exchange. yet a destiny lender would turn you down considering now your debt to benefit ratio is greater. A credit rfile would not comprehend your income. not sure I understood "because of the fact i'm now no longer linked to his spotty credit". the only linked credit replaced into your place very own loan? Then his conduct of no longer paying the non-public loan in time will advance your score. The credit bureaus do no longer connect credit scores only considering you're married. only once you have joint bills is credit "shared". while you're re-financing to make a sparkling very own loan - your score will take valuable on the initiating with the aid of organising "new credit". /
2016-11-14 02:03:29 · answer #5 · answered by ? 4 · 0⤊ 0⤋
you cannot remove the ex from the mortgage. you need to refinance it under your name.
2007-12-08 02:19:04 · answer #6 · answered by hi91977 3 · 3⤊ 0⤋
There is no way to remove someone from an account. You will have to refinance in your name only.
2007-12-08 02:42:28 · answer #7 · answered by terribrooke 5 · 1⤊ 1⤋