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What should be in a separation letter to my bank for modifying my mortgage?

What should be in a separation letter to my bank for modifying my mortgage?

Full question:

I'm married, my husband left the house 15 years ago, my mortgage company is requesting a separation letter where or how can I get this? I am married my husband left the house 15 years ago since them we have no communication, now I am modifying my home loan that I got after he left, now the bank is asking me for a separation letter how can i get this, since i don't know where is he at?

Category: Real Property
Date: 04/07/2025
State: California

Answer:

A mortgage modification or re-finance is a common procedure following a divorce or legal separation. It also is common when there is a hardship on the part of the borrower.

If you did not have a formal legal divorce or separation, the mortgage holder will require you to prove to them that the other borrower or spouse who had a homestead right in the property will not be forfeiting his rights if you re-finance or modify the original mortgage.

This letter is not required to be in any particular form, just a written explanation of the circumstances involved and a statement that your spouse has abandoned the property.

The bank should be able to outline for you what things they are looking for in the letter and whether or not it needs to be signed under oath.

While your letter is important, your mortgage company may also need some other items to prove that you are truly suffering from a hardship. They ask for things like paystubs, bank statments, W-2 forms, or a detailed asset/debt statment.

By including these items, your mortgage company will be able to gauge your ability or disability to pay your mortgage under the current terms. However, your letter is essential because it explains the hardship you’re facing. Continue reading to find out some of the hardships that could qualify you for mortgage modification.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Can you remove spouse's name from mortgage without refinancing?

Removing a spouse's name from a mortgage typically requires refinancing. However, if your spouse is not contributing to the mortgage and has abandoned the property, you may be able to negotiate with the lender for a modification. This often involves providing documentation, such as a separation letter, to show that your spouse is not involved. Always check with your lender for their specific requirements.

What to do legally when your husband leaves you?

If your husband leaves you, it's essential to understand your rights regarding property and finances. You may want to consult a family law attorney to discuss issues like child custody, spousal support, and property division. Document any communication and financial transactions during this time, as they may be important for legal proceedings. Depending on your situation, you might also need to consider filing for divorce.

Can you transfer a mortgage to another person without refinancing?

Transferring a mortgage to another person without refinancing is generally not allowed unless the mortgage includes a 'due-on-sale' clause. This clause permits the lender to demand full repayment if the property is sold or transferred. However, some lenders may allow a transfer under certain conditions, so it's best to check with your mortgage company to understand your options.

Is marital status required on a mortgage?

Yes, marital status is typically required on a mortgage application. Lenders need this information to assess the financial situation of all parties involved. If you're married, both spouses may need to be included on the mortgage, especially if both are contributing to the loan. However, if one spouse is absent or has abandoned the property, the lender may have specific procedures to follow.

What to do if your husband abandons you?

If your husband abandons you, it's crucial to seek legal advice to understand your rights and options. Document any communication and financial matters related to the abandonment. You may need to consider filing for divorce or separation, especially if there are children involved. Consulting with a family law attorney can help you navigate the legal process and protect your interests.

Can you take your spouse off a mortgage without refinancing?

Removing a spouse from a mortgage without refinancing is usually not possible. Most lenders require refinancing to officially remove a borrower from the loan. However, if your spouse has abandoned the property, you may discuss your situation with the lender to explore possible options. They may require documentation to support your request.