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p2of9 · Dec 9, 2007, 08:04 PM

My husband and I got married in Jan 2005, and he bought a home in April 2005. The house is in his name ONLY. Due to temporary financial problems, the mortgage is in default. The mortgage company does not allow "partial payments"--if you get behind, it's hard to get caught up. My plan is to have him quit claim the house to me, then I will help him to pay off the mortgage without the threat of foreclosure looming over him. I've looked all over the web to find out the legality of this, but I haven't found any cases like this.

Right now, he's trying to get the mortgage company to modify the loan, but they're taking their time in getting back to him. We're assuming that the answer will be no.

So what I need to know is, will a quit claim prevent our house from being taken? Is this all legal? And will the mortgage company allow the loan to be paid off on the same schedule as usual?

ScottGem · Dec 9, 2007, 08:33 PM

Not only will that not work, it will make matters worse. Most mortgages have a due on sale clause. This means that if the property changes hands the full balance of the mortgage is due.

What you can try to do is have your husband sell you a half interest in the house and them refinance it. That's your best bet.

excon · Dec 10, 2007, 05:35 AM

Hello:

I'm missing something here. If you got married in January, and "he" bought the house in April, it's YOUR house too. Since it's YOUR house too, why don't you just make the mortgage payments that are due?? I mean, if you're going to make 'em anyway??

The bank WILL accept your payments.

excon

ScottGem · Dec 10, 2007, 06:38 AM

Well I was going to give you the benefit of the doubt as to why a) you both didn't get on the title and mortgage or b) why you just don't help with the mortgage payments. But excon has a valid point. Since you are married and live in the house and since I would assume you don't want your husband's credit to tank, why don't you just kick in?

p2of9 · Dec 10, 2007, 05:46 PM

To clarify, when he bought the house he had decent credit and I didn't (mine was "slow"). This is why it's HIS house, as the mortgage company has told me repeatedly. Yes, my money's just as green as his, and they'll happily take it. However, I am now paying for EVERYTHING else (water, energy, food, gas, etc.), as most of his checks go to court-ordered child support (or should I say EX-and-her-boyfriend support? ). I CAN afford to pay the regular mortgage payment as well as everything else now, but I can't afford a lump sum to bail the mortgage out of the hole--and it's in the hole because my dh lost his job last year. At the time, I didn't bring home enough to support him, me, my three kids, his three kids, his leeching ex-wife (who borrows money "for the kids needs", but doesn't spend it on them) and her boyfriend (both unemployed), and keep up the mortgage. He got a new job, but it doesn't pay nearly as well as the old one. Yes the house is important to both of us, but I'm not going to go without food for MY kids (literally), just so I can pay a mortgage that's not in my name; not when he's handing 1/2 his check to his ex. I love him dearly, but he has no money sense.

To answer the other question: no, actually I don't care if his credit tanks. Obviously it doesn't bother him, so why should it be my problem? This isn't 1960, so I am judged by my own credit rating; not his. I would just as soon rent a house, since everything is so one-sided as far as our finances go. I'd prefer for him not to have a foreclosure on his credit history, but I can only do so much to help him. If I didn't care, I wouldn't be asking a question on here, would I? More to the point, I AM the one asking a question. Clearly, he's less concerned.

I'm also the one who's running around collecting paperwork left and right to send in for his remodification, payment plan requests, etc. And I'm the one who has to call and talk to the mortgage company, because he just doesn't feel like dealing with them. Before that I was the one paying the enitre mortgage, but as I said, I can't do it all. Nor should I be expected to when I'm married to an able-bodied man.

The fact that anyone would question a married man buying property in his name alone makes me wonder how "expert" the advice is here. I think it's much more unusual to hear of a woman marrying a big kid.

Fr_Chuck · Dec 10, 2007, 06:40 PM

No you can not try to deed it over, that does not effect the mortgage or foreclosure in any way or manner. In fact the lien would still be valid on the home.

Also make all of your offers in writing, try talking to the loss migration department of the loan company. Then if and when they go to court for foreclosure, you have documentation that you tried to settle the debt. And they refused.

With that also make sure all the paper work is coming from the husband, since you , if not on the loan have no legal standing on talking to them about it.

And sadly yes on many things a married couples credit have ties. Go try and rent an apartment if you get evicted, they will want credit on both parties living there,

Also in some states as his wife, you may have some libility on the debt also.

And it is obvoius you are having other relationship problems which is showing up here, Since even if he does not care, you should care about trying to save your home. I guess the opinoin of both of yours as to first trying to hide the home from the lender ( which can't happen) and the lack of concern over it being foreclosed is just shocking

ScottGem · Dec 10, 2007, 07:34 PM

I agree with Chuck, you have some issues larger than this house business. That you would question people trying to help you is just one of your problems.

Letting the house foreclose is going to have a major affect on BOTH of you. Your cavalier attitude towards this doesn't speak well for your fiuture.

Anyway, my previous advice still stands. Have your husband sell you half of the home and refinance.

Fr_Chuck · Dec 10, 2007, 07:42 PM

Also try and sell the house, if the offer is less than mortgage pay off look into a short sale. See if the lender will take a deed in lieu of foreclosure.
Also depending on how many months you are behind, they will take a one month payment with an agreement to put the other late months spread over 4 to 6 months.

Do not talk to the collection people on this, but the lenders have special departments just for this.

*** There are a few lenders now that will not work with you at all, I know of one case right now, where the short sale was within 1000 of the payoff and they refused it twice. Deed in lieu was offered , they turned it down. In fact they won't even take your calls, over a hour on hold just to get hold of them and then often they put you on hold and hang up.
In that case, you start making your payments up, or let them foreclose, not many other choices