Posted on: 28th Mar, 2007 07:26 am
my husband and i separated in dec. he moved out of state. he is now trying to get state medical assistance, but they see the home we own in minn. to be too much of an asset to him. he now wants me to remove his name from the title and the mortgage.
i know that i cannot refinance the mortgage because i do not qualify on my own. however, he still wants to do a quit claim deed. is this legit?
i have not filed divorce and i do not have an attorney yet. your advice would be greatly appreciated. thanks
i know that i cannot refinance the mortgage because i do not qualify on my own. however, he still wants to do a quit claim deed. is this legit?
i have not filed divorce and i do not have an attorney yet. your advice would be greatly appreciated. thanks
He can quit claim the home to you but as there is a mortgage, you need to consult with your lender. If the property title ownership changes he has the right to call the loan due.
"I know that I cannot refinance the mortgage because I do not qualify on my own. However, he still wants to do a quit claim deed. Is this legit? "
Your husband can transfer his property to you but the mortgage will need to be refinanced in your name or paid off.
If your credit is not good you may still qualify for a refinance but for higher rates than normal. I would say you talk with your lender on this and see what he suggests.
Goff
Your husband can transfer his property to you but the mortgage will need to be refinanced in your name or paid off.
If your credit is not good you may still qualify for a refinance but for higher rates than normal. I would say you talk with your lender on this and see what he suggests.
Goff
I would have told you to discuss assumption of your husband's mortgage but as your credit is not good it is highly likely that lender will not allow it.
Your husband wants to remove his name from the loan and that will be only possible through refinance or by paying off the loan balance.
"I know that I cannot refinance the mortgage because I do not qualify on my own. However, he still wants to do a quit claim deed. Is this legit?"
He can quit claim the home to you but that will not remove him from the mortgage.
Your husband wants to remove his name from the loan and that will be only possible through refinance or by paying off the loan balance.
"I know that I cannot refinance the mortgage because I do not qualify on my own. However, he still wants to do a quit claim deed. Is this legit?"
He can quit claim the home to you but that will not remove him from the mortgage.
Hi Chelle,
First of all I just want to say that if your husband does the quit claim deed (which is a legal step) to you it will transfer only the interest on the title to you. But still he is only person liable for the mortgage. To get rid of the mortgage, he needs to refinance in your name or in any other person name.
And in case, if he could not continue with the mortgage payment, then lender will called foreclosure and both of you will loose the home.
Thanks
First of all I just want to say that if your husband does the quit claim deed (which is a legal step) to you it will transfer only the interest on the title to you. But still he is only person liable for the mortgage. To get rid of the mortgage, he needs to refinance in your name or in any other person name.
And in case, if he could not continue with the mortgage payment, then lender will called foreclosure and both of you will loose the home.
Thanks