Quit claim in divorce and taking on mortgage (loan, credit, finance)

[doingitwell7]

I am separated and headed to divorce fall of this year. I am on the deed with my husband and he is the only one on the note. I want to keep the house. If I get a quit claim deed where he gives me the house will I still have to go through a traditional process to get the mortgage in my name? He is military and has a VA loan. I am in the process of fixing and building my credit and growing my income with more work. Does that matter?

[justinbro2002]

you will have to get another loan in your own name to take him off the loan. VA loans are assumable but only if you were also on the loan or are a veteran yourself. With credit issues you might want to look into an fha loan but they are expensive.

[FalconheadWest]

Yes, you will have to qualify for the entire mortgage on your own for you to be able to finance the loan in your name. Otherwise, you need to leave it alone in your husband's name. His lawyers won't like that, but unless you have another way to finance like with paying off some of the principle, that's the only way for you to stay in the house.

[JoanD'Arc]

Originally Posted by FalconheadWest

Yes, you will have to qualify for the entire mortgage on your own for you to be able to finance the loan in your name. Otherwise, you need to leave it alone in your husband's name. His lawyers won't like that, but unless you have another way to finance like with paying off some of the principle, that's the only way for you to stay in the house.

It depends on the state and the situation, of course.

I was not employed when we separated, the house was in both our names and only his was on the loan.

Ownership of the house was transferred to me as the only owner and the loan was left in his name. No, he didn't like it, but there was no way for me to get a loan in my name only.

It worked out ok and I sold the house a few years later.

[Elke Mariotti]

Originally Posted by JoanD'Arc

It depends on the state and the situation, of course.

I was not employed when we separated, the house was in both our names and only his was on the loan.

Ownership of the house was transferred to me as the only owner and the loan was left in his name. No, he didn't like it, but there was no way for me to get a loan in my name only.

It worked out ok and I sold the house a few years later.

A while back, lenders were a lot more flexible/lenient. Since the mortgage debacle things have changed and the lenders are a lot tougher.

[JoanD'Arc]

Originally Posted by Elke Mariotti

A while back, lenders were a lot more flexible/lenient. Since the mortgage debacle things have changed and the lenders are a lot tougher.

This was at the beginning of the debacle. Besides, the bank already had a signed note to enforce. They weren't going to cancel his mortgage and give it to me.

[thelopez2]

Originally Posted by doingitwell7

I am separated and headed to divorce fall of this year. I am on the deed with my husband and he is the only one on the note. I want to keep the house. If I get a quit claim deed where he gives me the house will I still have to go through a traditional process to get the mortgage in my name? He is military and has a VA loan. I am in the process of fixing and building my credit and growing my income with more work. Does that matter?

Growing you income doesn't matter, they will look at what you made over the last two years. You should sit down with a local lender.

[Okey Dokie]

If my spouse wanted me to sign over my ownership of our home but keep the mortgage in my name only, I'd tell him to stick it where the sun don't shine. Ain't. Going. To. Happen. Ever. Period.