Mortgage Assumption

[rickant]

What is the name of your state (only U.S. law)? Ohio

My wife and I are getting a divorce and she wants the house. I don't care if she gets it, I just want my name off the mortgage and title. She cannot refinance the house because her credit is so poor and income is not sufficient for the refi rate. What should I do? I would like to purchase a new home on my own in my own name.

 

[tranquility]

She cannot have a house she cannot afford. Sell the house.

 

[Bali Hai]

She cannot have a house she cannot afford. Sell the house.

Can't have a house she cannot afford?? Hasn't our economy been run on a different principle for the last 8 years?

Can she wait for the bailout and renegotiate a rate for pennies on the dollar on the original mortgage?

 

[Ohiogal]

Can't have a house she cannot afford?? Hasn't our economy been run on a different principle for the last 8 years?

Can she wait for the bailout and renegotiate a rate for pennies on the dollar on the original mortgage?

Bali you are missing who the bailout would help -- it won't be us. It will be Wall Street. Unless she is a millionaire the bailout won't do much to help her get a new mortgage.

 

[Zigner]

Poor millionaires

 

[TinkerBelleLuvr]

What is the name of your state (only U.S. law)? Ohio

My wife and I are getting a divorce and she wants the house. I don't care if she gets it, I just want my name off the mortgage and title. She cannot refinance the house because her credit is so poor and income is not sufficient for the refi rate. What should I do? I would like to purchase a new home on my own in my own name.

The only way to get your name off the mortgage is for her to refinance.

Sound like y'all be selling the house.

 

[LdiJ]

Bali you are missing who the bailout would help -- it won't be us. It will be Wall Street. Unless she is a millionaire the bailout won't do much to help her get a new mortgage.

That's not right OG. I know its what everybody thinks, but who it really protects is main street, not Wall Street. But that's not a subject for this thread.

 

[Bali Hai]

That's not right OG. I know its what everybody thinks, but who it really protects is main street, not Wall Street. But that's not a subject for this thread.

Well if it provides a resolution for this OP's question, it certainly does have merit in this thread.

 

[Ohiogal]

That's not right OG. I know its what everybody thinks, but who it really protects is main street, not Wall Street. But that's not a subject for this thread.

I will respectfully disagree. The bailout quite frankly sucks and it doesn't protect Main Street. It protects a bunch of businesses that engaged in high risk and still provides their CEOs with golden parachutes. It does raise the FDIC limits (at least in the new Senate proposal). Anyway, it hasn't passed. It doesn't really matter at this point.

ETA: A little light reading:
http://money.cnn.com/2008/10/01/news/pdf/index.htm

 

[LdiJ]

I will respectfully disagree. The bailout quite frankly sucks and it doesn't protect Main Street. It protects a bunch of businesses that engaged in high risk and still provides their CEOs with golden parachutes. It does raise the FDIC limits (at least in the new Senate proposal). Anyway, it hasn't passed. It doesn't really matter at this point.

ETA: A little light reading:
Read full text of Senate bailout bill - CNNMoney.com

Its a lot more than that. Who do you think are the depositors/shareholders/employees of those big businesses? It doesn't suck at all, its desparately needed or we are all going to be in a world of hurt.

I will agree with you on the "golden parachute" aspect. However, that could easily be solved.

 

[Bali Hai]

Its a lot more than that. Who do you think are the depositors/shareholders/employees of those big businesses? It doesn't suck at all, its desparately needed or we are all going to be in a world of hurt.

I will agree with you on the "golden parachute" aspect. However, that could easily be solved.

Sounds like a McCain promise! I can do it best, but I can't tell you how I will do it!!

 

[Bali Hai]

Its a lot more than that. Who do you think are the depositors/shareholders/employees of those big businesses? It doesn't suck at all, its desparately needed or we are all going to be in a world of hurt.
I will agree with you on the "golden parachute" aspect. However, that could easily be solved.

The banks become insolvent and taken over by the government. Some will be paying a lower fixed rate mortgage to the government for a longer period of time.

How does that hurt us ALL???

 

[LdiJ]

Sounds like a McCain promise! I can do it best, but I can't tell you how I will do it!!

Bali, I am trying not to hijack Op's thread any more than we already have, or I would go into more detail.

 

[tuffbrk]

What is the name of your state (only U.S. law)? Ohio

My wife and I are getting a divorce and she wants the house. I don't care if she gets it, I just want my name off the mortgage and title. She cannot refinance the house because her credit is so poor and income is not sufficient for the refi rate. What should I do? I would like to purchase a new home on my own in my own name.

You need to sell the home, otherwise your name will remain on the mortgage and title. It does NOT matter what type of agreement the two of you come to, whether it is notarized and/or whether it is filed in the courts. The mortgage lender is NOT a party to it and so will still come after you for any missed payments and adversely affecting your credit. Do NOT sign any quit claims unless she is able to refinance in her own name. If she is unable to do that - the house must be sold!