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If your wife is willing to transfer her share over to you, she would execute a deed, transferring her interest to you. It would read as follows:
In consideration of ______________ Dollars and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Husband's Name and Wife's Name, as tenants by the Entireties,
Grant, transfer, and convey
It is not necessary to ask for a mortgage modification in order to have your wife transfer her share over to you. She can legally transfer her share to you, but there are two things you should both keep in mind
1. Your wife will still remain liable on the Mortgage Note; and
2. If the lender considers this a sale and your Mortgage document has a "Due on sale" clause in it, the lender can call in the full amount of the loan
In order to prevent the lender from calling in the loan, you can tell them that this is a divorce situation, this transaction is part of the divorce settlement, you will continue to make the monthly mortgage payments as always, and to be on the safe side, you will ask the lender to execute a waiver of its right to call in the full amount of the mortgage loan balance because of this transaction.
If I have not Answered your question completely, please let me know by using the "Reply" button and I will be glad to explain further,
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Thank you for your reply.
I never know there is there a thing called "mortgage modification". When I call the mortgage company, all they said is that I need to do a refinance and my sole income is not high enough for traditional mortgage that I want to apply and current market rate is high. May I ask the company to do a modification: all they need to do is dropping my wife's name without changing anything else?
"the lender considers this a sale...."
If my wife and I do not even inform the transaction and the new deed is filed at the county office, how do the mortgage even know about it? Is the county office liable for informing the company?
Thank you and waiting for your reply
Thank you for your reply and the opportunity to explain further,
1. A mortgage modification is similar to a refinance, but if the lender will not do a refinance for you, they probably would not do a mortgage modification, either because your wife's name would still have to be on any mortgage modification;
2. Lenders will not usually remove a name from the Mortgage Note because they prefer to have two people, rather than just one person, to collect on the mortgage debt. So, I am almost positive they will not remove your wife's name;
3. If you do not tell the lender that your wife is transferring her interest to you, there is no way that they can find out because the Recorder of Deeds Office absolutely refuses to report any deed recordings and it does not report any deed recordings to anyone, including lenders, bankers, and other financial institutions. _______________________________________________________________________
Thank you for your reply. If the mortgage company will less likely to remove my wife's name, my only option is filing new deed with my name only and I will not inform my mortgage company anything. Do you know if I will run into any legal trouble with my local deed record office if the current joint mortgage remains untouched?
Thank you for your reply and I am just trying to form my action plan.
You will not have any legal problems with the Recorder of Deeds as long as your wife signs the Deed. In other words, you cannot sign your wife's name to the Deed. She will have to sign her own name. That way, everything will be done legally. Please be kind enough to give me a positive rating so that I can receive credit for researching your question and giving you Answers and information, otherwise I do not receive any credit for assisting you. Thank you for understanding,
I definitely will give you a good rating and I am thinking about choosing good or excellent!
Let me ask one more related question: do you know a good real estate attorney serving DeKalb county in Georgia? Thanks.
My goal is always to provide Excellent Service to all customers and I hope that I have provided that to you as well,
The website does not allow us to refer specific Attorneys by name, but some Bar Associations have a Lawyer Referral Service. DeKalb County does not have such a service, but the Atlanta County Bar Association has a Lawyer Referral Service and I have provided the link to their Lawyer Referral Service. Call them, tell them that you would like the names of a few lawyers with experience in real estate law and that you want a Deed to be prepared. You can talk to all of them and then select the one with whom you feel the most comfortable,
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