Refinance

My wife and I are trying to refinance our home .The house is in my name. The catch is that I had to file for bankrupcy a year and half ago. The bank representative instructed me to sign a quit claim deed and get the loan in my wifes name. THEY set up the appointment with the title company .WE were told to get an appraisal and if the numbers came back good we were good to go. The numbers were good but repairs had to be made to a delapidated deck to be approved we were told to do these repairs asap to be able to close by the 15 . 8,000 later told approved .Now told no has to be in name 1year

Asked on June 13, 2009 under Real Estate Law, Tennessee

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I'm not a Tennessee lawyer, and there are variations in the law from one state to the next, but in most states, anything that has to do with real estate, including a mortgage, has to be in writing to be binding, with very few exceptions.  You may not be able to do anything about this, if you never got a written commitment to make the loan.  For advice you can rely on, you need to have an attorney in your area review all of the facts.  One place you can find a qualified lawyer is our website, http://attorneypages.com

For most of us, a home is the largest purchase and the biggest investment we have. The cost of getting a lawyer's advice, from start to finish, is a very small expense compared to the amount of money you have at stake, and compared to what an uniformed mistake can cost you.  Don't rely on what mortgage company representatives tell you, because their interests are not the same as yours!

And I suspect that what happened to you is the result of the way many mortgage companies (for good reasons) are set up:  there is a sales department, a qualification department, a pre-closing department, a closing department, and a post-closing department.  You have to work with each one, in turn, none of the people are the same and they don't talk to each other that much.


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