Can we refinance a house in my husbands name only? originally it was a joint account?

Rodolfo
We live in Pennsylvania. Three years ago, my husband and I bought our first house. A couple of months ago, we wanted to refinance. A terrible discovery was made when we checked our credit reports and a case of identity theft was found against me. The thief really damaged my credit and this has become hard to clear. Should we not even think about refinancing until this has cleared, or should we refinance in my husband's name only. Can my income still be considered, but keep my name off the loan?

Carlotta
You can refinance only in your husbands name, however, that means you can only use his income and his debts. You can use checking and savings accounts as long as his name is on those accounts, but you may need to write a letter stating you are okay with that since your name is on the account as well.Speak with a loan officer and see if it would benefit you to refinance or if it isn't even worth it. If your rate is 5.875% or higher, I would think it would more than likely be worth it, depending on closing costs and other factors.

Debbra
If your name is not on the loan then no you can not use your income. If you can qualify for a mortgage with just your husband on the loan then that may be a good option, rates won't stay this low forever. one thing you should be aware of is in order to finance the property solely in the husbands name, you will need to remove yourself from the deed via a quitclaim. In doing this you give up your rights to the property in a divorce. So you'll want to deed yourself back on immediately following the close of escrow. Sad story here: http://www.bankapedia.com/mortgage-encyclopedia/residential-mortgage-terms/309-quitclaim-deedabout a women whose husband tricked her into filing a quitclaim because he planned on divorcing her. She did- and she lost her rights to the property. He kicked here out and moved in with his new girlfriend.

Caleb
If your income is considered you have to be on the loan. You could always ask mom and dad to cosign if it's an FHA refi. If your husband makes enough cash, you can refi it all day long.In 2005, I would have closed your loan in 20 days, but the "stated" deals are all done. Good for the economy, bad for Blibity.

Clement
You can refinance in your husband's name only, but your income will not be counted. In order to use your income as a means of acceptance, you must be on the loan, which means that they will check your credit.