Going Thru Divorce, Can I Refinance the House in My Name Alone?

I went through this. If the house is currently in BOTH names, the spouse who is applying must qualify for it on their own and no, child support does NOT count as income since it's dependent on someone else working. Also, the other person has to quick deed it over. You can't just sneaky apply for a loan and hope your stbx doesn't know about it. If he's on the loan now, HE needs to sign off and YOU need to qualify financially on your own. Good luck.

In addition to what has been said below, you are going to have to PAY him a portion of any equity...... this can get tricky..... because if one of you is ugly you can haggle for months over what is considered a "gain". Things like, whose money was the original downpayment and do they get "credit" for that.

You could also "trade" other stuff to equalize the equity or loss..... so, for example you get the house, he gets the nicer car (if the $$$$ equals out).

If you don't have a source of income I'm not sure you will qualify for a loan, so the quit claim deed may be your only option..... beware that this CAN be contested in certain situations, so it should be your last resort.

I, too, am a bit weary of your lawyer - especially if he's a divorce attorney.... this should be what he does.

The only way to get someone else's name off the mortgage is to get them to quit claim the deed. I am surprised that your lawyer doesn't know this already. Makes me question the lawyer's knowledge base.

Osohapi hit the nail on the head. your stbx must quit claim on the property and you can buy him out as part of your setttlement. Good luck.

Yes, it is possible for you to get a mortgage on your own. However, based on the information you supplied, it would be extremely difficult. Since child support isn't reported as income on your tax return, it's usually not included for a loan.

I've never been in this situation, but based on my knowledge and what I've witnessed, I would think it would be best just for you to sell the house and divide the assets.

I'm sure your attorney is familar with "quit claim". However, if stbx did agree to this, you would still need a way to pay for the house, which is what your atty is concerned about.

I doubt it. You do not have a job. Child support and alimony? How many deadbeats out there. Pretty sure they would not count that because child support is just that, child support.

You have to qualify on your own and you won't if you don't work.

I divorced and refinanced the house in my name but I'm retired with a retirement and steady income from investments and social security. You have to be able to show that you can make the payments. You have to have established credit in your name and have a credit score of a certain number.

My ex spouse did not have to sign a quit claim deed.

Just call and ask the bank your questions.

If you're going to sell the house then definitely do not refinance it. One has to plan to reside in a house for several years to recoup the cost of refinancing. Talk with the bank about this if you don't understand it. They can tell you how long it would take to come out ahead on a refinance.

You have to get a loan in your name only. Good luck without a job.

Nope. We have a friend going through this right now.

Mama:

I'm sorry - if you have no income - you cannot refinance the house in your name. The bank will expect you to be able to make the payments.

If you are going through a divorce - I would suggest you dust off your resume and hit the pavement looking for a job. How else do you expect to care for yourself and your children? You realize that if you buy the home - get it in your name - you are going to have to "buy him out" essentially - right? That means either taking equity out of the home and giving it to him or you have the funds in a savings account to buy him out.

If you are asking what would **I** do? I would sell the home and split the equity equally between you - then you can move on. You won't be looking around at all the dreams of what you WANTED to happen...or looking around and the memories of what happened...move on.

Once you have stable income, a good credit rating then yes, you can buy a home in your name and make it your own.

Good luck!

My advice is to sell, start clean.

My relative did what you are proposing. They had to increase the loan to cover the current loan, plus half of the equity to buy out the other person. It did not end well as he was not able to keep up with the increased payments.