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vcharnow · Joined: 07 Sep 2010 Posts: 2 1.66 Dollars($)

Hi,
I have been married for just over a yr. My husband has left me twice and divorce is on the brink. He has been gone 75 days now and hasnt paid a single bill we have in both our names, nor a penny on the mortgage. Also Ipaid the majority of the down, he only contributed $1500.00 We moved into our home end of May, enough time to make it for the First time home buyers tax credit. My husband left me less then a month after we closed and moved into our new place. He left June 24th and it is now Sept 7th.
I have been in contact with our mortgage company about assuming the loan, they mentioned that a quit claim form will need to be signed by him at some point. Although my husband has left me voicemails saying he wants off the mortgage and emails about this too, he is unwilling to sign the quitclaim form. He thinks this will hurt his credit. He hasnt made one payment on the house, I have made all 3 so far on my own and on time. And can afford the house comfortably. I was already advised by my lendor that I qualify for the assumption of the loan. However at some point I will need a quit claim form signed, is this correct? And if so, is there any information published on the net that says that their is no issue of his credit being in jeopordy by signing it? If I am approved by my lendor for the assumption of it? As he is open to signing it if he can see something that states he would not be liable. Or, is this just something I should just wait on for the judge to decree on? Will my husband then be forced to sign the form by this decree, or will the decree be enough? I am uncertain how all the details play out, as I do not have a lawer. What are my best options at this point? thank you!

jameshogg · Posted: Tue Sep 07, 2010 10:46 pm Post subject:

Hi vcharnow,

Signing a quit claim deed will not reduce your husband's credit score in any way. It will only remove your name from the property deed. However, it would be completely the lender's discretion whether or not he would consider your request for a loan assumption. If your divorce decree mentions that your husband needs to sign the quit claim, then he is legally obligated to do so.

Thanks

vcharnow · Joined: 07 Sep 2010 Posts: 2 1.66 Dollars($)

Hello thank you for the quick reply;
You mean removing "His" name from the property deed, not mine right? Is there any info on the net that says this wont hurt his credit that I can send to him? Or anything that shows that if I stop paying on the loan as he has it will hurt his credit?
thank you for the clarification,

smithsussane · Posted: Wed Sep 08, 2010 10:15 pm Post subject:

Hi vcharnow!

Welcome to forums!

Your husband can sign a quit claim deed and remove his name from the property deed. I won't be able to give you any particular info on the net to show that signing quit claim deed doesn't affect credit score. However, you can take him to an attorney and he might explain the facts to him.

However, if his name is on the mortgage and if you stop paying it, then it will affect his credit score as he would still be liable for the mortgage balance.

Feel free to ask if you've further queries.

Sussane

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