Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Refinancing After Divorce...
About 3 years ago I went through a divorce, we had bought a house together. In the divorce decree I was awarded the house. The deed was correctly changed into my name, and I have made all the payments since then.
I am getting remarried in June this year (yay!), and my new husband and I want to refiance the house in our names.
I did not refinance after the divorce. It wasn't a part of the decree. So, my ex's name is still on the mortgage (not the deed- just the mortgage). My question is- will my new husband and I have problems trying to refinance the house in our names if my ex's name is still on the current mortgage?
Thanks for your help!
Re: Refinancing After Divorce...
This is not correct in my state. In my state, you can be on the mortgage but not on the title, or on the title but not on the mortgage. Whether or not it's a good idea is one thing, whether it can be legally accomplished is another. The person that owns the property would have to give you authorization to put their house up as collateral, but it can be done.
Talk to a real estate attorney in your state. Refinancing is basically paying off the old mortgage and getting a new one. You'll pay off the mortgage that has your ex's name on it and then get one either in your name or in both your and your new H's name. You should talk to your lawyer about the pros and cons of adding your new H to the deed.
First off, what state are you in, and I might be able to better answer your question.
Most likely your husband quit claimed himself off the deed. You should be able to just quit claim your new husband on without him being an obligatory borrower. Will you be able to qualify on just your salary alone? Or will you need your new husband's credit and income as well? If you do need his income, he will need to meet all the qualifying criteria the same as you do.
There might be some state specific guidelines that need to be followed, so I can't answer for certain. And if you are in Texas, I really can't answer because my company does not lend in that state. But when I worked at Citi, we often got Texas loans and I recall them having weird (to me) requirements.