Can I remove my husband's name from the deed to property with a VA loan?
My husband is a veteran and we are separating. We have a marital home that currently has a VA loan. We've agreed that I will keep the house and take over the mortgage payments completely. We decided that I would buy him out at an agreed amount, he would sign a quitclaim deed, but that the mortgage would stay as is, due to the current interest rates being high. I have checked with my current lender about possible loan assumption but they don't do that. If we remove him from the deed, will that invalidate the VA loan and force a refinance?
You don’t just “remove” a person from a debt. You need to assume the loan or refinance. A quit claim deed has nothing to do with the finance contract/mortgage. Transferring the home may institute a pay on sale/transfer clause that makes note due immediately.
This is for general information only. Nothing in this information should be construed as creating an attorney-client relationship nor shall any of this information be construed as providing legal advice. Laws change over time and differ from state to state. These answers are based on California Law.Applicability of the legal principles discussed may differ substantially in individual situations. You should not act upon the information presented herein without consulting an attorney about your particular situation. No attorney-client relationship is established.
