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I am going through divorce,how can I modify my FHA loan to remove the Ex off the deed and loan?

The ex spouse is missing, and my credit is still very good, its the same as it was when the home was purchased over a year ago, but i need to know my options. I would like to keep the terms of my loan of my FHA as is, just have his name removed off off the deed and loan. My income and everything is the same, Except a few debts that were the ex's are no longer on my report, so i think that will benefit me.  appreciate your assistance
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September 22 2010 - Whittier
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Profile picture for wetdawgs
Could you expand on "the ex spouse is missing"?   As you may need some signatures, this may be an issue.
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September 23 2010
They will either need to re-write the loan or have you assume the loan since you aer already on the loan I am guessing you will need to Refinace it.  Which should be a benefit to you.  You shoudl be able to obtain a rate around 4%.
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September 23 2010
Hello there

It does seem to be the sign of the times, unfortunately! Typically you will need to do a complete refinance to remove the other party. A credit check and income verify will need to happen and then she would have to sign over the deed to you or some sort of divorce degree would have to be provided. The best thing to do is consult a loan broker to get a list of options.
Good luck and the only piece of advice I would give is ask questions and you are already doing that so you should be fine!
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September 22 2010
They might not have to rewrite the loan, it's best that you speak directly to your lender. 

Since both of your incomes were used to qualify for the loan they might require you to go through the qualification process again.  Depending on your current interest rate it might not be a bad thing to have them rewrite the loan.
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September 22 2010
Profile picture for nvmendrin
Would the lender have to write a whole new loan, can I get around that process?
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September 22 2010
You'll need to speak with your lender to see if they'll remove your ex from the loan.  To get your ex off the deed you'll have to have them sign a quit claim deed and file that with the county. 
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September 22 2010
 
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