Response: When you signed the deed
over to your wife, you gave ownership of the house to
her. It did not change the mortgage obligation you
originally had. That’s why a quit claim deed was a must
for your wife to
modify
the loan without your signature. At this point, you
have no rights to the ownership of the house and cannot
sell the property. The only way she can take your name
off the mortgage is by
refinancing the loan but since people in
foreclosure have poor credit history, no lender will
give her a loan and that’s why
modification becomes the only option. It is very
likely that your wife wanted to remove you from the loan
just as badly as you wanted it but that’s not an option.
Your wife did nothing wrong and if I were you, I would
not invest money into fighting this. As long as the
mortgage will be getting paid now, you will not be
affected.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
Copyright © 2015 Law Office of Svetlana Kaplun, P.C.
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