Home Loans and Support

Ex's name on modified loan?

Discussion in 'Loan Modification' started by BrokeInGA, Jan 27, 2011.

  1. BrokeInGA

    BrokeInGA LoanSafe Member

    After submitting all of the paperwork and waiting, I just received a loan mod offer from my mortgage company. The hardship was loss of income due to divorce. Both our names are on the loan. The loan mod agreement only asks for my signature, not my ex-wifes. After I sign the new terms, will my ex-wife's name still be on the loan?

    I tried calling my loan negotiator but she won't answer. I haven't signed any quit claim deeds or refinanced.

    Thank you
  2. RyanJP

    RyanJP LoanSafe Member

    From what's been being posted here, the only way to actually get her name off the loan would be to do a real refinance in your name only. A quit claim deed will simply remove her from having any legal interest in the property, but won't effect her financial obligation.

    There have been a lot of issues with banks wanting both signatures, but one spouse doesn't want to sign... you're actually kind've lucky that they are only asking for your signature.
  3. BrokeInGA

    BrokeInGA LoanSafe Member

    Thanks, Ryan. I talked to my loan negotiator today. She told me her name stays on the loan. That's what I figured but I just wanted to make sure. Looks like my in-house mod might actually become a reality! I'm excited!
  4. chris516

    chris516 LoanSafe Member

    Hi in a similiar situation did your ex agree to the loan mod?

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