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How Long Will It Take To Get My Husband Off Loan?

Discussion in 'Bank of America Mortgage Help' started by Dana0112, May 31, 2010.

  1. Dana0112

    Dana0112 LoanSafe Member

    I have just started this process and will send in my mod packet in a week or so. I am in the process of getting a divorce and we both want to know how long will it take to get his name off the mortgage after the modification is complete? I want to take over payments so the kids and I can stay in the home. I was told at one time by BofA after one year of mod payments. That's way too long! It looks to me like we could do a qualified assumption right after the mod is complete. Anyone know? Thanks!
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thank you for joining the community.

    I would be prepared for a long ride because the modification process generally takes about 3-6 months to complete and for some up to a year or more.. Are you using both of your incomes to qualify for the modification?

    You may want to call your servicer and ask if you can assume the mortgage. Some mortgage companies will allow one spouse to take over the mortgage loan in a divorce. Not all mortgage lenders will permit this. You will need to be able to demonstrate to the mortgage company that she has sufficient income to afford the current mortgage payments.

    You can try a refinance to get his name off the loan. This will remove him from the mortgage loan. If you still have equity in your home and have a decent credit rating, then you may be able to take advantage of today's low market rates..
  3. stuck123

    stuck123 LoanSafe Member

    The only way I was able to remove my ex-'s name from the mortgage was to re-fi. Which is why I am now in this mess! I wish I had put it up for sale instead. He would have had to continue to pay his portion and I would have remained in the house with only my daughter at a Conv. 5.25% 30 year mortgage. The house would definately still be up for sale and life would be normal. That was back in 2007.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    How were you planning on getting his name off the mortgage Dana?
  5. Tarot

    Tarot LoanSafe Member

    I have been trying to get my ex off the loan, so I can tell you my experience. BoA doesn't want him off the loan. They want to be able to come after both of us if there is a default; it's not in BoA's best interest to let a debtor get away in this uncertain housing economy.

    You can get him off the title by a quit claim--but he will still owe on the mortgage. The only way to get him off the mortgage is to refinance without him or to assume the loan. To assume the loan, you need BoA's approval, and they won't give it because if you walk away from the house or bankrupt, they want to be able to come after him.

    I offered a new co-signer, one who was in MUCH better shape financially than my ex, but they wouldn't let it go through. You can't assume if you are behind in payments, or if your income isn't sufficient to carry the loan (ie, you need a mod), or if there is negative equity. That's what I've been told and I've been trying for 8 months to get him off the loan.

    You can refinance by going to another bank, but if your credit is bad, you don't have enough income, you have missed payments or you have negative equity, another bank won't touch you. It's a bad business deal for them.

    BoA will let you refinance after you've been current for a year, but you can't get current until you have your permanent modification which can take several months or a year itself.

    Sometimes they tell me that I can't even modify unless I use his income in the paperwork and he has to sign everything too. Sometimes they tell me they will modify without him if they have a copy of a quit claim. He certainly is not going to modify with me, so it's pretty iffy if I can even modify. Unfortunately, if the house goes into FC, he goes down with it.

    BoA wants to keep as many borrowers tied up in obligation to the mortgage as they can, so they are not helpful.

    But that's just my experience with this problem. As we know BoA has no consistency with any policy, so you may have better luck.
  6. needclosure

    needclosure LoanSafe Member

    If it helps, I was able to get a modification (received and sent back the final paperwork although it's still not straight online) without the ex having to sign. Used only my income. Had to make it painfully CLEAR to BOA that I wasn't going to provide the ex's financial info because the whole reason for the mod was due to DIVORCE (I got the underwater house in the final decree/settlement) and a drastic reduction in my income.

    Holding out hope that once things are straight in the computer system, that I can do a loan assumption. I was specifically told by BOA back in Sept 09 to do the mod first and once the payments were lower then I could procede with an assumption with anticipated better luck since my payments would be lower. Fingers crossed!
  7. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hi needclosure,

    BofA allowed you to turn in the paperwork without your ex-husband signature? From my understanding every borrower/co-borrower on the mortgage must sign the loan modification documents in order for the paperwork to be valid..
  8. needclosure

    needclosure LoanSafe Member

    Yes. There was specific language in the final documents that stated that the other party to the loan did not need to sign the final docs if the modification was due to divorce. I don't have the docs in front of me or I'd give you the specific language. I also called them to be sure...(of course, calling BOA and getting a straight answer have always been two different things). If they come back clamoring for the signature I won't be exactly shocked. I WILL be shocked if they somehow remove his name from the loan after all of this. I did not provide any of his financial info to acquire the mod and am PRAYING they let me do an assumption once they finalize everything.

  9. needclosure

    needclosure LoanSafe Member

    UPDATE: Called BOA to check on status of the final mod docs I sent in and was told they won't process it without a copy of the divorce decree. Of course, there's NO language in the final docs about providing the decree with the signed final docs. AND, I've sent it probably 4 times already, but oh...that's right...everyone must send everything AGAIN, and AGAIN, and... And LASTLY...yes, it will take another 60 days or so once I fax it in. I was so angry!!!! I desparately wish there was some way to screw THEM over after all of this. I can't stop paying, or I'll potentially lose my job, plus the house was given to me in the decree and an attorney mentioned that given the language in the decree, the ex can sue me if I default in any way.
  10. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    That is ridiculous they are making you send it in again after the agreement was finalized, and why would they need sixty days, to do what... This is just another example of how unorganized and completely overwhelmed these lenders have become..
  11. Whittier

    Whittier LoanSafe Member

    needclosure has your ex signed and notarized Quit Deed yet? I know it was award but it will help once you take over the loan, also if you can have him sign a letter stating you are to make and all changes necessary to the loan in to get his name off......if he won't sign you can pay the court clerk to sign for him is a little extra step but you never know where life takes us and ...... well you want to cover as much as possible.

    They too asked me for mine but it was at the early stage....as you all know not close to being permanent yet :mad::mad:
  12. needclosure

    needclosure LoanSafe Member

    No. We haven't done the Quit Claim Deed yet. BOA has never asked for it and according to the BK lawyer, this just makes a stronger case for the ex if I default. At any rate, my loan is owned by Fannie Mae (FM) which JUST put out their HAFA guidelines (see my other posting with the details in a link). FINALLY! There's hope. At this point, I'm not going to send BOA the decree (for approx. the 5th time). After reading the FM HAFA guidelines, I don't think it's in my best intest to finalize the HAMP. However, getting close to the end of the HAMP should help me get the HAFA...according to what I read on the Fannie Mae site!

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