1.) Does anyone have the Quitclaim form for Georgia? I am evaluating 3 alternatives with ex-wife & I still on Deed (house) & both the 1st & 2nd mortgages (2).
2.) Can I do a quitclaim without re-financing 1st & 2nd mortgages?
Background: Divorced July, 2008 I have both 1st Mort & 2nd Mort Home equity loan lien on title with ex-wife awarded residency of home ordered to be listed for sale no later than June, 2010. I also have an option to buy the home but decree states both existing loans would need to be re-financed. Both loans have <5% interest rate 1st is 4.875 with principle now $102,000 is paid down $500 a month, with Wells Fargo which is great. The 2nd however is variable rate 4.5% with $71K Bank of America (BOA) still owed as I can only afford interest only payments on 2nd Mort since inception in May, 2006. The house value is questionable probably worth $170k - $190k as I did receive a letter a month ago from BOA stating it is "underwater" and no money can be borrowed due to loan to value drop.
Therefore it would be in my best interests to obtain a quitclaim & assume the 1st & 2nd Mortgage as is but understand both Wells Fargo & BOA would NOT allow it... ,In addition to the decree, I recall Wells Fargo & BOA stating when I inquired recently that I would be required to re-finance. The bank mgr said some GA state law or bank policy requires a closing with attorney, have to pay closing costs, obtain appraisal, etc which is not in my best interests.
Alternatives: My preference would be to sell if it was a normal housing market so have narrowed my decisions to 3 alternatives as follows:
1.) Market house per decree "as is" splitting remaining debt owed with ex-wife - house needing cosmetic repairs in a very poor housing market that may NOT pay off debt owed
2.) "buy" the house from ex-wife, basically absorb all the debt owed by Quit Claim, would involve re-finance if required & hope the market value comes back in a few years to sell later on;
3.) Quitclaim & retain or assume (re-finance) 1st mortgage & retain 2nd Home mortgage in both my & ex's name pending principle pay down and housing market improved in few yrs from now allow re-financing of 2nd mortgage later if the appraisal for re-finance does not meet a 90% loan to value ratio.
As far as refinancing both mortgages I can apply for loan re-fiancé both from my Credit Union which seems more cooperative than Wells Fargo or BOA. Those banks require 80% LTV. Ex is co-operative to do this but 2nd Mort is now the problem since all appraisals are so much lower than before the housing crash. House is located in the best school district in ATL, Gwinnett County, & was worth $215K 3 years ago. & I did have an attorney & paid a very high price that I would like to avoid again if possible.
Any help, comments, suggestions, other alternatives are deeply appreciated. !
Greg
Lawrenceville, GA
2.) Can I do a quitclaim without re-financing 1st & 2nd mortgages?
Background: Divorced July, 2008 I have both 1st Mort & 2nd Mort Home equity loan lien on title with ex-wife awarded residency of home ordered to be listed for sale no later than June, 2010. I also have an option to buy the home but decree states both existing loans would need to be re-financed. Both loans have <5% interest rate 1st is 4.875 with principle now $102,000 is paid down $500 a month, with Wells Fargo which is great. The 2nd however is variable rate 4.5% with $71K Bank of America (BOA) still owed as I can only afford interest only payments on 2nd Mort since inception in May, 2006. The house value is questionable probably worth $170k - $190k as I did receive a letter a month ago from BOA stating it is "underwater" and no money can be borrowed due to loan to value drop.
Therefore it would be in my best interests to obtain a quitclaim & assume the 1st & 2nd Mortgage as is but understand both Wells Fargo & BOA would NOT allow it... ,In addition to the decree, I recall Wells Fargo & BOA stating when I inquired recently that I would be required to re-finance. The bank mgr said some GA state law or bank policy requires a closing with attorney, have to pay closing costs, obtain appraisal, etc which is not in my best interests.
Alternatives: My preference would be to sell if it was a normal housing market so have narrowed my decisions to 3 alternatives as follows:
1.) Market house per decree "as is" splitting remaining debt owed with ex-wife - house needing cosmetic repairs in a very poor housing market that may NOT pay off debt owed
2.) "buy" the house from ex-wife, basically absorb all the debt owed by Quit Claim, would involve re-finance if required & hope the market value comes back in a few years to sell later on;
3.) Quitclaim & retain or assume (re-finance) 1st mortgage & retain 2nd Home mortgage in both my & ex's name pending principle pay down and housing market improved in few yrs from now allow re-financing of 2nd mortgage later if the appraisal for re-finance does not meet a 90% loan to value ratio.
As far as refinancing both mortgages I can apply for loan re-fiancé both from my Credit Union which seems more cooperative than Wells Fargo or BOA. Those banks require 80% LTV. Ex is co-operative to do this but 2nd Mort is now the problem since all appraisals are so much lower than before the housing crash. House is located in the best school district in ATL, Gwinnett County, & was worth $215K 3 years ago. & I did have an attorney & paid a very high price that I would like to avoid again if possible.
Any help, comments, suggestions, other alternatives are deeply appreciated. !
Greg
Lawrenceville, GA
