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I was divorced almost two years ago. My ex-wife got the house in the divorce and I gave her a quit claim deed conveying all of my interest in it to her. However, the first and second mortgages were in both of our names and still are. She has since remarried and no longer lives in that house. She has had it on the market, rented it out. She and I have talked and she wants me to take it over for what's owed on it. I have finally gotten approval for a refinance. However because my name is no longer on the title, I can't do it as a refinance. A purchase at this point isn't an option because I wouldn't have the down payment necessary. I was told that I would have to have the property in my name for at least 90 days. My thinking on it was that she could reconvey a portion of the property back over to me, as a single person. Say, a third of the property. That way she's not taking herself completely off the title but would be giving me an ownership interest in it. After the 90 days, I could then check into the refinance. I've hit so many brick walls w/finance companies on this thing, I almost assume the worst on it. But I would really like to take possession of the house w/out being out a ton of money on a house I already purchased once. I have excellent credit, and luckily, she has been current on all of the house payments since she got it in the divorce. Any ideas, comments or suggestions would be great.

jameshogg · Posted: Wed Apr 06, 2011 10:36 pm Post subject:

Hi js_taylor,

You can definitely ask your ex-spouse to add your name to the property deed and then wait for 90 days in order to get a refinance. if you have the required credit score and income, I don't think there will be any problem in getting a refinance.

Thanks

gmakerley · Posted: Thu Apr 07, 2011 9:55 am Post subject:

I'd suggest that you run the idea by one of your prospective lenders to see if that's acceptable. I am, frankly, a little skeptical about a 1/3 interest in the property, for example. It would be logical, I think, to bring ownership back to a joint status, as it was previously (I'm assuming).

I think you're on the right track - just make sure that you're not doing anything that might end up being ineffective, that's all.

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reconveying marital property back to ex-spouse

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