Posted on: 26th Mar, 2009 03:42 pm
Hello,
I am applying for a refinance; the loan officer said I could qualify for a lower point loan (over one point less) if she used just my information as I have a better credit rating than my spouse. I can qualify for the loan based soley on my income. My spouse is currently listed on the title and would continue to be. My spouse is understandably concerned that she wouldn't be an owner of the house, the mortgage payments would not show up on her credit report, and it would be a nightmare if I died. I would appreciate any knowledgable (quick!) help on these questions. Thank you very much!
This property is in Minnesota.
PS: I apologize if this is a duplicate post; having some issues with my computer
I am applying for a refinance; the loan officer said I could qualify for a lower point loan (over one point less) if she used just my information as I have a better credit rating than my spouse. I can qualify for the loan based soley on my income. My spouse is currently listed on the title and would continue to be. My spouse is understandably concerned that she wouldn't be an owner of the house, the mortgage payments would not show up on her credit report, and it would be a nightmare if I died. I would appreciate any knowledgable (quick!) help on these questions. Thank you very much!
This property is in Minnesota.
PS: I apologize if this is a duplicate post; having some issues with my computer
Hi SchumacksWC,
I don't think it would be a problem if your spouse's name is on the property and not on the mortgage. However, I would suggest you to inform the lender that your spouse's name would be on the property deed.
Your spouse can take steps to improve her credit. Once her credit score are good, both of you can refinance the mortgage. To know more about improving credit score, she can check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
I don't think it would be a problem if your spouse's name is on the property and not on the mortgage. However, I would suggest you to inform the lender that your spouse's name would be on the property deed.
Your spouse can take steps to improve her credit. Once her credit score are good, both of you can refinance the mortgage. To know more about improving credit score, she can check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
My husband and I are divorcing in the next several months but he is refinancing the house now. My name is not on the mortgage but is on the title. What should I know?
Hi McKinnon,
Do you wish to keep the house after divorce? If you do, then do not sign on any deed that takes your name off the property title. I am not sure why your husband is refinancing at this time. As you are not on the loan, he does not need to take your name off the loan through refinance. He may ask you to sign various documents for the refinance. But you should not sign on anything that makes you release your property ownership.
Do you wish to keep the house after divorce? If you do, then do not sign on any deed that takes your name off the property title. I am not sure why your husband is refinancing at this time. As you are not on the loan, he does not need to take your name off the loan through refinance. He may ask you to sign various documents for the refinance. But you should not sign on anything that makes you release your property ownership.
name on title- seperating now-not on mortage- am i responsible at all for mortage payments?
As your name is not on the mortgage docs, you won't be responsible for the loan payments. In case, if the loan is in default, the lender will not be able to sue you for it.
Hi Megan,
If you are not on the mortgage and if you did not sign on the promissory note, you cannot be held liable for mortgage payments. You are a legal owner of the property as you are on the title. But this does not mean you are responsible for the mortgage. However, in case you are in a community property state, you could be held responsible for your husb debts. But generally, you should not be responsible for the mortgage that you neither co-borrowed nor co-signed.
Thanks,
Jerry
If you are not on the mortgage and if you did not sign on the promissory note, you cannot be held liable for mortgage payments. You are a legal owner of the property as you are on the title. But this does not mean you are responsible for the mortgage. However, in case you are in a community property state, you could be held responsible for your husb debts. But generally, you should not be responsible for the mortgage that you neither co-borrowed nor co-signed.
Thanks,
Jerry
My husband died in January, he borrowed monies from his sole called best friend, and now his friend is suing me for the repayment, I never signed the promissory note, I live in AZ.
I just asked the question above can you respond asap.
As you never signed the promissory note, you're not liable for the mortgage dues. The friend cannot sue you for the debt.
I am finishing on a refinance on our house. I am the sole borrower for the new mortgage. The lawyer overseeing the closing wasn't aware that my wife was on the title. He suggested to do a qiuick deed whereby she signed over her part of the title to me. Should she remain on the title through the refi?
Hi mcf,
It will be your and your wife's discretion whether or not she will remain on the property deed. If she wishes to be added on the property deed, then you can sign a quitclaim deed and add her to the property after the refinance is over.
Thanks
It will be your and your wife's discretion whether or not she will remain on the property deed. If she wishes to be added on the property deed, then you can sign a quitclaim deed and add her to the property after the refinance is over.
Thanks
My husband short sold a house the mortgage was only in his name my name on the deed. Will this go aganst me if i try to mortgage a home? Nothing shows up on my credit report but shows up on publis records.
Welcome chs,
As your name was not mentioned on the mortgage docs, then the short sale will not go after you. If you wish to buy a home in your name, you'll be able to get a mortgage provided you meet the required criteria of the lender.
As your name was not mentioned on the mortgage docs, then the short sale will not go after you. If you wish to buy a home in your name, you'll be able to get a mortgage provided you meet the required criteria of the lender.
My husband and I purchased a property 5 years back. We applied for the government HAMP program. We were accepted. My question is, I am on the mortgage (security), deed, but not the note or the application to the loan. The deed states My Husbands name a married man to My Name. All the correspondences have been address to my husband only. He was already accepted (with an executed contract) for the permanent mod. and we have been paying. The bank is not applying the payments. Now they send another package including my name and want to modify the mortgage and the NOTE to include me. Can they deny the modification if I refuse to be added to the NOTE? Can I be held responsible for the repayment of the loan?
My husband and I purchased a property 5 years back. We applied for the government HAMP program. We were accepted. My question is, I am on the mortgage (security), deed, but not the note or the application to the loan. The deed states My Husbands name a married man to My Name. All the correspondences have been address to my husband only. He was already accepted (with an executed contract) for the permanent mod. and we have been paying. The bank is not applying the payments. Now they send another package including my name and want to modify the mortgage and the NOTE to include me. Can they deny the modification if I refuse to be added to the NOTE? Can I be held responsible for the repayment of the loan?