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I am currently in the process of completing a legal separation agreement with my wife. The agreement papers have been signed by both parties and we are awaiting an uncontested divorce settlement in the next 2-3 months. My wife has quip claimed the property to me and I have that notorized document. My question is this, I am currently unemployed which made refinancing in my name only impossible. My ex-brother in law who owns a Marine Construction business offered to secure the refinanced loan in his name and suggested that a legal document be drawn up that states that I am still the primary owner of the property however he will back me financially until I either secure employment or sell the house.Is there some type of existing proceedure or agreement that we should use to satisfy the bank requirements? Or is this a unique set of circumstances? your help will be greatly appreciated.

Posted: Thu Feb 03, 2011 12:08 am Post subject:

1. what state are you in? if you are in a community property state then the spouse will have to be on title.

2. how is your credit? and do you have equity?
fha allows for a non-occupying co-borrower. but if not family, the ltv is limited to 75% ltv

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New Jersey

Assessed Value of home is approximately $250,000. New loan amount $162,000.

What type of legal document would be required between brother in law and myself?

jameshogg · Posted: Thu Feb 03, 2011 10:47 pm Post subject:

Hi Scott,

As far as I can understand, you'll have to sign a quitclaim deed in order to add your brother to the property deed. Once he becomes the owner of the property, then he will be able to refinance the existing mortgage in his name.

Thanks

crichter · Joined: 28 Dec 2010 Posts: 34 8.56 Dollars($)

The only way for him to vouch is to co-sign the Note. That adds at least one problem.

You said he'd back you financially until you sold or gain employment. The bank's conditions will be that he's on the loan until it's paid off--be it over time, sale, or refinance.

Without a doubt, you can refinance again when you gain employment, but that means refinance fees twice.

Is there a reason not to wait to refinance until you have a new job?

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