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My divorce is not final and I wish to buy a house for myself. The bank says my husband needs to sign a spousal waiver. Can you explain what this is?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'd really appreciate your advice!
My husband and I want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] our mortgage to a lower rate and shorter term. (5% to 3.3% and from 30 years to 15 years).
I started my own business last year and showed a loss on our income taxes last year. Our broker is telling us in order to qualify for these rates, I need to sign a Spousal Waiver and my name would not be on the deed. We have at least $150,000 in equity on this house...Would I be making a big mistake to sign this waiver? Help...I'm in over my head!!

Like | Dislike | Share | Posted: Tue, 11/13/2012 - 12:59 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi DanaR,

If your name is not on the deed, then you won't be considered as one of the owners of the property. Thus, before signing on the waiver, you should consider this fact and then take the right decision.

Like | Dislike | Share | Posted: Tue, 11/13/2012 - 23:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Adonis!
Thank you for your good advice! Something didn't feel right about this and I appreciate your response!

Like | Dislike | Share | Posted: Thu, 11/15/2012 - 05:47 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It's good to note that the forum was helpful to you!! :)

Like | Dislike | Share | Posted: Sun, 11/18/2012 - 22:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,

I just want to check to see if anything has changed since the last posting and imparticular in the state of Texas. I am being told one thing by my family law attorney and another by the lender. Will my wife have to sign on the deed if we are going through a divorce? I have found another home I want to buy but am unsure of my rights to keep her name off the deed.

Thank you,

Like | Dislike | Share | Posted: Mon, 04/02/2012 - 15:11 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi robert!

Welcome to forums!

If the wife is on the property deed and if you want to be the owner of the property alone, then you will have to ask your wife to sign a quitclaim deed and transfer the property to you.

As far as buying a new property is concerned, you can ask your wife to sign an inter-spousal transfer deed so that she won't be able to claim any rights to that property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 04/03/2012 - 00:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Fisher,

Lenders require a waiver of rights on the new property you are going to purchase from your husband as the divorce case is not yet finalized.

Like | Dislike | Share | Posted: Thu, 01/18/2007 - 11:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The bank is asking for husband to waive all his rights to make any claim over the house now and in the near future. It is necessary to avoid any complications arising when the final verdict comes regarding your divorce and division of property.

Joanne

Like | Dislike | Share | Posted: Thu, 01/18/2007 - 13:35 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi wendyloufisher,

Welcome to forums.

The bank requires your husband to sign over a spousal waiver. This implies that the bank wants your husband to state in writing that he will not claim any interest in the house against which the bank will be offering you a loan.

By signing over a waiver, your husband will give up the right to demand any interest in property when you occupy it or if you sell it in future.

Thanks,
James.

Like | Dislike | Share | Posted: Thu, 01/18/2007 - 21:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If the spouse signs a spousal waiver, will he be responsible for the loan if the wife defaults on the loan?

Like | Dislike | Share | Posted: Mon, 06/22/2009 - 05:28 | Post subject:

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