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Yes, this is a thread about a woman ...
#2557915
08/21/18 04:49 PM
08/21/18 04:49 PM
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Joined: Oct 2013
Posts: 2,153 Leeds
Smells
OP
8 point
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OP
8 point
Joined: Oct 2013
Posts: 2,153
Leeds
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my ex-wife.
In the divorce settlement I was awarded the house. I'm being told by the mortgage company that I can't have her name removed from the mortgage, deed, etc. without a refi which I don't want to do at this time.
I am asking a serious question from anyone who actually knows something about it, i.e. a lawyer, judge, seller of mortgages, etc.
Am I being told the truth? How do I simply get her name erased from everything without having to refi?
The response I should have gotten from the mortgage company is "Oh you got divorced and the house was assigned to you Mr. Smells? Very good just prove that with the proper documentation and we will handle the rest!" I think they are just trying to sell me a new mortgage and I wonder about the legality of what I'm being told. She never would say it was required by law only that it was required by company policy. How does company policy override the sovereign decree of the State of Alabama?
If it turns out that that's just the way it is then so be it but I'm cynical and skeptical by nature and no mortgage lender is going to miss an opportunity to make a buck. I can't blame them for that because that's why they are in business but if it turns out they are lying to me, well that's a whole different thing.
Please advise with actual knowledge if you possess it.
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2557924
08/21/18 04:57 PM
08/21/18 04:57 PM
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Joined: Dec 2016
Posts: 10,404 northport
deadeye48
Booner
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Booner
Joined: Dec 2016
Posts: 10,404
northport
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I had to refi to my ex's name off my mortgage so I'm sure theyre telling you the truth. It worked well because I got a little lower interest rate and I didn't have to show them any divorce papers to do but would have glad to do so if they required it
When I need expert advice I tend to talk to myself The older I get the better I used to be
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2557950
08/21/18 05:20 PM
08/21/18 05:20 PM
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Joined: Dec 2017
Posts: 1,267 Conecuh, AL
Backporch
8 point
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8 point
Joined: Dec 2017
Posts: 1,267
Conecuh, AL
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"How does company policy override the sovereign decree of the State of Alabama?" It was Alabama law that let you down. It don't mean crap if you were awarded you still have to make it happen. Good luck! you can do it.
Antisocial behavior is a trait of intelligence in a world of conformists....Tesla
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2557980
08/21/18 05:43 PM
08/21/18 05:43 PM
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Joined: Apr 2013
Posts: 4,329 Northeast Florida
BamaGrad85
10 point
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10 point
Joined: Apr 2013
Posts: 4,329
Northeast Florida
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Yes, you have to re-finance. Rates aren't too high are they?
I came, I saw, so I killed them all......Vern
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Re: Yes, this is a thread about a woman ...
[Re: BamaGrad85]
#2558018
08/21/18 06:13 PM
08/21/18 06:13 PM
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Joined: Oct 2013
Posts: 2,153 Leeds
Smells
OP
8 point
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OP
8 point
Joined: Oct 2013
Posts: 2,153
Leeds
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Yes, you have to re-finance. Rates aren't too high are they? No I'd actually get a lower rate. I intend to refinance but I'm not ready to do it now. When I do I will pull some of the equity out but I don't yet know exactly how much I need and don't want to refi until I do. I would however like to get it all in my name only. Looks like I'll have to wait a bit more.
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558298
08/21/18 09:31 PM
08/21/18 09:31 PM
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Joined: Jan 2018
Posts: 17 USA
CamBo
spike
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spike
Joined: Jan 2018
Posts: 17
USA
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The original loan terms assumed there were two people who could pay for the mortgage. They want the option to make a different deal now that it's just you. The bank just wants their money. $$$$
Last edited by CamBo; 08/21/18 09:31 PM.
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558519
08/22/18 08:37 AM
08/22/18 08:37 AM
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Joined: Feb 2008
Posts: 15,652 Montgomery
bamaeyedoc
Old Mossy Horns
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Old Mossy Horns
Joined: Feb 2008
Posts: 15,652
Montgomery
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Yes, you have to refi to get her name off the mortgage.
When I went through mine, I had my ex-wife sign a quit claim deed for the Lowndes property I owned and I signed one for the house so she could get my name off the mortgage so she could have it. I'm pretty sure the mortgage company had to have that and a copy of the divorce decree refi for her.
Dr. B
AKA: “Dr. B” Aldeer #121 8-3-2000 Proud alum of AUM, UAB, and UA Member of Team 10 Point 2023-2024 ALdeer Deer Contest Winners
Glennis Jerome "Jerry" Harris 1938-2017 UGA Class of 1960 BS/MS Forestry LTJG, USNR
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558549
08/22/18 08:58 AM
08/22/18 08:58 AM
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Joined: Sep 2012
Posts: 1,391 Dothan, AL
huntbig
8 point
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8 point
Joined: Sep 2012
Posts: 1,391
Dothan, AL
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yes, quit claim deed then refi
It's a sanctuary.
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558552
08/22/18 09:00 AM
08/22/18 09:00 AM
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Joined: Dec 2004
Posts: 18,841 .
ford150man
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2004
Posts: 18,841
.
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The mortgage company is viewing her as basically a co-signer, who can be held financially responsible for the loan, should you stop paying. The only way she could be removed is to renegotiate the terms, just like you would if she was a co-signer on an auto loan. It sucks, but that’s the way it is.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558555
08/22/18 09:04 AM
08/22/18 09:04 AM
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Joined: Jan 2002
Posts: 10,484 Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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Yes, you have to re-finance. Rates aren't too high are they? No I'd actually get a lower rate. I intend to refinance but I'm not ready to do it now. When I do I will pull some of the equity out but I don't yet know exactly how much I need and don't want to refi until I do. I would however like to get it all in my name only. Looks like I'll have to wait a bit more. How do you pull equity out when refinancing?
not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558681
08/22/18 11:14 AM
08/22/18 11:14 AM
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Joined: Feb 2008
Posts: 15,652 Montgomery
bamaeyedoc
Old Mossy Horns
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Old Mossy Horns
Joined: Feb 2008
Posts: 15,652
Montgomery
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I'm not giving advice and it may be just how I am, but I'd shop around for the best rate, refi, and get her off the mortgage ASAP. You shouldn't lose any equity and it is one more thing off the checklist to sever the legal union. It would drive me nuts to have a house that my ex's name is still on. Also, it sucks but you have to think about stuff like if you or she dies or is incapacitated and you both are on the mortgage, there may be legal issues there.
Dr. B
Last edited by bamaeyedoc; 08/22/18 11:39 AM.
AKA: “Dr. B” Aldeer #121 8-3-2000 Proud alum of AUM, UAB, and UA Member of Team 10 Point 2023-2024 ALdeer Deer Contest Winners
Glennis Jerome "Jerry" Harris 1938-2017 UGA Class of 1960 BS/MS Forestry LTJG, USNR
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Re: Yes, this is a thread about a woman ...
[Re: Dallas County]
#2558738
08/22/18 12:23 PM
08/22/18 12:23 PM
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Joined: Oct 2013
Posts: 2,153 Leeds
Smells
OP
8 point
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OP
8 point
Joined: Oct 2013
Posts: 2,153
Leeds
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Yes, you have to re-finance. Rates aren't too high are they? No I'd actually get a lower rate. I intend to refinance but I'm not ready to do it now. When I do I will pull some of the equity out but I don't yet know exactly how much I need and don't want to refi until I do. I would however like to get it all in my name only. Looks like I'll have to wait a bit more. How do you pull equity out when refinancing? Well I've never refinanced before so I may not know what I'm talking about but I only owe around 12k on it and will probably refi for somewhere around 75k but I don't know the exact number yet which is why I don't want to refi until I do.
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558742
08/22/18 12:29 PM
08/22/18 12:29 PM
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Joined: Dec 2009
Posts: 9,375 Jasper, AL
joshm28
14 point
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14 point
Joined: Dec 2009
Posts: 9,375
Jasper, AL
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Yes, you have to re-finance. Rates aren't too high are they? No I'd actually get a lower rate. I intend to refinance but I'm not ready to do it now. When I do I will pull some of the equity out but I don't yet know exactly how much I need and don't want to refi until I do. I would however like to get it all in my name only. Looks like I'll have to wait a bit more. How do you pull equity out when refinancing? Well I've never refinanced before so I may not know what I'm talking about but I only owe around 12k on it and will probably refi for somewhere around 75k but I don't know the exact number yet which is why I don't want to refi until I do. In that case I would just take out a home equity line of credit (in your name), then pay off the existing mortgage. That would save a bunch of closing costs.
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558813
08/22/18 01:32 PM
08/22/18 01:32 PM
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Joined: Jan 2002
Posts: 10,484 Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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Yes, you have to re-finance. Rates aren't too high are they? No I'd actually get a lower rate. I intend to refinance but I'm not ready to do it now. When I do I will pull some of the equity out but I don't yet know exactly how much I need and don't want to refi until I do. I would however like to get it all in my name only. Looks like I'll have to wait a bit more. How do you pull equity out when refinancing? Well I've never refinanced before so I may not know what I'm talking about but I only owe around 12k on it and will probably refi for somewhere around 75k but I don't know the exact number yet which is why I don't want to refi until I do. That's not pulling out equity, that's borrowing your own money and paying someone else the interest.
not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids
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Re: Yes, this is a thread about a woman ...
[Re: Smells]
#2558866
08/22/18 02:05 PM
08/22/18 02:05 PM
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Joined: Jan 2002
Posts: 10,484 Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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Well I'm unaware of anyone who wants to give me 60k so then it comes down to what is the cheapest loan. Someone please educate me but it seems as if mortgage interest is less than any other interest I'd pay for any other type of loan. Heck I could run up 60k on credit cards if I wanted to but that ain't going to happen. I could get a home equity line as someone already suggested but I'll pay a higher rate for that too. So by all means please tell me if there is a cheaper way. I've never really borrowed money before except for this house. Home equity loans are great, and depending on your tax situation you can deduct the interest. Although I believe it's been on and off the chopping block recently so it might not last forever. Interest rates are usually better too, but not as low as a mortage. You can get a line of credit and write checks on it just like a bank account. You just have to pay it back with interest. I know some people that borrow more than they need on a refi and pay back the excess like clockwork on top of the mortgage payment. It's the best of both worlds; you get the long term, low interest rate of a mortage and the decutiblity of the interest. But, you better make sure you are disciplined or you will be paying off that short term loan over the length of your mortgage.
Last edited by Dallas County; 08/22/18 02:08 PM.
not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids
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