MY HUSBAND NAME IS ON MORTGAGE AND HE WANTS ME TO REFI THE HOME BUT THERE IS NO EQUITY WE ARE DIVORCED AND HE HAS GIVEN ALL RESPONSIBILITY TO ME

Asked by Lynfoulks, Port Monmouth, NJ Wed Oct 26, 2011

HE HAS FILED BANKRUPTCY AHD DID NOT INCLUDE HOME SO I PAY MORTGAGE NOW HE WANTS OUT OF THE MORTGAGE HE IS THE ONLY ONE ON IT, I HAVE PREPARED A QUIT CLAIM DEED CAN HE CALL BANK AND TELL THEM HE DONT WANT HOUSE WHAT CAN THEY DO IF ITS NOT IN DEFAULT??

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Deborah Madey, Agent, Brick, NJ
Wed Oct 26, 2011
In order for you to refi, you will need to qualify for the loan on your income and credit. If you do qualify, you will still want to consider if you want to take that path.

You might contact a lender to find out if you qualify, but before taking any action, consult with an attorney.

If you make the payments timely, and both of your names are on the loan, it may actually help your husband in rebuilding his credit. Whether that holds true for you or not is something you can further investigate.

Solid advice on what is best for you will best come from input from both mortgage reps and attorneys. My comments herein should not be construed as specific advice, but rather a springboard from which you have a conversation with qualified individuals who can review the details of your circumstances.
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Annette Law…, Agent, Palm Harbor, FL
Wed Oct 26, 2011
Have your ex pursue with the bank a Housing Affordable Refinancing Plan (HARP).
The new plan to become effective in Nov will allow refinancing of mortgages in good standing, that are owned or backed by Fannie May or Freddie Mac that were granted since 2009.

Consult with your attorney so you fully understand what ex's obligations are in regards to the mortgage. Be prepared for the worst. Have your attorney explain the options you have.
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