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Quick rundown is. My girlfriend who I am now living with was given the house in her recent divorce. Her and her husband already have a mortgage out on the home which is only in his name. He was asked to carry this mortgage until she could pay it off as long as she kept it in good standing.

So my question is...We are currently in some minor financial issues and was wondering if it would be possible for her to take out a mortgage on the home to pay his mortgage off and have a little cash float over for us to use to catch up on bills? The Deed has both of their names on it, but the current mortgage is only in his name. Thanks ahead of time.

Broke in Indiana

sills_stealth · Joined: 28 May 2008 Posts: 6 2.97 Dollars($)

The above is me... I went ahead and registered... I also thought you might need to know the mortage currently owed is 30k approximately and the house appraised for 60k last time it was appraised.

Guest

She should refinance just to get it out of his name and you might be able to get some cash depending on Credit .

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi sills,

Welcome to the forum.

Agree with Joey that your girl friend needs to refinance the mortgage on her name and her husband can quitclaim the property to her. So is her husband ready to quitclaim the property to her? BTW she needs to take confirmation from the lender regarding this.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Posted: Thu May 29, 2008 4:08 am Post subject:

I'm definitely new to this kinda stuff so... I didn't know if she could take a mortgage out on the house if he already has one out on it. As far as I know once she gets the mortgage out of his name he has no say in his name being taken off the home because the judge will make him all we have to do is petition the court. Also if her credit is nonexistent pretty much... It's not bad she just doesn't have any. Where the best place to look for this refinance stuff. The same bank who has the mortgage now or can we use a new one? Also with her not having much credit can she use a cosigner to help her out on this?

Thanks ahead of time.. I'm sure these are simple questions for you guys that do this regularly!

sills_stealth · Joined: 28 May 2008 Posts: 6 2.97 Dollars($)

Sorry the above is me again somehow I got logged out!

Niicss · Posted: Thu May 29, 2008 4:29 am Post subject:

Welcome back Sills,

She should refinance the mortgage on her name only. Are you saying that she will refinance on her husband's name???? That seems quit ridiculous.

By the way she can refinance the mortgage on her name only for that you need to check whether the present lender can approve her for refinancing. If she cannot get approved from your present lender then she can even refinance form other lenders.

Let us know if you have any further questions.

sills_stealth · Joined: 28 May 2008 Posts: 6 2.97 Dollars($)

No the current mortgage is in her ex husband's name so I was unsure if she could even pull a mortgage out on the house.

Niicss · Posted: Thu May 29, 2008 5:31 am Post subject:

Hey Sills,

Your girlfriend's husband needs to quitclaim the property to her and then she can refinance the mortgage on her name. So she need to consult with the lender to check out whether she can get approve for refinancing and also she check out whether her husband agrees to quitclaim back to her.

Hope it is now clear to you.

Let me know if you have any more queries.

sills_stealth · Joined: 28 May 2008 Posts: 6 2.97 Dollars($)

My girlfriend's husband I doubt will help us in any way... He has been threatening to take the house from her even though He obviously can't because it was awarded to her in the divorce. She is on the deed to the house so I'm unsure of how the quitclaim thing is going to work. So basically....

Can she do the refinanceing since she is on the deed to the house even though he already has a mortgage out on the house as long as she pays that off?

If not I imagine we will have to get approved for financing and go to court to get him to sign off on it correct?

Niicss · Posted: Thu May 29, 2008 6:05 am Post subject:

Hey Sills,

Is she only on the deed and her ex-husband on the mortgage? If the title is only on her name then she can refinance it on her name. I feel you are willing to go for cash out refinance. She can surely go for cash out refinance as she has enough equity to do it Smile

. By the way have you consulted with the lender?

sills_stealth · Joined: 28 May 2008 Posts: 6 2.97 Dollars($)

No no consultations yet. They are both on the deed, but he is the only one on the first mortgage. The judge said once that the first mortgage is taken care of then the house is hers. He was required to carry it as long as she kept up on it. I figured there was definitely enough equity that we could refy for 40 on a 60k house pretty easily.

I just didn't know the laws/guidelines if it was even possible for her to take out a mortgage to pay his off and keep some extra cash for bills and what not.

cliff3 · Posted: Thu May 29, 2008 7:37 am Post subject:

Hi sills stealth

You need to speak with an attorney because you may not even need to go through the trouble of a quit claim deed. It sounds like per here “divorce decree” she was awarded the house. So all you would have to do is continue with your refinance and at closing per her divorce decree the title company would take care of the necessary paperwork to remove her husband off of property.

You can do a quit claim deed but, it would be going through trouble you do not really have to because if she is awarded the house then the title company will take care of any deed issues that need to be resolved. The probably would have him sign a “warrant deed” and not a quit claim deed.

Hope this helps.
Very Happy

Posted: Thu May 29, 2008 9:50 am Post subject:

Ok thank you very much!

sills_stealth · Joined: 28 May 2008 Posts: 6 2.97 Dollars($)

ok so in the divorce decree it says..The parties are ownder of real estate located at ****. This real estate is subect to a mortgage in the Respondent's name only at **** company. Petitioner will reside in this real estate and make all mortgage payments. When the mortgage is paid off or refinanced, then the respondent should deliver to the petitioner a quit claim deed for his interest in the real estate... so that pretty much says it all. refinance and he has to give it up.

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