Me as well as my father have been in a routine of starting a divorce. We have a residence loan together. you am wanting to buy an additional home in a opposite state given renting down here is vast as well as a waste. you wish to get my name off a loan wich you know you need to refinance to do so. But when you initial got a loan his credit was bad though he was a usually source of income. you was not working. All a payments have been done upon time. you am wondering if you would have a great possibility with a bank of removing my name off a loan given you havent done any of a payments anyway? Would this infer to them which he is means of creation a payments? you have glorious credit as well as wish to get something for myself but worrying about which home. Any ideas?
So by signing a give up explain deed, you would afterwards be means to get a brand new debt but carrying a prior residence forestall me from removing one?
Related solution post:
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- I am trying to modify my mortgage, Is it possible to apply for a modification on my Home Equity line as well?
- Can you still qualify for a home equity loan if you behind on mortgage payments?
- Can a new home equity loan amount be larger than your mortgage balance?
You would not really be involved, he has to apply for a new loan and qualify on his own, without your credit. You can not simply remove yourself from an existing contract.
I don’t see the lender releasing you from the mortgage. You should sell the home and pay the mortgage off. Even if the divorce settlement says your husband is responsible for the house payments, that doesn’t release you as far as the mortgagee (lender) is concerned.
realtor.sailor
sailor is correct. The only way is for him to refinance the note even streamline if possible and you signing a quit claim at close to get your name off the old home so you can apply for a new loan. In a streamline there is no appraisal and no scores required just the fact that the note has been paid over the last 12 months. Since he has questionable credit it was probably and FHA note and that is the easiest to streamline
I am a mortgage banker in TN & KY
A quit claim deed has NOTHING to do with "getting you off a mortgage." It has to do with the property title only. If you sign a quit claim deed, it means that you are releasing any claim to the property title.
DO NOT sign off the deed via quit claim because that will take you off the deed but not off the loan.
The majority of lenders will accept a divorce decree that states that you are not responsible for the mortgage.