My husband and I purchased a condo, he was the only one on the note because I was not working at the time, but we both were on the deed. We got divorced many years ago and the decree stated my ex had to quit claim the deed to me, which he did. The loan was to remain in his name indefinetly, yet I am responsible to make payments. I have tried to refinance to get his name off the loan in the past but have been unsucsessful because the loan balance is $98,000 and the condo is worth $50,000. Now that the HARP 2.0 is here I have been calling the bank but no one can seem to tell me if I'm eligible to refinance under just my name considering I was never on the original loan. Am I eligble under HARP? If not could I assume the loan? Would it affect me negatively to leave the loan in his name?
I am far from an expert on HARP but I understand the guidelines to read that a HARP lender can only lend out 125% more than what the property is worth. It would seem that under the calculation, you would not qualify. However, a real estate attorney and most probably a mortgage consultant would be best suited to answer this question.
Please be advised that any answers or information disseminated above do not constitute legal advice and that the attorney responsible for this posting is merely attempting to participate in a Q & A session intended to be helpful but certainly not intended to be legal advice. It is important that you understand that no attorney-client relationship has been formed and that the attorney has no obligation to follow up with you with your legal issue unless you separately contact said attorney and arrange for him to legally represent you.
You will not receive credit for making timely payments with the credit reporting bureaus and you may run into problems later if your financial position changes, you can't make pay and you need to modify the loan.
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