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Bank originally lent money to Mr and Mrs (or whatever party names you wish to use).
Now that 'party' no longer exists as a legal entity. Some people skate along, never inform the bank, and just make payments until the loan is extinguished.
In order to get a new party on the mortgage ( such as Mr OR Mrs, but not both) the original loan needs to be paid off and a new loan issued to the new party. It can become difficult if the original loan was granted on the basis of combined income, and now the new loan must be based on the single parties income.
Hence, the OP asking about can you do a quit claim deed? No.
How to remove wife's name from house title, deed and mortgage loan without refinance?
which Texas law requires all lenders to remove spouse name based on divorce judgement and keeping same loan terms without refinance?
Please advise.
Thanks a million! God Bless you!
No matter the advice you get here there is only one word that really matters to prevent very real grief for you down the road......LAWYER !
You really do need a decent lawyer to sort out all the details (and there are many) of removing your ex-wife's name (and any claim) from your property and wages /saving/investments.
I spoke to few lawyers. all gave me different information.
I got quit claim deed done now but removing spouse name from mortgage is pending.
I have enough income and credit score of 840 for many years. so I am hoping to keep original loan terms and low interest rate with no closing cost for refinance.
I hope there is way to remove her without any cost. she is willing to sign all docs.
I spoke to few lawyers. all gave me different information.
I got quit claim deed done now but removing spouse name from mortgage is pending.
I have enough income and credit score of 840 for many years. so I am hoping to keep original loan terms and low interest rate with no closing cost for refinance.
I hope there is way to remove her without any cost. she is willing to sign all docs.
Please advise.
Thanks a million! God Bless you!
You can roll the closing costs into the refi, but rest assured, you will pay closing costs. There is no free refinance.
You can roll the closing costs into the refi, but rest assured, you will pay closing costs. There is no free refinance.
I have a coworker going through this right now. His only choice was to refinance, and not only does he have to pay closing costs all over again, but the PMI is going up too.
I have enough income and credit score of 840 for many years. so I am hoping to keep original loan terms and low interest rate with no closing cost for refinance.
I hope there is way to remove her without any cost. she is willing to sign all docs.
I hear you. It is frustrating if you could afford this on your own with ease but will still be forced to refi. When you say removing wife's name from the mortgage is "pending" - do you mean that you talked to your mortgage holder and requested this? And they are considering it?
I spoke to few lawyers. all gave me different information.
I got quit claim deed done now but removing spouse name from mortgage is pending.
I have enough income and credit score of 840 for many years. so I am hoping to keep original loan terms and low interest rate with no closing cost for refinance.
I hope there is way to remove her without any cost. she is willing to sign all docs.
Please advise.
Thanks a million! God Bless you!
This is backwards. The mortgage comes first (refinance 99.9% of the time, rarely will a lender provide a release of reliability), the deed at closing.
Your ex took a huge financial risk by signing the quit claim while on the mortgage. She is responsible for the loan but has no interest in the home. If you default, she is still on the hook and has no collateral.
Also, the mortgage company could call your note due. They can view the transfer of ownership as a sale.
How did you attorneys advise you to do this? I can't see how this large of a financial risk (for BOTH of you) was worth saving a few grand in refi costs.
This is backwards. The mortgage comes first (refinance 99.9% of the time, rarely will a lender provide a release of reliability), the deed at closing.
Your ex took a huge financial risk by signing the quit claim while on the mortgage. She is responsible for the loan but has no interest in the home. If you default, she is still on the hook and has no collateral.
Also, the mortgage company could call your note due. They can view the transfer of ownership as a sale.
How did you attorneys advise you to do this? I can't see how this large of a financial risk (for BOTH of you) was worth saving a few grand in refi costs.
(FYI- I work in the title industry)
And I worked several years in the mortgage biz in Texas, mostly in Quality Control and Compliance.
What you want is not going to happen, Jaynarie is correct.
My situation is the opposite, I am in WV and I want to be added to the mortgage which is in my husbands name only. I am on the deed though, but I don't want the mortgage to come due if he dies.
Does anyone know if this can be done without refinancing? We have already been through bankruptcy here but we have just kept paying on the mortgage loan so no action from the bank on that.
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