Need help BP thanks for everything in advance. Terrible divorce with children and a house. Ex wife currently is allowing me to take property located in Northwest Indiana but my income won't allow me to refinance to get her name completely off since I cut my hours to get my real estate license and "Chase my dream". I spoke with the refinance company and they stated my current income wont "support" me keeping a mortgage that my name has been on for the past 8 yrs. I was thinking about a quit claim deed or a release of liability but my mortgage company will not honor either of those for purposes of removing her completely(credit report, etc). So how may I take sole ownership without a refinance? Anything will help Bp
The big question is what are you planning to do with the property once it's in your name? Keep it as a rental? Sell it?
They are two different issues. You can take sole ownership easily with the route you suggest, taking a quitclaim deed from her to you. That's not the issue though because while you would have "Sole ownership", and she will have no rights to the property, she will still have all/equal liability on the loan. Ownership and Obligation are two different things.
There is no lender in business that would release two birds in the hand in exchange for one in the bush.