California Property: Can you refinance a house you have no property interest in?

This is in California. My wife and I are going through a divorce. As part of the agreement I quit claimed the house to her so that she can refinance it under her own name and take full liability for the loans. However, she failed to qualify and therefore she has full ownership of the property, yet I am still on the loan. Now she is asking for my assistance to refinance the loan under HARP as doing so would save $600 off of the mortgage payment. However, to my understanding, since I now have no property interest in the house, due to the quit claim, I can not participate in the refinance unless I am restored onto the property deed. Is my understanding of this correct?

Slickterp2013-02-21T03:40:37Z

Favorite Answer

You are correct.

You have two options - get her to agree to give you back an ownership interest in exchange for the refi, OR go back to court and force the sale fo the home since she can't complete her part of the deal.

20

Anonymous2013-02-21T02:12:16Z

That was not very good advise from your lawyer allowing you to give up your share of the house but still be obligated for the payments to the bank, taxes etc. You need to look into that.


I have not the slightest idea why you are mad at this answer. What person in their right mind would give away their interest in a property, and still be on the original mortgage papers.That means you own nothing but are paying for something.No client of mine would ever be placed in this position. I suggest you get your lawyer to check this out.

11

LILL2013-02-21T01:39:01Z

Yes, you are correct. You must be on the title in order to refinance.

30

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