Posted on: 12th Nov, 2009 06:35 pm
hi - my ex-wife received the home in our divorce. it was a quit claim deed, so my name is still on the 1st and 2nd mortgage. all payments have been made, but she wants to leave the home now - and is offering me the home, or leaving the keys on the counter and moving out.
so - rather than ruin my 803 credit rating, i'm getting ready to take over the home again. 1st mortgage about 110k. 2nd mortgage 70k. home value was 190k, but is likely in the $150-$170k range.
since i never expected to see the home again, or her, i haven't exactly budgetted for this. i need to lower payments quickly (as she is moving out, and i can't have missed payments). do you have any advice?
so - rather than ruin my 803 credit rating, i'm getting ready to take over the home again. 1st mortgage about 110k. 2nd mortgage 70k. home value was 190k, but is likely in the $150-$170k range.
since i never expected to see the home again, or her, i haven't exactly budgetted for this. i need to lower payments quickly (as she is moving out, and i can't have missed payments). do you have any advice?
Hi ninerbug,
You've mentioned that the mortgage is still in your name. In that situation, you should first transfer the property in your name and then apply for a loan modification. If the lender accepts your request, he may reduce your interest rate to pay off the monthly dues. However, the term of the loan payments may get increased in this way.
Thanks
You've mentioned that the mortgage is still in your name. In that situation, you should first transfer the property in your name and then apply for a loan modification. If the lender accepts your request, he may reduce your interest rate to pay off the monthly dues. However, the term of the loan payments may get increased in this way.
Thanks