qualify for mod if divorced & both names still on mortgage?

[kura52]

Hi All. asking this question for my sister who is self employed and struggling to make her house payment on her own after her divorce. She is current with chase. I am concerned that she wont be able to get a mod because the mortgage is in both her and her ex husbands name still. this was part of the divorce agreement. Ex husband was doing her a favor by keeping his name on the house for an agreed amount of time of 2 years from the time the divorce became final. The plan was for her to try and re fi after the 2 years as she would then be "established as self employed" and qualify for the re fi in her name only. The divorce was final in February of 09 I believe. I dont think she is underwater, and if she is it is not by much. Ex-husband now owns his own manufactured home. He is just getting by with his own reduced income.

any thoughts or input on this would sure be appreciated!

[Evan Bedard]

Hi kura52,

Hi All. asking this question for my sister who is self employed and struggling to make her house payment on her own after her divorce. She is current with chase. I am concerned that she wont be able to get a mod because the mortgage is in both her and her ex husbands name still. this was part of the divorce agreement. Ex husband was doing her a favor by keeping his name on the house for an agreed amount of time of 2 years from the time the divorce became final. The plan was for her to try and re fi after the 2 years as she would then be "established as self employed" and qualify for the re fi in her name only. The divorce was final in February of 09 I believe. I dont think she is underwater, and if she is it is not by much. Ex-husband now owns his own manufactured home. He is just getting by with his own reduced income.

any thoughts or input on this would sure be appreciated!

They may require his name to be taken off the loan if he is no longer living there for the modification.. But I have seen cases were they approved the borrower living in the home using there financial information and when the modification paperwork came in it had to be signed by both the borrowers. If her ex-husband agrees to sign the docs she should have no problem with the modification..

[kura52]

Originally Posted by Evan Bedard

Hi kura52,



They may require his name to be taken off the loan if he is no longer living there for the modification.. But I have seen cases were they approved the borrower living in the home using there financial information and when the modification paperwork came in it had to be signed by both the borrowers. If her ex-husband agrees to sign the docs she should have no problem with the modification..

Thanks for the info Evan. It is much appreciated....:-)

[Evan Bedard]

Your very welcome Kura