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stuart80 · Joined: 20 Dec 2010 Posts: 7 3.15 Dollars($)

Hello All

Will try keep this short, I am in such a state trying to get my head around it all and make this work but I feel like I am having a break down because of it.

So, we sign up for a mortgage in 2006 for a home valued at 300k now worth $160k in todays market. At the time I wasn't a perminant resident and didn't have any tax returns, socal security number etc so my wife signs up for the mortgage in her own name and used all her income to qualify.

Anyway 5 years later I am trying to qualify for a loan myself and I can't because I am on the title for the home with to much debt ratio so we look into a quitclaim deed to remove me from the title.
Now it appears I am on the recorded Mortgage jointly on the county records which I must have signed at the time of closing...didn't really know any better.

I have looked up the notes to the mortgage and I am not on them only my wife is so what does that mean? Our mortgage company would never talk to me and I have done a credit record search and only my wife comes up under both mortgages so I figured I wasn't connected to it.

Tried to speak to my title company but of course they have gone out of business.

Can I change the recorded Mortgage names? Or is that the big no that I read in the sticky?

Thank you very much

Stuart

adonis · Posted: Mon Feb 21, 2011 8:31 pm Post subject:

Hi stuart,

If your name is not mentioned on the mortgage docs and if does not appear on your credit record, it means that you're not liable for the mortgage payments in any way. However, as the property does not have any equity, you won't be able to qualify for a refinance in any way. Unless the property has equity, none of the lenders will refinance it.

sabrinatoss · Posted: Mon Feb 21, 2011 11:01 pm Post subject:

If that is the case, then you are not totally obliged or liable for paying the mortgagee since your name isn't mentioned on the mortgage docs.

stuart80 · Joined: 20 Dec 2010 Posts: 7 3.15 Dollars($)

Thanks for the reply guys.

So you think I would be ok to try apply for a mortgage in my own right without any hangups? I am not on the Title now or the Note but my name is on the County Records as co mortgage holder.

smithsussane · Posted: Tue Feb 22, 2011 10:45 pm Post subject:

Hi stuart!

Welcome to forums!

You should add your name to the property deed and then apply for a mortgage in your name.

Feel free to ask if you've further queries.

Sussane

stuart80 · Joined: 20 Dec 2010 Posts: 7 3.15 Dollars($)

Hi Sussane

Thank you for your message, don't you mean I need to remove myself from the deed and then apply for a mortgage?

Issue I have is being on the deed is making me responsble for the weight of the debt on our current home.

Thanks

Stu

jameshogg · Posted: Wed Feb 23, 2011 10:33 pm Post subject:

Hi stuart,

If your name is not mentioned on the property deed, then the lender won't be ready to give you a mortgage for that property.

Thanks

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