Marriage & Divorce « home lenders refinance mortgage

March 3, 2011

What are my chances for getting a mortgage after a divorce?

Filed under: Marriage & Divorce — Tags: Best Mortgage Deal, Buy A House, Buy House, Credit Score, Divorce, Getting A Mortgage, Housing Market, Inheritance, Lenders, Money, Quick Claim Deed, Refinance — admin @ 4:49 am

M A asked:

I’ve got divorced little over a year ago. My ex wanted the house, so I just walked away. It was documented in the court paper that she is taking over the house and everything that comes with it. She was planning to refinance to get my name of the mortgage, but she couldn’t since the home’s value dropped since we financed it 5 years ago. ( she is getting an inheritance money in two years and that when she plans to refinance)
I’m renting, now. And want to buy a house considering the housing market. I want to pay 75k down and refinance the rest (about 140 k) I have good credit score.
I know she is reliable, and she has been making payments on time. Also, I understand the difference between Quick Claim Deed and the mortgage responsibility to the lender??
What are my chances at getting the best mortgage deal available??? If any?? would lenders not qualify my at all?
What should I do? Please help!

Harry

Comments (1)

February 3, 2011

Foreclosure after divorce and the affects on my current relationship and finances?

Filed under: Marriage & Divorce — Tags: 12 Months, 401k, Active Duty Pay, Banking Account, Child Support Payment, Credit Cards, Debt Loans, Forclosure, Foreclosure, Full Custody, Full Time, Mortgage, Refinance House, Relationship, School Year — admin @ 7:30 pm

true_red_4ever asked:

My current boyfriend soon to be husband was divorced in 2007 even though he requested to keep the marital house and the debt, the wife claimed it should be hers because she didn’t want to give him full custody of the kids or have them move out, thought it was easier if he moved out. Plus in early 2008 he deployed to Iraq for 12 months and wouldn’t be living there any ways. The divorce decree says he was to pay off ALL marital debt, loans and credit cards, he had to cash out his 401K to do so, (and he did pay it all) it states she remains in the house and put it up for sale. We have requested she refinance and put the house in her name only but she refuses to do so. She doesnt work and attends school full time, the only income she has is the child support he pays… About once a month she tells him that at the end of the school year she is walking away from the house and letting it sit. Letting it go into forclosure or what ever, she doesnt care. And if he doesnt like it then he can start making the payments… Remember this is the house she refused to let him stay in and pay for 2 years ago… Since then we have met, he has returned from Iraq, and now is currently living with me and has been for over a year now. I own my home and my own vehicle.But he is currently on active duty pay with the military because of injuries he recieved while serving over seas. And is in a medical hold status.

I guess my question is… What will happen if she goes into forecloser?? His name is still on the mortgage…
We have no joint properties but we have a joint banking account and he pays a majority of our house hold bills. He currently only has 2 credit cards in his name that he owes very little on. But he pays a huge child support payment to her, and helps with the home that him and I live in together… I know since we aren’t married my credit won’t be effected, but will they make him pay for this mortgage even though the court granted it to her as her residience?? Will they look at him and say he has an income and hardly no debt (cause everything is in my name) and stick him with this payment?? What will happen if we marry before the forcloser process versus after the process??

We obviously cant afford another mortgage on top of the one we are living in now (mine).

I am afriad that the courts or lenders will look at his finances and say he gets an income but has no debt because everything is in my name, and she has no income and they will sue him for payments…
But we are afraid if we marry first then they may consider everything as joint and try to take my properties as his assets and payments ..

Sorry I have rattled on and on about this, but its very stressful to our relation ship, things were going so good till all the sudden she doesnt want the house any more… ugh!

Lydia

Comments (1)

April 30, 2010

How do I get myself off of a joint home loan in a uncontested divorce?

Filed under: Marriage & Divorce — Tags: Dad, Home Loan, Litton Loan, Marital Settlement, Mortgage, Obligation, Seven Months, Uncontested Divorce — admin @ 11:10 pm

Chelle asked:

My situation is this. My husband and I are getting an uncontested divorce. We are ready to file and have a marital settlement. I decided to get a divorce 12/2/08 and moved out 2/7/09. When I moved out I was helping pay the bills for our joint residence until 6/09. When I moved into my own place at the end of June, 2009 my husband started paying the bills for our joint residence by himself. He has been having his dad paying the lender, Litton Loan, directly for the last seven months. My thought behind doing that was it might make his dad assuming my obligation on the loan easier. We tried to refinance the house into his name and his dad’s but we owe 270k on the loan and we are told it is only worth about 240k right now. I was thinking maybe a mortgage modification where we approach the lender and explain the situation and see if they will let his dad assume my portion of the loan. The lender isn’t going to lose out either way because he will pay the mortgage it will be me who ends up badly because my credit is tied up with this loan that is only five years old and is a 30 year loan. In the martial settlement we spelled out that he is keeping the house and that after the divorce is final I will be removing myself off title. I didn’t know if there was any special wording or information I should put in the marital settlement to help the case with the lender or if there was something else I could do. I would some input from anyone with experience in this area.

Lillian

Comments (7)

December 17, 2009

If 1 spouse takes sum of money the other the home, signs a contract, does the name have to come off the loan?

Filed under: Marriage & Divorce — Tags: Address, Advice, Current, Home Signs, Legal Document, Legal Question, Loan Number, Loan Refinancing, Lump Sum, Money Signs, Mortgage, Names, Refinance Loan, Sum Of Money — admin @ 11:02 am

Little Blossom asked:

Our names are both on the loan. He is willing to allow me to buy him out. But I cannot refinance a new loan and be able to afford to buy him out. If we have a notarized contract that states he releases any interest on the home with the address and loan number, in exchage for the lump sum and some of the articles in the house will it be legal as a settlement?
We make an agreement, I keep the loan we have, give him a lump sum to release his repsonibility on the loan and I continue to pay the loan I have.instead of refinancing a new one just to get his name off the mortgage. If we have a contract that is notarized he releases responsiblity of our current loan and I take over payments, is this going to be a legal document is the question?
So far Randy has the best advice!
So far Randy has the best advice!

TODD

Comments (3)