Financing in Indio>Question Details

Ivonne, Other/Just Looking in Indio, CA

Need refinance to get my ex out of the mortgage.

Asked by Ivonne, Indio, CA Fri May 4, 2012

house value 160000. mortgage 127000. my income is 1380 social security monthly. good credit fico 740. no other bills. What can i do with this numbers?

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Do you have to pay your ex for his equity in the house? If so, how much? If it is a 50/50 split there will not be enough equity to allow you to withdraw enough to buy him out.

There is not enough detail in your question to give a complete answer.

The best response is a suggestion that you get in touch with a local mortgage professional and discuss your situation.

Good luck.
0 votes Thank Flag Link Fri May 4, 2012
That will be cutting it close on your debt ratio but could work depending on other factors. You will need to submit an application and have someone run the numbers for you based on what's in your credit report.
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0 votes Thank Flag Link Fri May 4, 2012
Hello Ivonne,
I suggest that you speak with a mortgage broker or even your current lender regarding refinancing. You may have to do a "quit claim" deed to remove your ex off the mortgage.

It's best to speak with a lender as they can advise you best on your options.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri May 4, 2012
You can only quit claim someone off of the title. You cannot quit claim someone off the mortgage. If you qualify to refinance the house in your name only, your husband can be removed from title during the closing of the transaction. But you cannot get him off the mortgage if your both on there.
Flag Thu Jun 14, 2012
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