If your income qualifies for both mortgages it isnâ€™t a problem as long as the payments on the old mortgage are paid on time. If she doesnâ€™t make the payments as agreed your credit scores will take a nose dive and that is a big problem.
If you do not qualify for both mortgage payments then youâ€™ll need to prove to the lender on your new mortgage that she is capable of making the payments on the one and is making them on time. Depending on the underwriter and the type of loan you use on the next home that time line could be as short as 6 months, or as long as 12.
NMLS # 6395
Financing Kentucky One Home at a Time
You need a lawyer and a mortgage lender. She needs a new mortgage to get you off the current one.
As Realtors we are taught about quit claim and other types of deeds, but the minutia are best left for real estate or property attorneys. He/she can look at the details of your divorce decree and give you sound advice that will protect your interests and tell you what you need to do to insure that you are in a more solid position when you are ready to purchase your own home. I would also consult with a lender in the process to make sure you are making choices that will not adversely affect your ability to receive lending.
If you need the name/numbers of a couple of good reputable attorneys and lenders that I implicitly trust, please email or call me at contact info below and I will get you connected. Knowledge is power so arm yourself with good solid information and then make the choices that are best for you.
Prayers for your journey,
Leigh Ann Cates, Realtor
Keller Williams Realty
You should talk to your Attorney and a Real Estate Attorney. I am not an Attorney but believe (confirm with Attorney) that a Quit Claim Deed only removes your name from Title - not the mortgage(s). If this is the case, are you sure you want to be legally liable for a property you have no Title to?
I went through this a few years back and you'll need to really get together with a trustworthy lender to navigate what is a potential minefield.
I f you don't have one, please let me know and I'll pass some info along.
Certified Short Sale Specialist
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Realty Trust Residential
1600 Westgate Circle, #100
Brentwood TN 37027