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alinalady · Joined: 11 Aug 2008 Posts: 5 3.87 Dollars($)

Greetin's Mr. Heard,
I am sure this comes up all the time, but I have never been through this before, so I ask to be better informed.

I recently went through a Divorce in Little Rock, AR and my Ex-husband signed over the house and land to me with a quick claim deed, with the provision that in two years I get his name off the deed. Now, Tis gettin' close to that two year deadline and I were not sure if I had to refinance in order to do that (which would ruin the already 10 years o' payments I have made on this house durin' the current 30yr loan) or be there another way to get his name off the deed without losin' the 10yrs I have invested..I really don'na want to start all over again with another 30yr loan! I have the Quick Claim he signed, is that enough? Do I have any recourse or is a refinance the only answer?

Thank you so much for providin' this venue, thank you for any help you can give me,
Sincerely,

sweeney · Posted: Mon Aug 11, 2008 6:17 pm Post subject:

Hello and welcome to the forum. The quit claim will remove his name from title but not from the mortgage, if he's on that.

Posted: Tue Aug 12, 2008 5:55 am Post subject: Another Quit Claim question....

Dearest Mr. Sweeney (Good Irish name there lad!)
Aye, he is on the mortgage...I think that be what the provision truly was meant for, to get him out from under the mortgage and leave it to me to pay. I have been doin' that all along so is no hardship, I just don'na want the process of complyin' with the court order to ruin the 10 yrs I have invested. Hardly seems fair considerin' what he's put us through so far...shrug*

So now I have to find a decent lender that can get me a good LOW interest rate and start over Again?? I have had me current low rate for 10 years and I can'na increase me monthly payment without puttin' further hardship on us financially. Any suggestions?

Again, thank you so much for your quick reply!

Sincerely
Alinalady

Samantha · Posted: Tue Aug 12, 2008 6:14 am Post subject: RE: refinance with a low rate

Hi Alinlady,

I think if you refinance your current mortgage with a new loan, it has to be with one at a lower rate or else how do you benefit. I'd like to know how's your credit record and score. And how's your income like? How much of your current mortgage have you paid off and do you have other debts as such? These factors are important when it comes to getting a refinance loan with a favorable rate. What i suggest is, you may go for a no-obligation free loan consultation on the right mortgage with the lenders in this community. They'd be happy to help you with a loan offer that's affordable, considering that you don't get into any kind of financial hardship and can manage the loan well.

Hope this helps...

God bless you.

Samantha

alinalady · Joined: 11 Aug 2008 Posts: 5 3.87 Dollars($)

Samantha love,

You are right, I DO need to make sure tis lower than what I got me original loan for 10 years ago..I think it were at 5.38 then..I have a lot o' equity built up and only have about $55,000 or so left to pay...tis why I was SOOOO distraught about havin' to start all over again with another 30 year loan! If not for the fact that I HAVE to get his name off the mortgage I would be happy to just keep things the way they are and finish payin' for the house. I had hoped to later down the road be able to get a small home improvement loan, make the updated changes to my home and increase the value a bit more...or should that be done before the refinance? I don'na have the money to do that before...sigh* and I will have to pay for all the new paper work, a new appraisal, fees..etc.etc.etc? I think i really need to talk with someone....I am gettin' overwhelmed with all the thoughts about this.

Thank you Samantha, You have given me more to think about...

Samantha

Hi Alinlady,

Welcome back.

If you are thinking of taking out some cash for home repairs, why not do a cash-out refinance instead of a simple refinance. I mean there's no need of taking out a second loan but you can simply do a refinance and take out extra cash. This will be possible for you because you have a lot of equity as you said.

alinalady · Joined: 11 Aug 2008 Posts: 5 3.87 Dollars($)

Samantha love,

Thank you for writin' me back!
Sounds like that would be easy...can I do THAT to get his name off the deed? or will that be just to get the money to do the upgrades to me home? Either way I would love to talk to someone about what I need to do next.
IS there a reputable lender in AR, (or anywhere), who will give me the proper guidance through this process? I still have to make the deadline for gettin' the ex's name off the deed/mortgage (Dec.31), make the improvements I have always wanted to my home, possibly increasin' it's value, and NOT make the house payments go up. How do I do "Comparison Shoppin'"? (Not an idiot, just new to all this....*Blush*.)

Thank you so much Samantha!! Very Happy

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi alinalady. Welcome back to the forum.

Your ex can quitclaim the property to you and you can refinance/ cash out refinance to release her from the mortgage. You can request for refinance to your present lender if he can approves you a reasonable rates and terms. You can also seen no-obligation free mortgage quote from the community lender to get the refinance loan. If anyone can help you, he will contact you directly. BTW how good is your credit and how much do you earn? Do you want to go for ARM or FRM? I would suggest you to go for FRM. The rates are still lower. If you have a credit score over 680 then you should not have much problem to refinance the loan.

Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

Samantha · Posted: Wed Aug 13, 2008 6:18 am Post subject: RE: arkansas lender

well Alinlady, you can do a cash-out refinance and get his name off the loan and you'll have to execute a deed to take his name off the title.

I don't know which lender here offers loans in Arkansas or is aware of the industry there. But i think if you can request for free quotes, you'll come across the lender who offers loans in your state and they'll help you with the right option too. And then you can discuss the options with us here so that you get along with the right loan.

god bless you

Samantha

alinalady · Joined: 11 Aug 2008 Posts: 5 3.87 Dollars($)

Dearest Samantha and Larry,

It sounds like that will be the route I will take if I don'na have to start over with another 30 yr., get both the cash I need to fix me home up and still have his name off the mortgage and the deed...I just show them the quit claim he signed and tis done!?
I am not sure where you lot are, I will first try to go thru me current mortgage company and see what they can do for us, but then I do what?...just go to different lenders and ask? Do YOU have lender options I could ask?

Loves, I will be the happiest lass in the world if I can accomplish this painlessly, and still get the the goals met!
You are wonderful to help and I truly want to do this the right way, I am goin' to be in this home forever, and to make it look nice would be icing on the proverbial cake!

Hugs to you both!

AlinaLady Smile

sara · Posted: Thu Aug 14, 2008 5:08 am Post subject: RE: quitclaim and refinance

Hi alinlady,

Not that you'll have to start over with a 30 year loan just because the previous loan is also a 30 year fixed. Of course you'll have to pay the closing costs but you can always take a loan based upon what you can afford to pay now. What matters is whether you can get a loan worth the current loan balance plus the extra cash required to pay for repairs. And yes, you can start off with your current lender.

However, if nothing works out, you have the option to request for quotes with some other lenders. When you ask for quotes, you come to know what rates you can avail and what's the APR on the loan. So, that helps you compare and decide.

Take care

alinalady · Joined: 11 Aug 2008 Posts: 5 3.87 Dollars($)

Greetin's Sara,

I made the call to me current mortgage holder and got the ball rollin' on a cash out refinance and the agent tis gettin' me not only a rate lower that the rate I first took out the loan for 10 years ago, but I can afford the payments, get $30,000 to fix up me home, AND get the ex's name clear o' everythin'! Tis a new 30yr. fixed, and after talkin' with the agent, tis not the big worry I had thought it would be. Seems in the last 10 years I had only paid a little more that $1,200 on the original loan...because I were really only payin' the interest each month, with very little goin' to the principal...that may be a "DUH!" for most o' yee, but this was new to me. He explained that when I can, I need to pay extra either each month or an extra house payment at the end o' the year and that would help to get more o' the principal knocked down.

I want to thank everyone for guidin' me in the right direction! I am braggin' left and right now about your site and passin' the link on to me friends.
Again, thank you so much for your help!!

Sincerely,
Alinalady Very Happy

Samantha · Posted: Fri Aug 15, 2008 4:26 am Post subject:

Hi alinlady,

I'm so happy for you. That's good news really! and thanks for reffering our community.

If you can afford the payments, then that's fine. So, your previous loan was interest-only. But i think the cash-out refinance loan would be a fully amortized loan meaning you'll be paying the principal as well as interest. I hope you'll be able to pay off the loan comfortably. Just don't hesitate to ask whatever queries you have. It's always best to know about things before you start dealing with them.

May god bless you.

Samantha

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