What is the name of your state (only U.S. law)? NY
My husband and I are trying to figure out the details of our divorce. The house has my name on the deed and I assume the mortgage but not the note. I say assume, because of my credit. I know at the time we bought the house from my father he wouldn't sell it unless my name was on the deed, which caused some delay with the mortgage company. My husband is willing to keep the house in his name until I can fix my credit enough to get the house financed into my name. But this puts him in a situation where, unless he can qualify for a second mortgage, he will have a hard time finding a house.
My credit isn't really any better (ahhh blind love), but I will have access to about $17,000 for a down payment as well as a co-signer with near perfect credit. This is on a $70,000 house. Is there any chance that because my name is on the deed and mortgage I will have an easier time getting a note in my name? Any areas I should look that I'm missing for ways to get him freed up so he can finance a house for himself? Any chance he can just sign the note over to me?
My husband and I are trying to figure out the details of our divorce. The house has my name on the deed and I assume the mortgage but not the note. I say assume, because of my credit. I know at the time we bought the house from my father he wouldn't sell it unless my name was on the deed, which caused some delay with the mortgage company. My husband is willing to keep the house in his name until I can fix my credit enough to get the house financed into my name. But this puts him in a situation where, unless he can qualify for a second mortgage, he will have a hard time finding a house.
My credit isn't really any better (ahhh blind love), but I will have access to about $17,000 for a down payment as well as a co-signer with near perfect credit. This is on a $70,000 house. Is there any chance that because my name is on the deed and mortgage I will have an easier time getting a note in my name? Any areas I should look that I'm missing for ways to get him freed up so he can finance a house for himself? Any chance he can just sign the note over to me?