Loan Modificatoin, Bankruptcy and Divorce
Husband and wife are both on the mortgage and the Deed. They are separating and wife has filed Chapter7 and surrendered the property. Can husband do a modification in his name only? Mortgage Loan Modification Answer:by Loan Modification Expert - Dan NorthHave the wife sign a Quite Claim Deed and have it recorded at the County Recorder, she would no longer have claim to the property.The husband then can go to the lender for a modification and can get the loan restructured with out her signatures. You can also request that her name be dropped from the mortgage, if the lender agrees they will, but they may still want to keep the wife's name on the mortgage and say no. It is possible that the lender will want the husband to re-qualify for financing on his own before they will drop the wife's name from the mortgage or they may require that he just refinance with a new mortgage in his name only. Having the wife's name removed from the mortgage may not be an issue at all but the Bankrupcty could require it. That is something to go over with a competent Banckruptcy Attorney before going to the Attorney that is doing the Chapter 7 for the wife. As far as the lender is concerned a Quite Claim Deed would handle it for them. Return to top of Loan Modificatoin, Bankruptcy and Divorce Click here to post comments. Ask Your Own Mortgage Loan Modification Questions Find if you Qualify for Hardship Loan Modification No charge to find out if you qualify and what modification you qualify for. See more Mortgage Loan Modification questions and answers like - Loan Modificatoin, Bankruptcy and Divorce Where To Go From Here With PNC / National City Can Chase Still Foreclose While In A Trial Modification? Bank Of America Trial Loan Modification Offered But Payments Increased Should I Stop Paying My BOA Mortgage If Turned Down By Bank Of America for Loan Modification? IndyMac Bank Wants A Profit And Loss Statement More Recent Than Last Month When Should I Stop Trying To Modify My Loan With Wells Fargo? Citi Bank Said I Qualify For Loan Modification, Can I Ask For Reduced Interest Rate? Chase Loan Modification Agreement Increases My Payment By $1300 I Requested Loan Modification But Chase Increased My Monthly Payment Loan Modification Home | Mortgage Modifications | Loan Modification calculator The husband then can go to the lender for a modification and can get the loan restructured with out her signatures. You would also have to request that her name be dropped from the mortgage, if the lender agrees they will, but they may still want to keep the wifes name on the mortgage and say no. It is possible that your lender will want the husband to re-qualify for financing on his own before they drop the wife's name from the mortgage
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