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2nd Mortgage Issue...

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Icon Mini Profile ninerbug





Joined: 12 Nov 2009

Posts: 1

1.36 Dollars($)
Post Posted: Thu Nov 12, 2009 7:35 pm    Post subject: 2nd Mortgage Issue...
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Hi - My ex-wife received the home in our divorce. It was a quit claim deed, so my name is still on the 1st and 2nd mortgage. All payments have been made, but she wants to leave the home now - And is offering me the home, or leaving the keys on the counter and moving out.

So - rather than ruin my 803 credit rating, I'm getting ready to take over the home again. 1st mortgage about 110k. 2nd mortgage 70k. Home value was 190k, but is likely in the $150-$170k range.

Since I never expected to see the home again, or her, I haven't exactly budgetted for this. I need to lower payments quickly (as she is moving out, and I can't have missed payments). Do you have any advice?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Thu Nov 12, 2009 9:29 pm    Post subject:
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Hi ninerbug,

You've mentioned that the mortgage is still in your name. In that situation, you should first transfer the property in your name and then apply for a loan modification. If the lender accepts your request, he may reduce your interest rate to pay off the monthly dues. However, the term of the loan payments may get increased in this way.

Thanks
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