Can I refinance while in the middle of a divorce?
Jess asked:
I live in Texas (homestead state) & I’m in the middle of a divorce. I’ve been awarded the house temporarily. The problem is; the house has an ARM loan and the pmts keep rising. With spouses permission, will the law let me refinance the house before the divorce is finalized? He wants to sell, but I want to keep it.
Edgar
I live in Texas (homestead state) & I’m in the middle of a divorce. I’ve been awarded the house temporarily. The problem is; the house has an ARM loan and the pmts keep rising. With spouses permission, will the law let me refinance the house before the divorce is finalized? He wants to sell, but I want to keep it.
Edgar
Tags: Arm Loan, Pmts, Refinance House
January 22nd, 2009 at 2:50 am
You should discuss this with your attorney. It MIGHT be possible if your soon to be ex agrees to it and you buy out his share and he deeds his share to you, but yahoo answers is the last place to ask. Deal with this through your divorce attorney.
January 25th, 2009 at 6:55 am
i think so.
January 25th, 2009 at 10:53 am
Texas is a community property state. You can’t do anything without his signature, including a refinance, until your divorce is final.
If he was in agreement and there is enough equity to get enough cash back to buy out his interest, he may agree to sign the Quit Claim Deed at closing.
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January 28th, 2009 at 11:24 pm
Your in a tight situation as without your spouses consent and signature, you will not be able to refi without him. I’ve seen situations like this last for months. I’m assuming both of you are on the note, so it would be in both individuals best interest to refi so that the rising payments do not effect your credit scores. The issue is that you have the house temporarily and the divorce is not final, thus, without his signature, your are stuck. i would sit down with all parties and see if a buyout is an option. if you can afford the house on your own, definately try this as it may be the only option you have so talk to your attorney.