Do you have any advice for an fha partial claim and the new provision for approval without the signature of an unavailable co borrower (hud handbook 4000.1) ?
I am actually working on something similar to this right now! I will let you know how it goes. I don't have a comment at the moment but will let you know.
OMG you are the first person that knows what you're doing! I have asked several attorneys and no one can give me an answer, so if me and ex are both on the mortgage, I get the loan mod package approved from the bank but ex never signed it and his signature was on docs for him to sign but he did not, and I sent back and bank approved it, and I go into foreclosure after can they foreclose under his name? Is the loan mod that was approved legal?
Both my wife and I are on title, but last time we refinanced from a 30 to a 15yr, she became the only one on the loan, through our credit union, whereas I had been the only one on our previous 30yr mortgage. We have decided to divorce amicably, and she will be giving me the house, as I have done a tremendous amount of improvement and renovation work myself, which gave us a great appraisal number for our recent refi. To do an assumption, will my credit score and income be a major factor in whether our credit union will permit such an assumption? Is buying her out with a new mortgage in my name a better option? Thank you so much for doing this great video.
Hello Michael - yes, your credit score and income will be a major factor in the lender's review for an assumption because they want to see that you can maintain the home yourself with your income. A refinance could be easier but I wouldn't be able to advise on the specific situation. You should probably talk to a refinancing lender first to understand those options and then weigh that against an assumption. I would recommend contacting an attorney in your state to help you.
Hi can you help I have been divorced for 3 years now and the court order was to transfer equity into my wife's name as she was not on the mortgage initially, but the mortgage company refused based on affordability, I was indemnified from the mortgage payments so I never paid the mortgage and nor did she and now the mortgage company are going head with repossession, what shall we do ?
I dont know if you'll see this before I talk to my lender. But me and my Ex went through a bankruptcy almost a year before we divorced. I was awarded the home. I did a mod shortly there after, about 5 month of default. That was about 5 yrs ago. I'm now in default 6 months and do not want to keep the home. It is in pretty bad shape. I left the home to rent to my son the last 2 yrs. When he bought his own home, I could not pay both rent and mortgage. My problem is I can not find my quit came deed the Ex was supposed to have signed. Would there be somewhere I could find a copy? Either court house or the lender? My friend wants to buy it on contract. And public records shows her on the house still. Maybe she never signed it. I've tried to contact my local HUD advisor but I can't seem to get him to call me. Any advice would be greatly appreciated
Hello! To be valid, the quit claim deed would likely need to be recorded with the county. If it was recorded, you should reach out to the county clerk's office to see if one was recorded. Sometimes, depending on the county you're in, you can search the county records online. If one was never recorded, then she will likely need to execute a new one in order to have it recorded.
Do you work with marketing agencies? I get a few cases in the state of Washington. And the homeowners are looking for services but cannot get any services outside of Washington. I feel bad because they get turned down a lot from other loss mitigation companies that provide 3rd party services.
Yeah! I'd love to chat with you about this more. Here is my email - why don't you shoot me and email so we can set up a time to talk. nadia@nadiakilburn.com
Do you have any advice for an fha partial claim and the new provision for approval without the signature of an unavailable co borrower (hud handbook 4000.1) ?
I am actually working on something similar to this right now! I will let you know how it goes. I don't have a comment at the moment but will let you know.
OMG you are the first person that knows what you're doing! I have asked several attorneys and no one can give me an answer, so if me and ex are both on the mortgage, I get the loan mod package approved from the bank but ex never signed it and his signature was on docs for him to sign but he did not, and I sent back and bank approved it, and I go into foreclosure after can they foreclose under his name? Is the loan mod that was approved legal?
Hi Melinda! Did you send in a quit claim deed and your divorce decree as part of the modification process?
Great video! Are you referring to a conventional loan for the loan assumption?
Multiple different types of investor-backed loans have assumption processes!
Both my wife and I are on title, but last time we refinanced from a 30 to a 15yr, she became the only one on the loan, through our credit union, whereas I had been the only one on our previous 30yr mortgage. We have decided to divorce amicably, and she will be giving me the house, as I have done a tremendous amount of improvement and renovation work myself, which gave us a great appraisal number for our recent refi.
To do an assumption, will my credit score and income be a major factor in whether our credit union will permit such an assumption? Is buying her out with a new mortgage in my name a better option? Thank you so much for doing this great video.
Hello Michael - yes, your credit score and income will be a major factor in the lender's review for an assumption because they want to see that you can maintain the home yourself with your income. A refinance could be easier but I wouldn't be able to advise on the specific situation. You should probably talk to a refinancing lender first to understand those options and then weigh that against an assumption. I would recommend contacting an attorney in your state to help you.
Hi can you help I have been divorced for 3 years now and the court order was to transfer equity into my wife's name as she was not on the mortgage initially, but the mortgage company refused based on affordability, I was indemnified from the mortgage payments so I never paid the mortgage and nor did she and now the mortgage company are going head with repossession, what shall we do ?
That's not something I can help with over TH-cam unfortunately - you should consult with an attorney in your State.
I dont know if you'll see this before I talk to my lender. But me and my Ex went through a bankruptcy almost a year before we divorced. I was awarded the home. I did a mod shortly there after, about 5 month of default. That was about 5 yrs ago. I'm now in default 6 months and do not want to keep the home. It is in pretty bad shape. I left the home to rent to my son the last 2 yrs. When he bought his own home, I could not pay both rent and mortgage. My problem is I can not find my quit came deed the Ex was supposed to have signed. Would there be somewhere I could find a copy? Either court house or the lender? My friend wants to buy it on contract. And public records shows her on the house still. Maybe she never signed it. I've tried to contact my local HUD advisor but I can't seem to get him to call me. Any advice would be greatly appreciated
Hello! To be valid, the quit claim deed would likely need to be recorded with the county. If it was recorded, you should reach out to the county clerk's office to see if one was recorded. Sometimes, depending on the county you're in, you can search the county records online. If one was never recorded, then she will likely need to execute a new one in order to have it recorded.
Do you work with marketing agencies? I get a few cases in the state of Washington. And the homeowners are looking for services but cannot get any services outside of Washington. I feel bad because they get turned down a lot from other loss mitigation companies that provide 3rd party services.
Yeah! I'd love to chat with you about this more. Here is my email - why don't you shoot me and email so we can set up a time to talk. nadia@nadiakilburn.com