What are the legal implications?
My boyfreind recently went through a divorce. Judge orderd that his ex wife should use her best endeavours to release him from the mortgage and then my boyfirend was to sign over any interest he has in the property. Ex wife cant get a new mortgage, so is trying to get him to transfer his ownership of the Title Deeds. Surely a lender wouldnt insist that his name be removed before they would make her an offer of a mortgage? Is she genuine or pulling a fast one?
Answer:
pulling a fast one. If the bank were willing to refinance with her credit only, they would allow his signature on the deed to be at the closing. Having his sign off now would do nothing to enhance her ability to get financing, but would allow her to simply steal his share of the equity and leave him with half the debt.
Probably pulling a fast one, but a mortgage company would want his interest in the house erased if he has no obligation to pay them. He needs to be very, very sure before giving up his rights to the house.
She is trying to take his half of the equity in the house.
book an appointment with the CAB (citizens advice beuro-cant spell it) they should help they wont charge either
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