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The home loan is in the Ex's name, we're both on the deed. I got the house in the divorce ...

I did this because I was told that's how to assume the loan easily. But, when I tried to assume the loan, I was told I can't. When I looked into then purchasing another home, I'm stuck. Here are the details:- The house is upside down- I can make the payments easily, and have done so for 3 years. - The lender said I can't refinance under my own name unless I leave Ex's name on it also. - The lender said that Ex can't short sell the house to me because I have an interest in the property.- The lender said that because my name is on the deed and on the divorce decree award, I'm screwed because the house is upside down. I can't get anything other than a conventional loan for a new home - which means coming up with 20% down and taking a higher interest rateSo, I'm stuck either paying a ridiculously hight mortgage on a home loan that isn't in my name or walking away, potentially in contempt of court, and having to start all over again saving up for 20% down. All the while, watching the interest rates rise as I'm saving. Here's the real kicker... according the the lender, the Ex is free to go ahead and purchase another home, because he can show documentation that I was awarded the house, even though he remains on the loan.Any real advise would be appreciated. by drcoop_778_629 from Reno, Nevada. Dec 4th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Some pretty important details are missing.. So let me answer based on what info you provided.. if your current loan is a conventional loan owned by Freddie or Fannie, and initiated prior to May 2009, then the loan would qualify for a HARP refinance.. Under HARP guidelines, you can remove and add borrowers to the new refinance loan so long as at least one of the original borrowers is still on the loan. So if this is your scenario, then your lender is correct, you cannot refinance this underwater property without him signing. If your existing loan is an FHA loan, and if you can prove you have made the payments for the last 12 months, on your own, and not out of a joint account with the x, then you could do a streamline refinance with qualifying, meaning you would need to provide pay stubs, tax returns, and w2's... You should probably get with a local mortgage expert and see if he can come up with a creative way to get this home refinanced, or maybe look into short selling it... you can also make an agreement to sell it back to your x if he wants it... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Dec 5th 2012
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

We are a NV company that specializes in HARP loans. Can you prove that you have made the payments the last 12 months? If so we can refinance the loan into your name only. Give me a call tomorrow and we can go over your options. 888-320-7888 www.MortgagesforAmerica.org - Ken Burrows

Dec 4th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

if you can qualify with your income , and credit, since you are awarded the house, you can possbily do a harp loan, in your name, or do you have a FHA LOAN?? LINDA who is your lender?? yourloanpartnerforlife@live.com

Dec 5th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

I don't think the lender your worked with is telling you everything you need to know so call a LOCAL lender or two and ask them. If all this is true then you could always purchase a home through Homepath and only need 10% down.

Dec 5th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Thought on your mortgage options for a new home, you should not have to go with a conventional loan unless your credit doesn't meet the qualifications. Conventional loans do currently have slightly higher rates than FHA loans but generally the PMI cost is less. For well qualified borrowers it is possible to get a conventional loan with as little as 3% down and monthly PMI about the same or less than FHA. The Fannie guidelines I have say you aren't eligible for a HARP loan without keeping him on the loan, but follow up with a lender that says they can do it. FYI - your ex will likley have to count that payment unless they can prove that you actually make the payment. Good luck!

Dec 5th 2012
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Bruce Specter (NvMortgageMan)
#27 ranked lender in Nevada - 7 contributions

As suggested in the other posts, call a lending professional to go over more detail of your credit/employment profile as well as more detail on the current mortgage. If its a loan owned by Fannie or Freddie, you may qualify for a HARP 2 mortgage. You may also have options if it is an FHA loan. Again, if you qualify, you should be able to take advantage of today's low rates and stay in the property, remove your ex and put this chapter in your past. Bruce Specter wwww.NvMortgageMan.com (775 338-6915)

Dec 5th 2012
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