Posted on: 09th Apr, 2009 12:31 am
My wife and I divorced and she gave everything to me and wanted none of the house, business or anything else:( I live in NY)
We got divorced and in the divorce it says that I have the home and the wording is this:
the marital residence subject to the husband obtaining a release of wife from all obligation for any and all indebtness which is secured by a lien on the marital residence(the indebtness release).Wife shall convey to husband, by quitclaim deed, all of her right, title and interest in the marital residence within 10 days after the husband delivers to her the indebtedness release.Until wife makes such conveyance to husband, husband shall hold harmless from, and indemnify her for any liability, cost or expense relating to the marital residence including, but not limited to all indebtness secured by a lien thereon
The divorce was signed and agreed and I received the decree of divorce months ago:
Since this time my ex has now gone and found a home she wants to buy and put in an offer and had a mortgage approved but they will not allow her (FHA Loan) to have the mortgage until she is removed from the one she is still on with me here:
I have paid the mortgage on time and have a credit rating of approx 660:
I would have thought it would have been better for her to get off the mortgage before attempting to buy another house!
Anyway now she is upset....I can afford the loan and have always paid it but now I have sent in -wells fargo - a assumption of loan application:
My questions are:
Can she force me out of the home or force me to sell it or force me to do anything (we are both on the deed)
Am I am in default of the divorce agreement - remembering that is past and signed and I have my decree:
If I am not approved for the assumption - what then?
Does the lender work with me to try to get this assumption mortgage passed?
Would I have to re mortgage?
What if I do not qualify?
What then?
I have approx income of $226.000 per year gross - I own my business - after expenses /outgoings I have a net profit of about $34,000:
This figure varies from year to year: - generally its between $35,000 to $50,000 per year net:
I have two vehicles both at about $550 per month - BUT both are classed as owned by my business but are on my credit report!
How do I get them off?
Other expenses debt - no credit cards:
1 credit card closed and originally $2500 debt now paid to $1200 balance:
No other real revolving credit or debts:
What are your thoughts?
We got divorced and in the divorce it says that I have the home and the wording is this:
the marital residence subject to the husband obtaining a release of wife from all obligation for any and all indebtness which is secured by a lien on the marital residence(the indebtness release).Wife shall convey to husband, by quitclaim deed, all of her right, title and interest in the marital residence within 10 days after the husband delivers to her the indebtedness release.Until wife makes such conveyance to husband, husband shall hold harmless from, and indemnify her for any liability, cost or expense relating to the marital residence including, but not limited to all indebtness secured by a lien thereon
The divorce was signed and agreed and I received the decree of divorce months ago:
Since this time my ex has now gone and found a home she wants to buy and put in an offer and had a mortgage approved but they will not allow her (FHA Loan) to have the mortgage until she is removed from the one she is still on with me here:
I have paid the mortgage on time and have a credit rating of approx 660:
I would have thought it would have been better for her to get off the mortgage before attempting to buy another house!
Anyway now she is upset....I can afford the loan and have always paid it but now I have sent in -wells fargo - a assumption of loan application:
My questions are:
Can she force me out of the home or force me to sell it or force me to do anything (we are both on the deed)
Am I am in default of the divorce agreement - remembering that is past and signed and I have my decree:
If I am not approved for the assumption - what then?
Does the lender work with me to try to get this assumption mortgage passed?
Would I have to re mortgage?
What if I do not qualify?
What then?
I have approx income of $226.000 per year gross - I own my business - after expenses /outgoings I have a net profit of about $34,000:
This figure varies from year to year: - generally its between $35,000 to $50,000 per year net:
I have two vehicles both at about $550 per month - BUT both are classed as owned by my business but are on my credit report!
How do I get them off?
Other expenses debt - no credit cards:
1 credit card closed and originally $2500 debt now paid to $1200 balance:
No other real revolving credit or debts:
What are your thoughts?
my first thought is that you procrastinated and brought this issue upon yourself. let's set that aside, though.
if you can demonstrate that the automobile loans are paid for by your business, you'll find that underwriters will generally delete them from consideration of debts. mind you, things have changed in "underwriting world" recently, so this is not necessarily a gilt-edged guarantee of anything.
hopefully, your $34K is supplemented by some depreciation, which underwriters will allow to be added back as income. that'll make your application stronger.
of course, the assumption, if allowed, will be your easiest path to straighten out this situation. refinancing is a bit trickier, as (i'd assume) your financial situation will be looked at more closely. you didn't say how long you've had the existing mortgage, but i would think that would factor in to their decision-making.
what can your former wife do? haul you back into court, i suppose. but what the outcome of that would be - who knows? the key thing here is that you must act swiftly and decisively so that you can give her the relief that is mandated by the decree and she'll then be allowed to make the purchase she's desirous of making.
if you can demonstrate that the automobile loans are paid for by your business, you'll find that underwriters will generally delete them from consideration of debts. mind you, things have changed in "underwriting world" recently, so this is not necessarily a gilt-edged guarantee of anything.
hopefully, your $34K is supplemented by some depreciation, which underwriters will allow to be added back as income. that'll make your application stronger.
of course, the assumption, if allowed, will be your easiest path to straighten out this situation. refinancing is a bit trickier, as (i'd assume) your financial situation will be looked at more closely. you didn't say how long you've had the existing mortgage, but i would think that would factor in to their decision-making.
what can your former wife do? haul you back into court, i suppose. but what the outcome of that would be - who knows? the key thing here is that you must act swiftly and decisively so that you can give her the relief that is mandated by the decree and she'll then be allowed to make the purchase she's desirous of making.
I have - we have had the mortgage since 2002 - we paid $85,000 and the remaining on the account is $79.000:
The value has increased to about $105,000
What do you mean I brought the issue upon myself?
I think my ex brought it upon us both by applying for a mortgage and getting another house without gettig herself of this mortgage FIRST right?
what does
hopefully, your $34K is supplemented by some depreciation, which underwriters will allow to be added back as income. that'll make your application stronger.
mean?
Thanks for your advice:
So she cannot force me to sell or anything even reading the decree or anything?
The value has increased to about $105,000
What do you mean I brought the issue upon myself?
I think my ex brought it upon us both by applying for a mortgage and getting another house without gettig herself of this mortgage FIRST right?
what does
hopefully, your $34K is supplemented by some depreciation, which underwriters will allow to be added back as income. that'll make your application stronger.
mean?
Thanks for your advice:
So she cannot force me to sell or anything even reading the decree or anything?
when you do your taxes, do you claim depreciation expense for equipment, or anything like that? that's what i was addressing.
you indicated that the transfer of the property to you was "months ago." honestly, you should have acted immediately to grant the relief that was required in the divorce decree. that's why i commented as i did.
i don't know if she could force you to sell, but she sure can drag you back into court to make you defend yourself for not having done what was required in the decree.
you indicated that the transfer of the property to you was "months ago." honestly, you should have acted immediately to grant the relief that was required in the divorce decree. that's why i commented as i did.
i don't know if she could force you to sell, but she sure can drag you back into court to make you defend yourself for not having done what was required in the decree.
I get the amount of about 300,000 per year and the accountant removes outgoings and expenses and the $34,000 is what I am left after that - some years its higher though like $55,000 as I own my own business:
yes I should have done it but there was a chance we would get back together even after the divorce thats why I did not get it done.
both vehicles are belonging to the business but show up on my credit report ..how would i get them off ...how easy is it to get a LLC drawn up myself without having to pay a attourney?
yes I should have done it but there was a chance we would get back together even after the divorce thats why I did not get it done.
both vehicles are belonging to the business but show up on my credit report ..how would i get them off ...how easy is it to get a LLC drawn up myself without having to pay a attourney?
i know nothing about an llc - quite sure you'd be smart to have a lawyer.
get with your accountant and see what is in there for depreciation. you'd want to be able to prove that the company pays the car loans - did you write checks from the company account to pay them? i hope so.
get with your accountant and see what is in there for depreciation. you'd want to be able to prove that the company pays the car loans - did you write checks from the company account to pay them? i hope so.
yes i wrote the checks using the business account for the car loans
good; that's key. you'll want to be able to present a year's worth of canceled checks (or bank statements) to support that. in that way, an underwriter can eliminate your car payments from consideration as debt.
my mom died about four months ago and i was told that i could assume the mortgage(wells fargo). i have had a very difficult time overall with the customer service one minute they have everytrhing they need the other minute they don't. i faxed what i understand to be the last bit of info on last week. the specialist said she will mail the closing document but when i asked for confirmation she refused!! i am very scared of losing the house as it is currently in loss mitigation. help!
Hi lj,
I'm not sure why the lender is delaying your simple assumption of the mortgage, given that you have provided them with all the necessary information. You have said that the house is currently in loss mitigation. Does that mean you have not been making the mortgage payments? If that is the case, then you can lose the home. Thus, I believe it is more important for you to get current on the loan than to assume the mortgage. Once the lender starts receiving the monthly payments on time, he would be least bothered to foreclose your home.
I'm not sure why the lender is delaying your simple assumption of the mortgage, given that you have provided them with all the necessary information. You have said that the house is currently in loss mitigation. Does that mean you have not been making the mortgage payments? If that is the case, then you can lose the home. Thus, I believe it is more important for you to get current on the loan than to assume the mortgage. Once the lender starts receiving the monthly payments on time, he would be least bothered to foreclose your home.
Wells Fargo Assumption department S____S!
if this is a va loan, then you need to follow these guidelines before wells fargo will deal with this process.
here's the checklist:
to get an rol from va, the following conditions must be met:
1.
the loan must be current, and
2.
the buyer must sign a contract to purchase the property and to assume your liability (n/a for divorce cases), and
3.
the buyer/assumer must meet va credit and income guidelines
4.
all attached documentation must be completed in full
here are the form numbers;
seller (one to be released from loan): vba 26-6381
buyer (one assuming loan): vba 26-6382
you then need to submit these forms and all checklist items to the regional va center that covers the area your property is located.
----------------------------------------------------------
non-va:
1-800-340-0570 is the assumptions department at wells fargo. my experience with them has been actually very phenomenal; very different than the rude and pushy refinance department (one of whom tried to get me to fill out a re-fi app on his own personal website, lol). i am currently in this stage of the process, as i had to wait for the va to sign off on my ex's liability on their end.
i'm not quite sure if it is the same for non-va funded loans, but my costs for this will be around the $50.00 usd mark, a far cry from the thousands upon thousands for refinance costs -- i am happy with my current rate of interest (and the fact that i have many years already paid on mortgage), so i'm glad i don't have to pay even more to remove a name (i make more myself now than ex spouse and i made together during origination of the mortgage -- common sense would dictate i can handle it, but then again banking doesn't make money off common sense thinking).
the assumption department then sends you a packet you need to fill out and return to them (i am awaiting on that myself, should be in soon). the lady on the phone told me after i send that in with quit claim deed, declaration of divoce finalized, then they would walk me through the 'closing' process of loan assumption. i was told it's a pretty easy process and that i should have no problems; however that may be because my ex spouse had been released from the va liability, i'm not quite sure. i'll keep this updated so other people whom are in a similar situation have something to go off from, this has been quite the process for the last 9+ months.
"my first thought is that you procrastinated and brought this issue upon yourself. let's set that aside, though. "
that quote bothers me, only for the fact that the assumption process for mortgages is a very hard subject to find the resources for, for the average person. it took me about 2 dozen phone calls over the course of a month to even find out about some of the process -- lines were either always busy, messages left never returned, or very long hold times with operation hours that make it almost impossible for some people whom work 70+ hours a week to get ahold of them. assumptions and releases of liability need to be better advertised or broadcast to people going through divorces -- there isn't even a link to a phone number for the wells fargo assumption department on any web page i've seen.
here's the checklist:
to get an rol from va, the following conditions must be met:
1.
the loan must be current, and
2.
the buyer must sign a contract to purchase the property and to assume your liability (n/a for divorce cases), and
3.
the buyer/assumer must meet va credit and income guidelines
4.
all attached documentation must be completed in full
here are the form numbers;
seller (one to be released from loan): vba 26-6381
buyer (one assuming loan): vba 26-6382
you then need to submit these forms and all checklist items to the regional va center that covers the area your property is located.
----------------------------------------------------------
non-va:
1-800-340-0570 is the assumptions department at wells fargo. my experience with them has been actually very phenomenal; very different than the rude and pushy refinance department (one of whom tried to get me to fill out a re-fi app on his own personal website, lol). i am currently in this stage of the process, as i had to wait for the va to sign off on my ex's liability on their end.
i'm not quite sure if it is the same for non-va funded loans, but my costs for this will be around the $50.00 usd mark, a far cry from the thousands upon thousands for refinance costs -- i am happy with my current rate of interest (and the fact that i have many years already paid on mortgage), so i'm glad i don't have to pay even more to remove a name (i make more myself now than ex spouse and i made together during origination of the mortgage -- common sense would dictate i can handle it, but then again banking doesn't make money off common sense thinking).
the assumption department then sends you a packet you need to fill out and return to them (i am awaiting on that myself, should be in soon). the lady on the phone told me after i send that in with quit claim deed, declaration of divoce finalized, then they would walk me through the 'closing' process of loan assumption. i was told it's a pretty easy process and that i should have no problems; however that may be because my ex spouse had been released from the va liability, i'm not quite sure. i'll keep this updated so other people whom are in a similar situation have something to go off from, this has been quite the process for the last 9+ months.
"my first thought is that you procrastinated and brought this issue upon yourself. let's set that aside, though. "
that quote bothers me, only for the fact that the assumption process for mortgages is a very hard subject to find the resources for, for the average person. it took me about 2 dozen phone calls over the course of a month to even find out about some of the process -- lines were either always busy, messages left never returned, or very long hold times with operation hours that make it almost impossible for some people whom work 70+ hours a week to get ahold of them. assumptions and releases of liability need to be better advertised or broadcast to people going through divorces -- there isn't even a link to a phone number for the wells fargo assumption department on any web page i've seen.
I have had the opposite experience with the assumption department at Wells Fargo. I sent in my intial package back in May or June. They called me constantly for things I had already sent. The kicker is that the process took so long I had to pay them three times for them to run new credit reports as they "expire" after a certain period of time.
In September they told me my file was going to the closing dept. for final review and I should expect to sign the closing documents in about 3 to 4 weeks. That was 6 weeks ago and I have heard nothing since. My ex has been hounding me and hounding me to get this finished b/c he has remarried and is trying to buy a house with his new wife. I'm very frustrated, to say the least.
So, to get to the point of the initial post, if you are planning to assume the loan from Wells Fargo you should expect the process to last a very long time.
In September they told me my file was going to the closing dept. for final review and I should expect to sign the closing documents in about 3 to 4 weeks. That was 6 weeks ago and I have heard nothing since. My ex has been hounding me and hounding me to get this finished b/c he has remarried and is trying to buy a house with his new wife. I'm very frustrated, to say the least.
So, to get to the point of the initial post, if you are planning to assume the loan from Wells Fargo you should expect the process to last a very long time.
I have been paying my mortgage to my soon to be ex wife for a year. I don't live in the house nor do I want the house. I just want my name off of this house. I found out that she didn't pay the mortgage for this month but I sent my half to her as the courts advised me to. How do I go about getting my name off this mortgage? I am trying to get another house. Do you know of any other steps I can do to get my name off of that mortgage asap?
Hi Ralph!
Welcome to forums!
You will have to ask your ex to refinance the mortgage in order to remove your name from the home loan. Unless she does so, you won't be able to remove your name from the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to ask your ex to refinance the mortgage in order to remove your name from the home loan. Unless she does so, you won't be able to remove your name from the mortgage.
Feel free to ask if you've further queries.
Sussane
Ralph, until your divorce is final, I suspect that you will remain in this sort of limbo; with the obligation to continue to pay your portion of the mortgage payments. Presumably, in the final settlement, there will be a stipulation that she refinance the existing loan concurrent with your quit claim deed, enabling you to be mortgage-free and able to move on and, hopefully, up.