Posted on: 06th Mar, 2009 06:03 pm
daughter and her boyfriend are splitting up. they bought a home one year ago fha mortgage...the home is now worth approximately $30,000 less than the mortgage. if she gets him to sign a quit claim deed (she put all money down, pays majority of mortgage and bills), records it and is then able to refinance with her name only using her income, once her credit cards are paid down a bit, is that the best thing to do. should they try a streamline refinance together first to get the interest rate below 6.5% and then file quit claim and wait for her credit cards to get lower and then try to refinance in her name only.
if they are splitting up and she want to keep the property with her then it is he who has to sign the quitclaim.
Now coming to the refinance issue.
When you to any new lender and tell them that we are separated then how he will agree to lend you on co-borrow basis. it will be really difficult.
So only possibility remains is first sign the quitclaim then pays mortgage and bills then refinance the whole remaining with her name only.
thanks. :arrow:
Now coming to the refinance issue.
When you to any new lender and tell them that we are separated then how he will agree to lend you on co-borrow basis. it will be really difficult.
So only possibility remains is first sign the quitclaim then pays mortgage and bills then refinance the whole remaining with her name only.
thanks. :arrow:
Hi Guest,
Your daughter will first have to ask her boyfriend to sign a quitclaim deed in her name and transfer the property. Once the property is transferred in her name, then she can refinance it in her name. However, refinancing of the property will depend upon the equity in the property, your daughter's credit score and her income.
Thanks.
Your daughter will first have to ask her boyfriend to sign a quitclaim deed in her name and transfer the property. Once the property is transferred in her name, then she can refinance it in her name. However, refinancing of the property will depend upon the equity in the property, your daughter's credit score and her income.
Thanks.