Quit Claim Deed

Guest

Property in question is in New York, Staten island. My wife and I were divorced in 2007 and she retained the home at 63 Ruth Place as part of the settlement. She and a nonrelative, secured a mortgage from Chase, sub prime, at 8.35%. The nonrelative is primary and my wife was secondary on the mortgage. In July of 2009, I remarried my former spouse and tried to purchase the home back using my credit only so I could get the 5.0% rate. I was refused by Wells fargo and Chase because they said that the new Fannie mae requirements would not allow me to "bail out my spouse". Recently, I was told to obtain a Quitclaim deed adding me to the deed and waiting a few months and then apply for a "Rate and Term Refinance" mortgage. Will this work? I have a very good credit rating and I can't afford to pay this the Chase sub-prime mortgage much longer..... thanks

[Email address deleted as per forum rules. Thanks.]

adonis · Posted: Mon Dec 14, 2009 11:06 pm Post subject:

Welcome William,

You will have to ask your spouse to add your name to the quit claim deed and then both of you can apply for a refinance. You've mentioned that you've a good credit rating. This is a positive point which will help you in getting a loan. I hope you have a steady income as well. The lender will also check your income before letting you refinance the loan.

All times are GMT - 7 Hours

Page 1 of 1