Not even sure where to put this. Hopefully, someone here has been in this situation and can give me some advice. I own a home that has a mortgage in both mine and my ex-DH's name (he quit-claimed it to me). His name is first. It is an FHA loan and with Bank of America. I hate Bank of America.
I've contacted them on several occasions to try to get them to take his name off the mortgage because he filed bankrupt and listed the house. So, since I've been on this loan and continued to pay because I've not filed bankrupt and the loan is current, I don't understand why they can't just drop his name.
BOA sent me assumption papers. They are aware I'm already on the loan, I couldn't have discussed any of this with them if I weren't. I don't understand this. I'm not very experienced with home mortgages. This was my first home purchase.
I looked over the assumption papers and it looks like they want to see if I qualify which I won't. I'm now a housewife and don't work outside the home. My DH has been paying the mortgage. We don't want to do a refi with him because we want to buy a bigger home for our growing family. We don't even live in the home, we are renting it out. It's a two bedroom home in town and we need at least three bedrooms (five, soon to be six kids). We've considered selling the property but we'd be very lucky if the home brought what I owe on it.
I'm going to try and talk to BOA again. Last time I spoke to them, I spoke to the Bankruptcy dept. and explained again everything and they just said they'd send me some paperwork, didn't tell me it was assumption papers. They want 2 yrs of tax returns, income verification, and a "relationship letter" for my ex to give his approval of the "sell." This is complete BS! Has anyone dealt with this before? Am I going to have to refi this or assume this? Could there be other options?If I send in the assumption papers and don't qualify, what are they going to do? Foreclose on a current mortgage? This all seems so silly.
Sorry this is so long. I'd appreciate any advice.
Answer by tempsingl3mom at 10:22 PM on Apr. 25, 2013
Answer by tempsingl3mom at 11:01 PM on Apr. 25, 2013
Answer by wendythewriter at 7:50 AM on Apr. 26, 2013