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Answers (6)
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
You can not remove any names off the mortgage, you can only change the terms of the mortgage. Sounds like you may have a strong hardship with the divorce and many banks are moving to reducing principal as well.
- Oceangirl214
- Contributions:35
I know that many mortgage companies are allowing spousal assumptions in the case of divorces as an alternative to refinance since in most cases, that is not a possibility at this time. The MHA will allow a single spouse or an ex-boyfriend or girlfriend who's partner has quit-claimed off the property to do the home affordable modification, but will NOT remove their name as a part of a modification. That is only done by refinance or assumption. Check with your personal mortgage lender and find out if they are allowing this type of assumptions. If your spouse has not quit-claimed, the only way you can get the MHA modification is if your spouse participates with you in applying for it. There are, however, traditional modifications within companies that do not have this same stipulation.
- Rob Robertson, "Mortgage Broker"
- Contributions:169
Stephen, you might want to check your sources on that advice.
An Assumption of a loan deals with a buyer of a property assuming an existing mortgage of the seller.
There was no sale.
Since the ex-spouse only signed a quit-claim deed, there was no sale. The quit-claim deed simply conveyed the Grantor's rights or interest in the property (the Grantor being the ex-spouse).
She no longer has an interest in the property.
The current spouse is still on title, and was on title and the original note at the time the current mortgage was created.
Quit-claim deeds are signed all the time.
An Assumption of a loan deals with a buyer of a property assuming an existing mortgage of the seller.
There was no sale.
Since the ex-spouse only signed a quit-claim deed, there was no sale. The quit-claim deed simply conveyed the Grantor's rights or interest in the property (the Grantor being the ex-spouse).
She no longer has an interest in the property.
The current spouse is still on title, and was on title and the original note at the time the current mortgage was created.
Quit-claim deeds are signed all the time.
- Stephen Ching, "Edmonds WA"
- Contributions:229
You are asking for an assumption of the loan by you from you and your spouse.
Fannie Mae loans are not assumeable. Modification means that you don't qualify for the terms solely under your name if the loan were to become assumeable.
If your loan is Ginnie Mae it may be assumeable...
- Rob Robertson, "Mortgage Broker"
- Contributions:169
Paul might be right, but I would be prepared to submit a copy of your divorce decree, and the quit-claim deed your ex-spouse signed, as well as a well-worded hardship letter when you submit your financial documentation for the loan modification.
The actual modification document basically amends the terms of your existing note, and is recorded in public records.
They might be able to take her off, since she will not involved in the actual modification process, as they will be considering your income soley to work out a new payment plan, based on the modification guidelines recently released.
Either way, it definitely sounds like you would be eligible for a modification, so long as you meet the rest of the eligibility requirements.
Good luck!
www.financialstability.gov
- Paul Mondello, "Paul Mondello"
- Contributions:2099
Mih - The answer is likely NO 'without a court order'
Will Home Affordable Modification plan remove ex-spouse name from loan?
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