If a judge awards me the home, because I live in it and I am disable, but I am only on the deed of trust when we got married, can I modify the mortgage?
Wells Fargo Mortgage Loan Modification Answer:
by Wells Fargo Mortgage Loan Modification Expert - Dan North
If the mortgage with Wells Fargo is in your ex-wife's name only then you will not be able to modify the mortgage.
Since your ex-wife no longer lives in the home she will not be eligible under the HAMP Guidelines but she will still be able to do Wells Fargo Mortgage Loan Modification under one of their in-house modification programs if the mortgage is in her name only and can include your contribution to the mortgage payment as income to qualify.
If the judge awards you the home and orders your ex-wife to make the house payments the above is an option she could take.
If the judge awards you the home but you are responsible for the mortgage payments, Wells Fargo will require that you take out a new mortgage in your name that you will have to qualify for on your own.
If both your names are on the mortgage your ex-wife can file a quit claim deed but you would still have to qualify for the mortgage payments on your own. Wells Fargo may allow you to modify after the quit claim deed even if you can not afford the monthly payments on your own but this is the exception to the rule.
Most likely, if you can not afford the monthly mortgage payments on your own and your wife is not ordered to make mortgage payments on your behalf, you would be better off selling the house if there is equity or short sell if the mortgage is upside down.