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Divorce and loan modification - How to take ex off the loan

I'm behind, but was approved for a loan modification. I was going to have my ex-husband sign, but noticed on the paperwork they sent that all parties on the loan have to sign unless a divorce decree is sent.

I called Wells Fargo to explain that my ex has not lived in the house or contributed to the mortgage since 1999. They told me to sign the loan mod papers & send it in with the divorce decree - which I did about 1 month ago. Our next step is to get ex to sign a quit-claim deed to remove him completely. I thought this was an approved process & once I signed it was official. But as of today they say it is still in review.

I'm sure it is in review because of the divorce decree thing - is someone familiar with this scenario? Is there a chance they will not approve it now? And if so, what happens then? The way they set up the loan modification I am skipping even more payments - if they don't approve this I will be even more behind.

Any input?

cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Munchkin130,

Thanks for visiting the forum.

If I understand correctly, your loan modification had originally been approved with both you and your ex still existing on the loan.

In order to remove your ex from the mortgage loan, they have to re approve you for a loan modification in your name only. That's also the reason for executing the quitclaim deed.

The quitclaim deed will not release your ex from any obligation to any mortgage loan, or other lien secured against said property. Refinancing is how this is achieved. You must [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the property using your own income, assets and credit.

Yes, a loan modification can normally take at least 30 - 45 days. Lots of circumstances can prolong the completion of a loan modification.

The first thing you want to do is KEEP TALKING TO YOUR MORTGAGE COMPANY. Be sure you are talking to the [url=http://www.mortgagefit.com/loss-mitigation.html]Loss Mitigation[/url] or Workout Department. Find out WHO IS ASSIGNED TO YOUR FILE. This is the person you need to be talking to all the time. If you do not get to speak to that person, you can always ask to speak to a supervisor/manager in that department. DO NOT RELY ON THEM TO KEEP IN CONTACT WITH YOU. Keep checking at least twice a week on the status of your loan modification.

Once you are talking with the person who is assigned to your file, always ask them what you can do to get this approved. Let them know your concerns about getting farther behind. Let them know you do not want this to go into foreclosure. Always let them know how willing you are to get all this worked out soon.

I hope you have a better idea of what you are currently faced with. You may visit home-buddies.com and review a free step by step guide to mortgage issues there.

Please let us know if you have more difficulties and more questions.

Good luck.

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

I do have more concerns, but was afraid to get too wordy in my original response.

If needed my ex will sign the docs - he won't object. But I fear there's a bigger problem - and it is very complicated.

My ex & I filed for bankruptcy in 1999, Chapter 7 - then we divorced.
We had a 1st & 2nd mortgage & both were to be reaffirmed.
The 2nd mortgage (25K) was never reaffirmed by either of us
2nd does not appear on my credit report and they have not placed a lien against the house (I check 1-2 times per year).

The divorce decree mentions the 2nd mortgage, and now I'm worried the 1st may be checking into this & will find out that we never reaffirmed after the bankruptcy, let alone that we haven't paid since 2002. I'm worried that this will cause them to deny us a loan modification at all.

As for the 2nd I don't know where they stand and am afraid to ask. At first I tried to reaffirm, but they kept saying "You don't own this debt & any payments you make are voluntary". They wouldn't explain to me what it meant & wouldn't work with me to bring the loan current like the 1st mortgage co did. Then I lost my job & fell more & more behind until finally I just stopped paying sometime in 2002

Believe me I know this is stupid on my part, but times are tough financially & when you reach a point where you can barely afford the bare necessities what else are you to do? I know I'm no expert & this is purely an ignorant conclusion - but I figured the worse that could happen is the 2nd eventually puts a lien on the house & when I sell it they get their 25K.

Any thoughts? Should I be very worried now?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome back munchkin.

I feel the loan modification that you want to do is a new one. Not that one which you have included on the bankruptcy. s is right? Is your ex-husband also on the mortgage?

By the way if this is a new loan then the second loan (that you haven't reaffirmed) shouldn't create problem.

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

Thank you so much for your help. I know I have a bad situation & I appreciated your candidness.

Hopefully these details will help:

Loan originated in 1990 with Parkway Financial.
They sold it to Washinton Mutual in 1996 or so.
Washington Mutual sold to Wells Fargo in December of last year.
2nd loan was [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] on this house.

Some other quirks that may be causing Wells Fargo to look more closely:

Ex is on both loans & filed bankruptcy with me, but he never showed up in court for final hearings on either case, so the bankruptcy went through in my name only & divorce went through as a default. He's an alcoholic who fell apart & could not deal the divorce or the bankruptcy.

When I call Wells Fargo I have to listen to the bankruptcy disclaimer. I assume it's because the Chapter 7 is on my credit report until 2009, but it's possible that this loan was never reaffirmed. I honestly can't remember. Hitting so very many financial setbacks over the years I've been on one repayment plan after another. They just kept doing one repayment plan after another. Also, Washington Mutual modified this loan in 2003 after I lost my job & was unemployed for 9 months. My ex signed those papers & it went through with no questions asked.

I called this a.m. & Wells Fargo told me the modification was approved, but there was a problem - she had no idea what the problem it. She said the person handling the loan does not take calls & I have to wait until they contact me. She mentioned a few minor scenarios that cause delays, like taxes went up so the escrow payment has to change.

I don't understand this process or terminoligy. She said it was approved, but apparently it's not officially approved as of yet. Sound like I could still be denied. Am I wrong? If it's approved do they just work out the snags that come along they way in the reveiw process?

I'm worried sick now about loosing my home. I have 4 kids & living here is much much cheaper than getting an apartment these days. Plus I have 50-80K equity that I would hate to loose.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi munchkin.

Welcome bank.

Please don't worry so much. If the Wells Fargo told you that the modification was approved, then you should wait and see what happens. Now is your property taxes are paid and cleared. I think this may be the problem that they are referring. If not then pay it ASAP. Tax lien if the first lien and should be given utmost priority.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Munchkin130

In reference to your statement " She said the person handling the loan does not take calls & I have to wait until they contact me."

YOU CAN ASK TO SPEAK TO THE SUPERVISOR. It is common that some negotiators do not take incoming calls from you. But at this point you need to be asking for a supervisor. The supervisor/manager can get the answers and details for you, even if he has to get them from the underwriting department.

Don't give up!. Please keep following up regularly with your lender. Do not rely on them to follow up with you.

Let us know if there is anything else we can still help you with.

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drshe's picture
drshe | Joined: July 19, 2008 11:18 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

A loan modification is a great alternative to foreclosure. LoanMod.com (aka Mizna) helped me complete a loan mod with my current lender. Of all the companies I researched to help me [url=http://www.mortgagefit.com/foreclosure/17ways-avoid.html]avoid foreclosure[/url], loanmod.com was the most credible and even has a feature in this month's issue of Forbes:

"http://www.forbes.com/entrepreneurs/forbes/2008/0721/058.html"

Two tips I would give other struggling homeowners looking to modify their loan is that (1) non-profits are hopeless and you get what you pay for, and (2) if a loan modification company does not have a mailing address on their website, then forget about it. There are so many scams going on out there that borrowers should be vigilant and not trust every company that claims to do loan mods. You want to make sure you’re working with real people who care. The folks at Mizna definitely care about homeowners and they did wonders for me.

[size=9:ac9e4106b1][color=Red:ac9e4106b1][Link deactivated as per the forum rules][/color:ac9e4106b1][/size:ac9e4106b1]

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

Just want to quicky clear up that my taxes are paid through escrow account w/Wells Fargo - so a tax lien or delinquent taxes is not the issue.

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

Hello Munchkin130,
I assist homeowners with their loan modification through their lenders. My last four (4) homeowners have loans w/Countrywide and it's been five (5) months now and they're finally completing their modification. The homeowner does have an option to make a mortgage payment while going through this process, however, a mortgage payment or two (2) will most likely be required from the lender infinalizing the modification.

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cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Munchkin130

If you were told that your loan modification was approved:

YOU NEED TO BE SPEAKING TO THE NEGOTIATOR WHO WAS ASSIGNED TO YOUR FILE AND WHO APPROVED THE LOAN MOD. OR YOU NEED TO BE SPEAKING TO A SUPERVISOR!

Someone should be able to be telling you exactly when your papers are being sent out to you to sign. They should be telling you if the papers are being sent regular mail, FED EX, or etc. They should have very specifice notes and details (showing in their system) about your file, including information regarding the approved loan modification.

Contact them right away and don't give up until you get those answers. If you still are not getting the answers from the negotiator or from the supervisor, let them know that you need to speak to ANOTHER supervisor, and let them know that you NEED THIS TO BE ESCALATED.
Just remember to try to be polite about all of it at the same time.

Please let us know if you still have issues and questions.

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

judge oredered ex to be off loan and title within 3 month of divorce. House is upside down and I cant get refinanced, but Wachovia offfered a ASSUMPTION LOAN , with ex removed and son on it.
However, when we first bought home 16 years ago, we did it with a 1$ down, VA loan. Is he free to use another VA loan after Iget him removed?
thanks

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi moms,

I guess your husband can apply for another VA loan provided the entitlement amount, which is $36,000, hasn't been exhausted. He can also restore previously used up entitlement amount to purchase another home with a VA loan provided the prior loan has been paid in full.

Take Care

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

Hello,

I have a question for Clif. I have been approved for a loan modification but do not agree to the terms of the agreement. I tried calling and finding out who was assigned as a negotiator to my account but was told that there is no one specifically handling my account and that I would have to just accept the terms or walk away from the house. I can't understand how the servicing company can make this type of decision without someone from underwriting or somewhere consider my terms for a modification?? Any help would be greatly appreciated.

Thanks,
/Robert

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

Though the question was for Cliff, I would like to say that the lender has to appoint a negotiator for loan modification. You will have to tactfully speak to the agents of the company. Tell them that you need to speak to a supervisor or any other higher authority. You can even take legal if they still do not answer you.

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

My spouse left last March. I tried to continue making payments on the house, but couldnt. Could refi because the house cost too much for my salary alone. Had to get 3 payments behind to get a loan mod. Finally got a loan mod at 3%, but my ex will not sign. He would rather it go into foreclosure so I dont have a place to live. This is also a VA loan. Im extremely upset and have no idea what to do. I have divorce papers that state that he has to sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] when the property is in my name.

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

Hello all... I have a story along the same lines if anyone has any suggestions:
My soon to be Ex-husband and I are in the middle of a divorce where he has already filed bankruptcy. The bankruptcy is still pending in litigation. We have been separated since September of 2008 and he was unable to pay the house payment and so I took over the payments for the house and have been living here since. With that being said the house is supposedly in the bankruptcy and he sent me paperwork from veteran affairs about a release of liability of the loan. According to his lawyer if i sign this paperwork I am totally released from responsibility of paying for the house. However I have been in contact w/the mortgage company and they say because the bankruptcy is still in litigation they would still hold me responsible. I am confused on where I need to go from here and what steps I need to take to get my name off the loan.

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

Going through divorce, I am keeping the house, but got behind. Now, that finances are straightened out, I'm trying to modify. (this is what BofA offered as a solution). Forms are to be signed by myself and my spouse. His lawyer advised him not to sign any modification....is a quit claim good enough for the mortgage company? or am I up the creek?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Indiana,

Is your husband on the loan? In case he is on the loan, you will need his signature to modify the loan. In that case, a quitclaim deed will not help. A quitclaim deed can only transfer the property ownership to you. It has nothing to do with the liability of the mortgage. On the other hand, if his name does not appear on the mortgage, it is not necessary for him to sign the modification documents.

Hi Manders,

How did you take over the mortgage payments? Did you [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan in your name or did you assume the mortgage payments? I don't think signing the release of liability document will help you get rid of the mortgage. It cannot be that easy. However, what I fail to understand why your ex included the mortgage in bankruptcy, when he's not responsible for the loan? If you have officially taken over the payment through refinance or simple assumption, he's not responsible for the loan any more. In that case, I don't understand why he included it in bankruptcy and why he wants you to sign the release of liability document. My suggestion would be, consult a lawyer before signing any such documents.

Thanks,

Jerry

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

I just got divorce as part of the divorce agreement Im keeping the house, the deed is under my name. The mortgage is still under both names. I apply a loan modification but the bank is requesting my ex-husbands documets. He refuse to send them. Can I do a modification without his paper?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Your ex-husband is on the loan and he is responsible for it. The lender will require him to provide certain documents and sign on a few, in order to modify the loan. If the mortgage had been in your name, your ex-husband would not have been involved in the loan modification process. But since you have been divorced and the house has been given to you, you can talk to the lender and provide him with a copy of the divorce agreement. They may consider your case and may exclude your ex-husband from the modification process.

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

My ex-spouse recieved 3 4-plex rental properties and I was given a non-liability clause in our divorce decree. It is now 4 years later, and he says that the bank wants me to sign with him for loan modification. He should have refinanced them 4 years ago, but now they are underwater with dropped value. I refinanced the home that I live in and took his name off as agreed. I so not want to sign anything, but I do not want my credit ruined if he does not keep up the payments. Will banks make an exception and allow hime to modify without my signature since I have been out of the picture for a few years and the properties are his only?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Yikes,

If the divorce decree states that he had to refinance the mortgage to take your name off the loan, he should have done that. Since he has not done it so far, he is in contempt of court order and you can sue him. Your credit has already taken a hit if he had missed payments on the mortgage. You should not sign on any modification paper as you are not supposed to be on the loan as per the divorce decree. But I think you ought to talk to the lender, provide them with a copy of the divorce decree and ask them to remove your name from the mortgage. If your name remains on the loan and your ex-spouse defaults, your credit will be affected.

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

I am presently going through a divorce , I applied for a loan modification from my mortgage company through a non-profit organization whom have helped me very much. I did recieve the loan mod. but they now want my soon to be ex-hauband to sign the loan mod. He is refusing to do so and the mortgage company explained to me that he has to sign it. Can I get a cour order for him to either sign it or ask that the mortgage company let me sign it on my own, Since I have been living in the home and paying the mortgage for the pass three years on my own. What can I do?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Celeste,

If your ex-husband's name is mentioned in the property deed, then he will have to sign the loan modification documents. As far as court order is concerned, you'll have to speak to an attorney in this regard. He will be able to let you know whether or not you would get such an order from the court.

Take care.

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

My ex-spouse and I had a loan with Wells Fargo. Wells fargo allow my ex to modify the loan with out a quit claim or my signature on the modifiction papers. Is this even legal? They said they did it becasue she had the divorce decree. We reside in California.

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

Hi Dsutton!

Welcome to forums!

Though your ex has a divorce decree from the court, the lender should have asked your ex-spouse to get a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] signed from you and then modified the loan. Normally, the lenders ask for a signed quit claim deed from the other spouse before modifying the loan.

Feel free to ask if you've further queries.

Sussane

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

my name is on the mortgage loan but my ex-wife is not, and she is asking if she could do a loan modification only on her name and I dont want the house. Can my name be removed from the loan docs and her name added r

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi juan,

As the mortgage is not in her name, she won't be able to modify the loan on her own. She will have to refinance the mortgage in her name in order to add her name to the loan. If the property does not have equity or if you're delinquent on your mortgage payments, then she won't be able to refinance the loan.

Thanks,

Jerry

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

I was divorced, and my ex-husband kept our home. Our divorce decree stated my name was to be removed from the loan mortgage. We did a quit claim deed to remove my name from the title. My ex has been paying the mortgage but our mortg. lender has denied the request for mortg. modification because they say his credit isn't good enough alone for the loan. I was able to purchase another home but I'm afraid if he isn't able to make his payments that I will be liable for the home. What options do I have?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You won't be liable for the home but if your name remains on the mortgage, then you would be liable for paying it if your ex-husband is unable to make the payments on time. Moreover, if the property is foreclosed by the lender, then it will have a negative affect on your credit report.

You should contact your ex-husband and ask him to sell off the property and pay off the mortgage with the help of the sale proceeds.

Thanks,

Jerry

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

My ex and I have been divorced and the home was quit claim to me, he is still on the loan and I wanted to remodify the loan on my own and he said that he is not going to sign the remodification papers and he wants his name off the the loan. Could I remodify the loan on my own with out his signature?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Iran,

The lender will want both of you to sign the papers for loan modification. You should contact your lender and inform him about your present situation and check out if he agrees to let you modify the loan without your ex's signatures.

Take care.

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

Hello Overwhelemed,
May I ask how you were able to purchase another home with your name still on the mortgage? I am trying to do the same. But keep running up against a wall, that my name is on the marital home, but in the divorce decree my ex- is responsible...yet my name is still on it, his credit is not good, so he can not [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. Did you have enough income to qualify for two homes?
Thanks

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

went through mortgage modification process in 2009 while going through a divorce. Wife wanted her name removed from all liability on the mortgage and the mortgage company do me this could be done. My wife never signed the final modification document and the modification was approved with only my signature. Now the mortgage company has failed to remove my now ex-wife from liability on the modified mortgage. Can they legally bind my ex-wife to liability on this when she never signed the final documents? I have a judge that is very unhappy with me over this issue.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

A modification won't remove your ex-wife from the mortgage. Thus, her name can be included in the final documents. However, is she has not signed the documents, then she won't be liable for paying. Nevertheless, you should contact your attorney and take his opinion in this matter.

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

I have been reading these posts- as my ex is living in our home but failed to meet the requirements of the divorce decree, failed to refinance within the time frame, did not maintain the house, is 2 months behind on the mortgage, and wants to try a loan modification. looking at the posts, some of them say a loan modification WOULD get me off the loan, and some say it wont. if it wont, I am going to ask for occupancy of the house and to modify the loan since he is now in contempt. if he gets loan mod, am I free?

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

Welcome Guest,

Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about49405.html

Take a look at it. Hope it helps you.

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

i am getting divorced i haven't lived in the home in 1.5 years and my soon to be ex wants to keep the house but has not made the payments for the last year. she wants me to sign the mortgage modification but if i sign it then it will report on my credit. Will she be able to get my name off the loan in a year? Also if i sign the modification and then file a Chap 7 BK and include my portion of the house will i be relieved from the debt and have it not report on my credit?

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

Hi gtv,

Your ex-partner will have to refinance the mortgage in her name in order to remove your name from the mortgage docs. If she is unable to do so, you'll be liable for the mortgage payments.

You cannot include your portion of the house in your bankruptcy filing. If your name is on the property and the loan, you'll have to include the whole house in the bankruptcy filing.

Thanks

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

My home is modified as a result of loss of income after my divorce. I was misinformed earlier by bank of america that I can do a qualifying assumption, now they say I have to refinance. However now they I can't do it because I have no equity in the house. What should I do. What changes when a modified loan is refinanced?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:43 | Post subject:

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

Yes bank of america after misleading me for months that i can do a qualifying assuption after modification, now say I can't do one since I have no equity in the property. I have a full time job and a good credit. What are my options?

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

Welcome Bobby,

Unless you have equity in your property, you won't be able to get a mortgage refinance. None of the lenders will be of any assistance to you in this regard. There is hardly anything that you can do. Though you have a job or a good credit, lenders won't be ready to give you refinance.

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

If a modification is signed by all but one person is the modification Valid??

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

Hi Sam!

Welcome to the forums!

The loan modification should take place with the consent of all the borrowers. It will depend upon the lender whether or not he will consider this modification valid.

Feel free to ask if you have further queries.

Sussane

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