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Is there a way (besides refinancing) to remove my x-husband from our loan and add someone else

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shauna Joined: 25 Jan 2010 Posts: 2 1.47 Dollars($)	Posted: Mon Jan 25, 2010 11:29 am    Post subject: Is there a way (besides refinancing) to remove my x-husband Like 0 Dislike 0 Would like to take my X-husbands name off the loan (he has done a quit claim deed) I am not able to refinance at this time but I would like to get him off the loan and possibly add someone else
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Jan 25, 2010 11:31 am    Post subject: Like 0 Dislike 0 loan notes are not malleable. in other words, they cannot be changed. a signature is indelible and a consumer has no way in which to eliminate a signature and add a new one. the only way in which to eliminate one person's obligation and to enable another's is to go through the refinance process. i suppose that an individual lender might accede to novation or an assumption, but each of these is a situation that the lender would look at extremely closely before allowing it. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
shauna Joined: 25 Jan 2010 Posts: 2 1.47 Dollars($)	Posted: Mon Jan 25, 2010 11:36 am    Post subject: Like 0 Dislike 0 I have heard of a simple assumption. What is that?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Jan 25, 2010 11:49 am    Post subject: Like 0 Dislike 0 it's a situation in which you present the lender with someone who desires to assume the existing debt, and they review the qualifications of that person and decide whether to allow it or not. assumptions are, in all probability, rare and getting rarer as we move forward in this crazy mortgage environment. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
raymond Community Expert Joined: 03 Jul 2009 Posts: 1166 Location: Irvine, California 24.79 Dollars($)	Posted: Mon Jan 25, 2010 7:25 pm    Post subject: Like 0 Dislike 0 >>I would like to get him off the loan and possibly add someone else Is your loan assumable? _________________ Raymond Denton www.raymonddenton.com
Guest	Posted: Tue Jan 26, 2010 7:02 am    Post subject: Like 0 Dislike 0 I dont know. How do I find that out?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Jan 26, 2010 8:40 am    Post subject: Like 0 Dislike 0 call your lender if you can't find your documentation. the good faith estimate you were given early on in your purchasing process would contain that information, if you can find it. if you have an fha loan, it would be assumable. keep in mind, however, that the individual lender will make the determination as to whether the person attempting to assume the loan is qualified. an assumable loan is not necessarily going to be assumed by every tom, dick and harry. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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