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Taking over a mortgage as a joint tenant

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nancyniles Joined: 16 Mar 2011 Posts: 2 1.53 Dollars($)	Posted: Wed Mar 16, 2011 2:53 pm    Post subject: Taking over a mortgage as a joint tenant Like 0 Dislike 0 My fiancee (at the time) and I bought a house. The mortgage is his, but we are listed as joint tenants with right of survivorship. We broke up and I am remarried, however I received legal notification that he is now in foreclosure. I would like to take over the house/mortgage. Can that be done without having to take out a new mortgage? The property is in Florida, which is a Lien Theory state.
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Mar 16, 2011 5:31 pm    Post subject: Like 0 Dislike 0 Hi nancyniles Welcome to Mortgage fit, If you wish to take full control over the property you should refinance the mortgage completely on your name or jointly with your current partner (spouse). As the property is in Florida and state practises lien theory, it would be more difficult to the lender to take hold of the property so you should work on it as early as possible.But in order to refinance the home you should contact your ex so that he can quitclaim his % share in home to you. Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Mar 16, 2011 10:09 pm    Post subject: Like 1 Dislike 0 Welcome nancyniles, Unless you take out a new mortgage, you won't be able to get the mortgage transferred in your name. However, as the mortgage payments are delinquent, it would become difficult for you to qualify for a mortgage refinance. _________________ Procrastination is the enemy of your financial success
nancyniles Joined: 16 Mar 2011 Posts: 2 1.53 Dollars($)	Posted: Thu Mar 17, 2011 4:28 am    Post subject: Thank you for your answers..... follow up question Like 1 Dislike 0 Follow up question... Since I am not on the mortgage, only the deed. If I am unable to refinance it in my name only and/or he refuses to quit claim his % of the house, and I allow it to foreclose, does this show up on my credit report in any way? Or would it have any bearing on my ability to purchase a home in the future?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Thu Mar 17, 2011 8:32 pm    Post subject: Like 0 Dislike 0 Hi Nancyniles, As you rightly said that you are no on the mortgage and only on the deed so there is no question of getting your credit hampered because of foreclosure.Rather foreclosure will hamper your Ex. credit. The foreclosure will not show on your credit report at all. It will not impact in anyway in future on the ability to purchase a new home. Feel free to ask any further query if you have..... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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