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QuitClaim Deed and refinancing

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Moving On Guest	Posted: Tue Jul 06, 2010 6:26 am    Post subject: QuitClaim Deed and refinancing Like 0 Dislike 0 Hi I am going through a divorce in IL. My husband and I have agreed that I will stay in the house with physical custody of our children. We currently have a mortgage together. First I am trying to understand how to calculate the equity in the house so that we can split the amount. Secondly, I would like to just keep the same mortgage so that I can have the same payment and years invested (mortgage is up in 2032), so can we do a Quitlcaim Deed to move the mortgage to just my name? Thanks _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
netherton Joined: 17 Jun 2010 Posts: 200 Location: Fort Collins, CO 29.19 Dollars($)	Posted: Tue Jul 06, 2010 7:56 am    Post subject: Like 0 Dislike 0 No you will need to refinance to remove his name from the mortgage. Quit claim deeds only remove his name from the title. If you would like a local referral to a loan officer in your area feel free to contact me. _________________ Nic Netherton Mortgage Banker Cornerstone Mortgage Co Fort Collins, CO 80525 Nic Netherton Loans 970-226-2992 My Daily Rate Sheet
Moving On Guest	Posted: Tue Jul 06, 2010 8:30 am    Post subject: Local referral Like 0 Dislike 0 Thank you, yes do you have a local referral? Is the equity calculated by taking the recent appraisal I had done minus the loan amount still owed? Thanks
netherton Joined: 17 Jun 2010 Posts: 200 Location: Fort Collins, CO 29.19 Dollars($)	Posted: Tue Jul 06, 2010 8:56 am    Post subject: Like 0 Dislike 0 Yes but you will not be able to use an appraisal the lender did not order. Click on my profile and email me and we can get you hooked up with a good local lender to help you out. _________________ Nic Netherton Mortgage Banker Cornerstone Mortgage Co Fort Collins, CO 80525 Nic Netherton Loans 970-226-2992 My Daily Rate Sheet

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