Expert: Jessica Bryan - 1/9/2007

Question
Im married  my wife is divorcing me, her name is the only name on the deed and morgage loan. we both put up half the money to buy and furnish the house. I personality renovated it.  I cant get a new loan in my name because my credit scores are low. If i want to keep the house with out a new morgage can my wife sign over the house to me through the quit claim deed method. There fore giving only
me ownership of the house and me just being able to pay the exsisting morgage as it comes in as if nothing changed
or would the bank make me reapply for my own loan in my own name after she signed away her right on the quit claim deed? I idd alot of work on this house manually and want to keep it. I live in Denver colorado and could it be done
Her signing the quit clain deed over to me, govng up her rights and me not needing to apply for or get another loan?
if in doing this i could just keep paying on the exsisting loan than i could come up with and pay her the cash she put into the house amd we woud be done.  If you say yes this all can be done legassly, what happenes say 3 years down the roan if I want to see the house and only have the quit clain deed, than what happenes?  Your help Maybe just be my sanilty.  Thank you for considering this post.  

Answer
Dear Vijayan;
I am sorry about the divorce.  As for taking over the house and getting your wife to sign over her right to it in a quit claim...you will need to check with the lender since even if the home changes title she is responsible for the mortgage loan.  This does not transfer with the quit claim.  I am sorry to say that the lender will not let her off the hook and accept payments from you.  You should call the lender to discuss further and certainly talk to an attorney as well, but I don't thank that you will be able to convince anyone to bend the rules in this circumstance.  I am very sorry.

Sincerely,
Jessica Bryan