Name off of mortgage
Q: The mortgage loan on my house is in my ex-husband’s name, we divorced in 2000. My ex put my name on the deed and took his out but the mortgage remained in his name. He now wants his name off the mortgage. I have been paying the home on a timely basis for the past ten years and have done numerous repairs to the home. How can I get the bank to switch the mortgage to my name? My ex is threatening to sell the home in order to get his name off, but the deed only has my name, can he do this? Please help, I need answers.
A: The only way to get the mortgage in only your name would be to re-finance. That way when closing on the re-fi, the old loan w/ your ex’s name would be paid off & his name would disappear.The other way is almost non existent, that would be for you to assume the loan. That would require you to qualify financially & the lending institution to be willing to do so. As far as him selling the house, that is nothing but an idle threat. It is in your name only, giving you all the control when it comes to selling & / or refinancing.
Mortgage acceptance
Q: We have buyers for our house who have still not gotten WRITTEN mortgage acceptance. They are closing June 26th and want to come into our house to measure for their furniture. We have had the house off the market for close to a month and want to know if this issue we need to \”push.\” Our lawyer has had verbal verfication of their loan. We are uncomfortable letting these people in our home when they have no writtten commitment to buy. Help.
A: Your purchase agreement should contain a ‘mortgage contingency’ clause which includes a timeframr in which the buyers are to obtain their written approval for said mortgage. Read the cause carefully as it stipulates what options either party has in the event the timeframe is not met. Also, just because they are past this date does not void the agreement. This means that the buyers are simply ‘out of contract’ . A much larger problem would present itself if the closing date was not met.You indicated your lawyer has spoke with the lender & all seems well. Good job on getting the professional guidence you needed. I would not be concerned or worried, just be (& stay) aware of the situation.Let the buyers come through to measure, this keeps them excited & on track with the transaction, focusing on the end result - the closing.
Loan for home purchase for my mother
Q : I am obtaining a loan to purchase a home for my mother. In order to receive a
break on property taxes available because my mother is a senior citizen, we want
the deed to the home to be in both of our names. The agent dealing with my
mother on the purchase is telling us that the initial deed will have to be
issued to me and that we must get a lawyer and have ownership transferred to my
mother and myself as co-owners after closing. I disagree and believe that while
the mortgage/deed of trust might have to be in my name (since the loan will be
in my name only), that the deed to the home can be issue to us jointly at
closing (thereby saving us attorney’s fees later). Who’s right?
A : You are both correct. The title company facilitating the paperwork for the transaction should be able to assist you with a quit claim deed signed & processed subsequent to the closing. You would quit claim your interest in the property from yourself to yourself and your mother, putting you both on record as co-owners. Your agent is partially correct in the 1st deed with the transaction would be executed to you & you would add your mother to title after. When you see that 1st deed recorded, then take the fully executed quit claim deed to the records department at the registrar of deeds for recording.
In the event the title company will not assist, even for a fee, then you should have an attorney help you.
