How can my ex transfer the mortgage loan to me?
I had lived in this house previously with my 1st husband for 3 years and the title and loan were in both our names. When we divorced, he signed a "quit claim deed' then the title and loan were in my name for about 5 years. My 2nd husband then moved in and took over the title and loan because the debt my 1st husband and I incurred which left me with very poor credit. We basically didn't want the creditors to be able to put a lien on the house. So for two more years we lived there until we decided to move to a bigger house and kept the other one as rental property. After about 4 years, which is now, my 2nd husband and I are now going through a divorce. I can't afford to live in the house I'm in now and my soon to be ex-husband offered to transfer the loan of my 1st house to me. The current amount still owed on that house is approx. $40,000 and the current value of the house is approx. $130,000 which would make it affordable for me to live in. But because I have bad credit, how can this transfer be made so that the title and loan are in my name? Can it be done having poor credit? Or will I need someone else, like a family member with good credit take over the loan? I just need to know what needs to be done for me to live there? Please, I need your help. :confused: