Profile picture for Jazevedo3

How do i refinance when i am not on the mortgage but will be keeping my house?

Getting divorced..refinanced years ago, mortgage in my husband's name only, deed in trust in both our names. How do i refinance or assume the mortgage when i'm not on it? I need the refi to pay out his equity
  • January 25 - US
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Answers (6)

Have you considered refinancing your home? This alternative will allow you to refinance and to put your name on the mortgage and to take your husband off. This may take some cooperation with your ex-husband, so hopefully that wouldn't be too much of a strain. Also, the right type of refinancing can possibly save you money. The best thing for you to do is to speak with a lender such as myself to see if you can get started on refinancing. If you have any further questions or if you would like a loan or refinance, feel free to contact me.

Good Luck!
  • January 27
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Profile picture for PaulMcCausland
Lenders... being on title doesn't constitute continuity of obligation, also if not on the mortgage, not on deed of trust. Being on title is not a deed of trust. If you're going to post, please don't confuse the client.
 Jazevedo, I'd like to see how I could help. Please feel free to contact me to get the details, so you can accomplish what you need to.
  • January 26
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Profile picture for Jazevedo3
Thank you all.  Now I know where to start.  I appreciate the advice.
  • January 26
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As long as you are on the deed in trust you have no issues outside of qualifying. You should contact a mortgage lender and begin the pre-approval process. This can often be done quickly online on our website. Be prepared with your 2yr job history and income along with a credit inquiry to begin the process if you want to be approved online. 
  • January 26
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Robert provided some good insights. This will truly come down to the details. Are you on title and for how long? Who is making payments? Do you qualify for the new debt on your own? How much equity is in the home and how much do you need to take out to pay out? What type of loan is it now?
  • January 26
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You should be on the title, so it will not be an issue. You usually have to prove you have been making the payments, so assuming the payments were coming out of a joint account you shared with your soon to be ex. If not, then you may have to have some compensating factors to support the new loan (money in the bank, 401K's, extensive time on current job etc)You will need to qualify with your debt to income ratio, and the loan to value in which you can refinance to will be limited since this will be a cash out refinance.
  • January 26
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