Posted on: 15th Jul, 2008 04:43 pm
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?
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?
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?
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.
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.
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 refinance. did you have enough income to qualify for two homes?
thanks
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 refinance. did you have enough income to qualify for two homes?
thanks
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.
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.
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?
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.
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.
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?
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
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
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?
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?
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.
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.
If a modification is signed by all but one person is the modification Valid??
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
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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