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My underwriter is asking me to prove that I am not in my husband's mortgage.I sent the quit claim deed which had been signed five years ago. I am trying to qualify on my name. Is it common ? by maria3432 from Boca Raton, Florida. Apr 20th 2010 Reply


Christopher Ohlsen (cohlsen)
#6 ranked lender in Virginia - 3 contributions

I have dealt with this issue in the past. The answers provided to you below are correct. However, I would like to add to what they have said. It is true that while the quit claim only releases you from your ownership vesting in the property and not the mortgage itself; you can still remove that mortgage from your DTI by producing a separation agreement or divorce decree that states that the mortgage payment is your husbands responsibility. See, if you and your husband are split up the property is essentially a rental property because the payment that your husband is making on the loan is washing the debt. So, if you can prove through your separation agreement or divorce decree that your husband is responsible for the payment of the mortgage the payment that is begin made by your husband is calculated into your DTI as if someone were renting the property. For more information you can read what I did in this situation for my client here : http://vabeachmortgage.com/post/547828/can-you-believe-it- (copy and paste). If you do not have an agreement with your husband I advise that you have one drafted up. It is also essential that the loan is written properly in DU in order to reflect that the payment is not your responibility. Or, you could try to get your hubby to refi as the mortgage professionals below reccomended but that is like taking the long way home. If you need any help getting this done feel free to contact me! Best regards,Christopher OhlsenMortgage Advisor757-470-5900 Ext. 305518-335-8791 (Cell)Mrchristophero (AIM + Twitter)www.vabeachmortgage.com

Apr 20th 2010
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Michael Seligman (michael@capfundonline.com)
#42 ranked lender in Florida - 11 contributions

Yes. There are 2 things going on here. One, a quit claim deed takes you off the property but NOT necessarily off the loan for that property. Two, there is an existing loan on the old property and you may still be on that. This is a big problem for many people. Without more details it's hard to advise... best of luck

Apr 20th 2010
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JULIO RABEIRO (LENDINGTRADE)
#48 ranked lender in Florida - 5 contributions

I HAVE TO ASK YOU 2 QUESTIONS1 DID YOU SIGN THE LOAN ON THE PROPERTY THAT YOU GAVE A QCD TO YOUR HUSBAN2 THIS IT'S AN INVESTMENT PROPERTY?3 HAVE YOU BEEN CONTINIUSLY MARRIED WITH YOUR HUSBAND FOR THE LAST 5 YEARS?4 WICH KIND A PROPERTY LOAN ARE YOU TRIED TO QUALIFY FOR ? ( OWNER OCCUPIED SECOND HOME , INVESTMENT PROPERTY) ANWSER THE ABOVE MENTIONED QUESTIONS AND I WILL BE ABLE TO FIND A SOLUTION FOR YOURSINCERELYJULIO RABEIRO

Apr 20th 2010
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May 9th 2010
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