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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28366
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I signed a quit claim deed on the house I lived in with my

Customer Question

I signed a quit claim deed on the house I lived in with my ex-husband. The home loan is in my name only and is on my credit report. He's made the payments since we divorced in August of 1999. I would like to buy a home now, but because this loan is showing on my credit report it lowers the amount I can borrow which is really hurting me. He has bad credit and would probably not be able to get a new loan in his name. I want him to keep the house. He always makes the payment. I just want it to show on his credit report and not mine. Is there a way to do this without him obtaining a new loan? Someone I know took over payments on a loan from a family member and they somehow had it changed to show on his report without him having to get a loan in his own name. Any advice is appreciated!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. I certainly understand the situation and your concern The only way for this to happen would be for the lender to allow him to assume the loan. The situation which you described above about a friend, may have been a result of the person passing away and them dealing with the lender and taking over the home and the loan. Of course, you should speak with them and ask but there needs to be a legal basis for this to just happen. If you can get the lender to agree to allow him to assume the loan and remove you from it, then it would appear on his credit report and would not likely appear when you apply for a loan. For them to agree to this, he will need to show the ability to pay and by releasing you, they would be giving up and losing a security interest, if he fails to pay and they need to sue. If anything, they may add him but there is no reason for them to remove you and allow him to step in your shoes .

Customer: replied 1 year ago.
basically I'm screwed until he finishes paying off the 30 year mortgage if his credit is too poor to get his own loan.
Expert:  RealEstateAnswer replied 1 year ago.

I am sorry to say but yes. Unless he can refinance it solely in his name or will agree to sell it, the loan will remain in your name. Even though he has been paying on time, over all these years, it is not going to be enough for the bank to just allow him to assume the loan. I know it is not what you were hoping to hear but I just want to be upfront and honest with you.

Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!