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millerja9 · Joined: 19 Jun 2009 Posts: 100 0.00 Dollars($)

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leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

Have you take decision about it in dicorce?

you have alreay done quit claim deed to your Ex.

your Ex needs to speak about lender for Refi.

jenkin7 · Posted: Thu Oct 08, 2009 12:48 am Post subject:

Hi millerja,

A refinance is the best possible way to remove your name from the mortgage. You have signed off the property deed to your ex-husband, which means he now is the sole owner of the property. To remove your name from the mortgage, he could refinance the property in his name, releasing you from the debt. But given the low value of the property, that option seems to be impossible. The only other option is a novation agreement. However, in this market situation, it is unlikely that any lender would want to remove a co-borrower from the loan obligation through novation.

eric1 · Posted: Thu Oct 08, 2009 4:29 am Post subject:

Please read this prior post...

http://www.mortgagefit.com/problems/removename-refinance.html

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

There are so many consumers facing same problem as you expressed. In such situation refinancing is much more difficult. I cannot think of any viable options to remove your name from your current mortgage loan. Its tendancy of lender that they will not remove your name from loan . But at the other hand they want more and more people responsible for loan. Lender will not voluntarily remove your name from the loan. Intention of lender to keep as many people on loan so that it has a higher chance of collecting on any deficiency balance that results in case of default and foreclosure.

While your current lender may not be willing to refinance your loan. You may have to catch other lender to transfer your loan its like refinance 1st loan.As again credt score will play importanat role in it. the second lender will definately check credit history of your ex husband.

But t is always advisible to contact various lenders to discuss your situation and find out what options, if any, they can offer you. You may need a large down payment available in order to obtain a refinance loan. In addition, you will need to carefully compare the terms of your current loan with those of any refinance offered to make sure that the new terms are competitive with those of your previous loan.

As I mentioned refinance is difficult now a days with the situation you facing .So the best thing for you to do may be to leave your name on the mortgage for the time being. Once the housing market recovers from its current depressed state, your home’s value should increase, hopefully providing you with enough equity to refinance the home at a more favorable rate without the need of a large down payment.

If your ex-husband makes his payments on time each month, having your name on the mortgage could also improve your credit rating, allowing you to begin establishing your own credit accounts and thus building credit independent of your ex-husband.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You have few options

1. Ask yoru ex to refinance - which is nto possibel due to the value of the property

2. Sell the property - and pay the differnece to the bank

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

Without knowing the details of the loan situation it's tough to say whether a refinance will be a possibility, though as many have said it is probably the best option.

If you want to investigate your refinancing options, you can quickly and easily get quotes online. This will tell you teo things:

1. whether you (or your ex in this case) can refinance
2. what sort of rates and charges you can expect to get.

There's a site in my sig that may be of use to you if you want to persue this option.

Company	Loan Type	APR	Est. Pmt.
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Property State:
Property Type:
Credit Rating:

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