VA loan equity buyout and quit claim

#1

My wife wants to buy out my share of equity and keep a home we purchased with my VA loan. She is a cosigner on the loan. She wants to hold the house for up to 5 years while she tries to refinance. I thnk this time limit is unreasonable and I also want to modify the loan to release my liability. Any advice? Thank you.

0 Likes

#2

Generally the spouse keeping a house also needs to keep the mortgage. Your wife would need to refinance the mortgage and would need to do so by a certain time (in order to limit your financial liability on a house you no longer reside in). Typically the window to refinance is 90-180 days, depending on the facts of each particular case. Sometimes a longer time period of 1 or 2 years is necessary, again depending on the facts of each particular case.

Either way, 5 years is excessive without some extenuating circumstance.


Anna Ayscue

Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest

Rosen Online | Unlimited confidential access to a North Carolina attorney for $199/mo - click here

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service only, a full discussion with an attorney should be undertaken before taking any action. The information posted on this forum is available for public viewing and is not intended to create an attorney client relationship with any individual. These answers are provided for informational purposes only, a person should consult with their own individual legal counsel before taking any action that could affect their legal rights or obligations.

0 Likes