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MR HEMI | In a divorce can I take my wife off my mortgage with out refinancing? |
The curent morgage rates are at least 1.5% higher than my curent rate of 6.25%. |
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juan_a_climax
|
No. You can take her off of the ownership of the house if she is willing to sign her rights to the house over to you. The lender is not going to all of the sudden let you cut the responsible parties for the loan in half. It takes away their security in the loan repayment. The only other way would be to buy the house outright. With no loan there is no mortgage to take her off. Otherwise you have to refinance and requalify without her on the loan.
It is a lot easier to get her off of the ownership of the house... There is a form called a quit claim deed. This is where she signs saying that she no longer is an owner of the house. You can get that from most banks or lending institutions. However, even with a quit claim deed, she is still on the mortgage. |
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dzwreck
 |
The best rates on a fixed rate mortgage are not that far off from the 6.25% that you are at. No you can not just take your wife off of the mortgage without refinancing. If she is on the mortgage loan, then the only way to get her off is to refinance. If she is not on the mortgage loan then you simply need to quit claim her off of the deed to the home, which can be done without refinancing. With 2 people on the loan the lender has 2 people to go after in case of a default on the loan. |
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Speed racer
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No. As far as I know in order to get her off the mortgage you would have to refinance. I'm assuming that she is off the title also. |
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acermill
 |
No lender will remove your wife from your mortgage obligation without refinancing the entire loan. |
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Darby
 |
Good question and I don't have an answer. Except that I do know that you don't have the power take your wife off any legal agreement or document without her agreeing to it or a court order or stipulation that she will no longer be on the deed or mortgage. In most cases, a home is owned 50/50. Couples divorcing sell the house, pay off the mortgage,share the expenses and profit and move on. In other situations, one spouse buys the other out. Most people do not have enough money to buy someone's 50 percent ownership of a property without refinancing. My son just went through this. He had to get an interest only loan, but I think the rate was about 6.25, but they have a very high credit score. Do some research about Family Law in your state and how property is divided. She may also be entitled to a portion of your pension or 401(k), but then again you may be entitled to a portion of hers if she has one. |
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Robin L
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Know your rights
If you're simply an authorized user on an account, the lender should agree to take your name off the account, Ulzheimer says. As an authorized user you are not liable for the debt. If your ex is the account holder, you may have to ask him or her to request the change, though.
f you're a co-signer or the account is held jointly, though, things may not be that easy. (See the advice below on what to do if that's the case.) And if a former spouse's individual account pops up in your credit report, dispute it with the bureaus. This may be a credit mix-up or even intentional fraud on part of your ex.
2. Refinance all joint debts
If you have joint debt — whether it's credit cards, auto loans or a mortgage — each spouse should refinance the debts they'll be responsible for as soon as possible, says Ulzheimer. That means closing all joint credit cards and transferring the balance to a new card in your name, for example, and refinancing the mortgage or auto loan.
Problem is, that's often easier said than done. With auto loans, for example, the spouse who's supposed to pay it off may find the vehicle has depreciated so much that the balance owed is more than what it's worth. (This is what the industry calls "upside down" on the loan.) With mortgages, one spouse alone may not have the income or required credit score to refinance in their name alone. If that's the case, Ulzheimer recommends, consider selling the property and splitting the proceeds, if any. Better yet, use these proceeds to pay off other joint debts.
3. Pay the debt off
If you've been married a long time, chances are you've accumulated assets: property, stock holdings or even retirement accounts. If you're unable to refinance your debts in your individual names, consider using those assets to pay the debt off. But be sure to discuss the financial and tax-related consequences with your accountant or financial advisor. (Selling a house that has appreciated too much, for example, may generate a tax bill.
Monitor the accounts
If refinancing or paying off the debts isn't possible, make sure you monitor the accounts. |
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rlloydevans
 |
Only if the lender agrees to the action, and that is rarely done. |
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mia170107
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hi if you are in the uk you would need her permission and prob have to remortgage as income would be affected. You say your current rate is 6.25% but i work for a mortgage broker and we actually have lower rates than that available( obviously subject to circumstance), if you would like a quote to compare email me on quotes@mukconnections.co.uk |
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mikey196046
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No. |
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Anne R
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No. You cannot take your wife off the mortgage without refinancing. You can keep the existing mortgage and have her sign a Quit Claim. If she signs a Quit Claim, she will remain legally responsible for the mortgage if you fail to pay but has relished her rights to the property. |
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puanani
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Probably not, unless your credit is good enough to, and only the mortgage company you are with now could tell you that. |
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THE"IS"
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if you can prove tothe lender,and you'll have to proof she is willing to go w/it. and your solid at your job and can pay 4 it&you'll need the current rate. then ya got a good shot c-ya" THE IS" |
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Hearts2you
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umm yah go to the place wher eyou did it at :] |
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