DecisionTime
Member
What is the name of your state (only U.S. law)? Oregon. I have two questions.
I am looking into refinancing my house ahead of my divorce, which should be final in September. Ex and I have signed a stipulated judgment giving me full right to the property, no equity to divide. But have not yet filed as he needs to stay on my insurance a little longer. I'm trying to capture the rates right now and refinance and he will quit claim to me.
I've had a couple people tell me they can do it, and a couple others say that no title company will insure title in my case as I would still be married but he would not be on the deed or loan. Which is correct? I don't want to drop a couple hundred on appraisals and loan applications if I can't get a refinance at this time.
Also, I looked into a novation/assumption with my current lender. Does anyone know if the assumption check box on the Truth in Lending statement applies to an assumption in a divorce? That clause says "Someone buying this property cannot assume the remaining balance due under original mortgage terms." Would that language mean I can't assume the loan given that I'm not "buying the property" but rather dropping one name? Lender wants me to drop a few hundred on an application to assume but won't tell me anything over the phone.
I have no problem qualifying under my own income, credit etc.
thanks!
I am looking into refinancing my house ahead of my divorce, which should be final in September. Ex and I have signed a stipulated judgment giving me full right to the property, no equity to divide. But have not yet filed as he needs to stay on my insurance a little longer. I'm trying to capture the rates right now and refinance and he will quit claim to me.
I've had a couple people tell me they can do it, and a couple others say that no title company will insure title in my case as I would still be married but he would not be on the deed or loan. Which is correct? I don't want to drop a couple hundred on appraisals and loan applications if I can't get a refinance at this time.
Also, I looked into a novation/assumption with my current lender. Does anyone know if the assumption check box on the Truth in Lending statement applies to an assumption in a divorce? That clause says "Someone buying this property cannot assume the remaining balance due under original mortgage terms." Would that language mean I can't assume the loan given that I'm not "buying the property" but rather dropping one name? Lender wants me to drop a few hundred on an application to assume but won't tell me anything over the phone.
I have no problem qualifying under my own income, credit etc.
thanks!