Hi Guy's,

Currently i have a property under me and my wife name and the loan will be under my name , for your information we are going to divorce soon hence she would like to transfer the ownership to me however based on my lawer explanation i need to refinance and redo the loan agreement as well which costs another 10 k , is there any other way to prevent refinance process ? as in discuss with bank ?

Thanks in advance.

of course, just use cash settle the loan.

nobody cares if the previous loan is under whose name, or how u settle the loan whether refinance or cash.

important thing is the existing bank loan must be cleared before ur wife can transfer the property to u.

That's only applicable if they have enough cash. If there is not enough cash, have to refinance.

Have your lawyer suggested a separate contractual agreement where your future ex-wife declared to waive all her rights to the property? Since the loan is 100% under your name, the bank will not care if she waived her rights or not as they still hold you liable on the loan and can take the house away if you don't pay.

This post has been edited by Gabriel03: Jan 9 2024, 11:24 AM

if you can settle the loan by cash, then you no need to pay for the legal fees. If you cant settle by cash, then you will need to do refinance. Loan agreement fees and valuation fees can finance into loan amount.if the home market value got increase, you can apply for cash out also for the transfer fees payment.