Refinancing question

Christy

Christy

b*tch rocket
So, at some point I need to refinance my mortgage and get the ex's name off. However, he has a second mortgage on the house under his name only that he is still paying on. What is the likelihood of being able to refinance just the first mortgage in my name only without having to finance in the second mortgage that is his?

I really really REALLY don't want to have to eat the cost of his loan (to the tune of about $67K).

And yeah, I know, I need to go ask the bank, but I figured I'd just throw it out there for discussion.
 
Baja28

Baja28

Obama destroyed America
It's interesting that he was able to procure a loan in just his name with both your names on the title.

I'm thinking you could have a tough time with that situation these days.
 
Christy

Christy

b*tch rocket
Baja28 said:
I'm thinking you could have a tough time with that situation these days.
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Hush you! I'm hoping for a Christmas Miracle. :wink:

Pretty certain that the house would appraise high enough to roll in that $67K. I just would prefer not to. I'm in no rush. My secondary plan is to not refinance at all until he's got that loan paid off.
 
nobody really

nobody really

I need a nap
good luck. i had to roll my ex's loans into my refinance, we did quit claim deeds. and his name was the only one on the second mortgage, it had something to do with securing the loan - you can't secure a loan with something you don't own.

good luck, that's a huge chunk of change, mine was little, but it still sucked.
 
Chasey_Lane

Chasey_Lane

Salt Life
Hhhhm, that's a tough one.

I looked into refinancing not long ago (to switch from an FHA to a conventional), and because hubby and I file taxes together, they want to include the house he owns without me in the process of MY refinance. Doesn't make sense to me, but that's how it goes. Although, some banks are behind in their regulations and don't require this so you just have to find one that fits w/what you need.
 
Christy

Christy

b*tch rocket
Chasey_Lane said:
Hhhhm, that's a tough one.

.
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I guess I really need to get over to the Credit Union and check. :ohwell: I think I am stalling because I don't want to hear the bad news. I'm really in no hurry to do the refi with the exception of the rates being so low right now. I could drop my interest rate a bit. But that doesn't much matter if I'm sucking up $67freakin000 for no good reason. He's anxious to get it done, but he can suck it. I'm not a charity. (anymore) :jet:
 
ProfMoneyWise

ProfMoneyWise

Member
Christy said:
Yes. He'd do a quitclaim though just to get his name off of the 1st mortgage. Him and his woman want to buy a house someday.
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This act does not get him off the mortgage. The mortgage company could care less whose name is on the deed. His name is on the mortgage and if he wants to be free and clear of this property he needs to do his part and get the 2nd paid off.

Of if you want to be clear of him you will need to get the 2nd paid off or added to the re-buy you plan on doing.
 
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