Scared and in need of help - mortgage refinance w/ bad credit

[nextwife]

Originally Posted by danno6925

If Wells Fargo is being difficult with the assumption, maybe you can refinance it in your name only. I use PHH quite often and have always been pleased with the results.

My local Rep's name is Monica.
Her number is XXXXXXXXXXXXXX
She is awesome. If she can't help you, she can at least tell you who can.

Good Luck!

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[jmm]

Originally Posted by nextwife

At issue is NOT what the VA requires: it is what the DIVORCE Decree requires. That is the controlling document as to what is required.

And she has a right to ask for the deed WHEN she is taking his name off the mortgage.

The OP said that she was granted the house as part of the divorce decree, that she can make the mortgage payments, and that she has bad credit. She didn't include language from the decree.

To assume the VA loan, she has to fill out paperwork and send it to the VA that serves her area. It takes about 3 weeks to do the transfer. The paperwork she mails in must contain a file-stamped copy of a Quit Claim Deed signed by her ex-husband.

For example, the VA office in Florida requires the following:

[url]http://www.vba.va.gov/ro/south/spete/rlc/ROL.htm[/url]

WHAT YOU NEED TO DO

* Your application cannot be processed until all the required forms and documents listed below are submitted to the Department of Veterans Affairs at the following address:

Department of Veterans Affairs
St. Petersburg Regional Loan Center
ATTN: Loan Production (262)
PO Box 1437
St. Petersburg, FL 33731

(NOTE: The forms are available by clicking here.)

* A Quit Claim Deed or a Warranty Deed showing transfer of the property must be recorded in the appropriate county (the NEW recorded book and page number must be stamped on the deed).

* Please be sure the approved assumption clause, as shown in the enclosed sample, is contained within the deed PRIOR to the recording.

Originally Posted by nextwife

I will NOT be a party to recommending that ANYONE deed away an interest in real estate while they still are liable for the loan! There is NO reason he should agree to do this, nor does she have a right to ask him to until she completes HER responsibility. I sure hope you aren't an attorney with that sort of recommendation.

I am not an attorney and I admitted so in an earlier post.

While you are looking out for the interests of her ex-husband, I am responding directly to her question about assuming the loan: the VA requires a filed-stamped QCD signed by her ex-husband. Since the OP is concerned about debt that her ex- may default on, it is in her interest to get the deed / mortgage transferred into her name ASAP. How she goes about doing this is up to her, but the steps above are the end result.

Finally, if some of the other people responding to this post ARE attorneys, then it is scary that they're recommending that she refinance without trying to first understand what it means to have a VA loan. The OP has bad credit, but can make the current mortgage payments. In these circumstances, it is most likely a terribly costly idea to recommend that she refinance, especially when she can assume the loan for a maximum cost of $75.

adios....