The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: CarnivoreforLife on October 29, 2020, 02:08:08 PM
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Hello MMM fam,
I'm asking for help for a family member...
My sis in law mom would like to refinance her mortgage. However, she was divorced from her ex-husband years ago and the loan is under his name. The deed is under sis in law and her moms name and ex-husband is out of the country.
Interest bearing balance is around $60,000.
non interest bearing principal is around $33,000
From what I was told was they did a loan modification years ago- hence the $33,000 non interest bearing...
what are their option? since ex-husband is out of the country and the loan is under his name...
Thank you in advance for any suggestions/advice.
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What's wrong with getting a new mortgage in her name that pays off the old mortgage in her ex husband's name? i.e. a typical refinance with a change in borrower. Banks do this all the time in cases of divorce. She'll need enough value in the house to qualify to borrow 60k+33k.
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if she's the only one on the title t the house she can refinance it without his knowledge/approval/involvement. the old loan will be paid in full and the new one will be only her name.
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ok- I will let them know!
thank you both so much.