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How to Refinance with no co-sign in Common Property State

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Icon Mini Profile kmwahlstrom





Joined: 18 Nov 2009

Posts: 2

1.64 Dollars($)
Post Posted: Wed Nov 18, 2009 12:54 pm    Post subject: How to Refinance with no co-sign in Common Property State
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I bought a house about 12 years ago - got Married 2 1/2 years ago. My name is the only name on the title, my name is the only name on the mortgage. We handle our finances seperatly - different bank accounts etc.
I want to refinance. My credit is pretty good aprox 770. My husbands is very bad <600.
To make things more complicated for me, we live in Wisconsin (common property state).
My husband is fine with staying off the title and mortgage.
Please give me some advice on how to proceed..
- Thanks
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Wed Nov 18, 2009 7:57 pm    Post subject:
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Hi kmwahlstrom!

Welcome to forums!

As your credit score is quite good, you will be able to refinance the mortgage in your name alone. You won't need your husband to co-sign for the mortgage. As Wisconsin is a community property state, the lender may ask your husband to sign an interspousal transfer deed thereby giving away all interest in the property. This will make it your separate property. Once he signs the deed, I don't think you would face any issues in getting a refinance.

Feel free to ask if you've further queries.

Sussane
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