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Guest
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 Posted: Tue Nov 03, 2009 8:45 pm Post subject: Can a spouse transfer without a refinance? |
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| In California, both my name and husband's is on the mortgage. We are going through a divorce and I am going to keep the house. However, with the market being what it is, we now owe about what the house is worth; so no equity. I can afford the mortgage payment as is on my own, but if refinanced not sure I would qualify for a new mortgage by myself plus would not have the 20% to put down and don't want to pay extra. Is there a way to transfer ownership without refinance? Spouse is in agreement. |
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Guest1971
Guest
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| Posted: Tue Nov 03, 2009 9:57 pm Post subject: |
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| The house will be part of the divorce I'm sure...but in any case, you would have to qualify for a refinance and deed him off. |
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 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Wed Nov 04, 2009 12:36 am Post subject: |
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Hi Guest!
Welcome to forums!
You can apply for a novation with the lender. It is also a way to transfer the mortgage from one person to another. However, most lenders do not agree to a novation. To know more about novation, check out the given page:
http://www.mortgagefit.com/know-how/about5787.html
Feel free to ask if you've further queries.
Sussane |
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