Wells Fargo currently holds the note on my property and home That my wife and I purchased in 2007. The title to the home was was never transferred, it still remains in the previous owners name.This couple has since divorced.The property was only in his name and he transferred ownership to me. Does this not invalidate my contractual agreement to faithfully pay for my home? Could I not request Wells Fargo to come get the home, subtract the replacement value of the home from the loan total, and then refinance that amount?

This is a bit confused. On one hand you say "title to the home was was never transferred, it still remains in the previous owners name." But then you say "he transferred ownership to me." So first: do you have the deed to the property, and has it been properly recorded with the county or municipality? If so, did this occur when you got the mortgage (i.e. at closing on the property purchadse)? If not, how did you get Wells Fargo to loan you the money, because the owner must sign on any mortgage loan agreement? If you could clarify what has transpired it would be helpful.

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Originally Posted by ebaines

If not, how did you get Wells Fargo to loan you the money, because the owner must sign on any mortgage loan agreement? If you could clarify what has transpired it would be helpful.

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I have to wonder the same thing. I can't imagine a bank as large as WF conducting a closing (and the mortgage lender does conduct the closing) and not transferring title. What happened at the closing?