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Ex-wife and mortgage
Posted on 10/21/12 at 4:26 am
Posted on 10/21/12 at 4:26 am
Is there any way to get my name off the mortgage of my ex-wifes house? We have been divorced for over two years and the house was awarded to her. However, my name is still on the house note. Therefore, when she pays the bill late, it shows on my credit. Is there any way to do this without her having to refinance? She is not in any position to do that.
7
Posted on 10/21/12 at 6:44 am to delta3504
U fricked yo. U have to refi.
Posted on 10/21/12 at 6:58 am to Mercy Percy
Why would I refinance? I don't own the house anymore.....YO.
Posted on 10/21/12 at 7:11 am to delta3504
To get ur name off of it... And protect your credit.
Posted on 10/21/12 at 7:20 am to delta3504
Your ex is the one who has to refinance. I'm surprised that this wasn't specified in the court-ordered settlement. If she doesn't have any credit, she can get someone to co-sign. You're no longer the owner of the property in the courthouse records, but you are still the debtor as far as the mortgage company is concerned until she refinances.
Posted on 10/21/12 at 8:13 am to delta3504
She has to do either do a refi or an assumption with the mortgage company. The assumption is cheaper, but more strict on the guidelines. Even though she was awarded the property, you are still responsible for the debt until she refis or does the assumption. Some divorce decree give a time limit to get your name off or the house has to be sold which of course cancels the debt. You might have to get your attorney invovled. If she hasn't done either one, it's still showing on your credit report as one of your debts.
Posted on 10/21/12 at 9:24 am to West Monroe
Unfortunately, the only way to get your name off is for her to refi. If she is unable to refi, you need to get an attorney to force her to sale. I deal with this all the time. It really sucks how these laws work.
Posted on 10/21/12 at 9:46 am to CajunTigerBabe
Unfortunately, the only way to get your name off is for her to refi--- not true....An assumption with the mortgage company is an option. If she has poor credit or high debt to income ratio she will not qualify for an assumption. At that point either refi or selling property is only option.
Posted on 10/21/12 at 11:19 am to West Monroe
Most mortgages are not assumable these days. If the mortgage us assumable, she would more than likely not credit qualify. I would call the lender that is holding your mortgage to see if you have any other options. I have heard on a few cases that a lender may remove you from the mortgage if your property settlement clearly states that you are no longer responsible for the mortgage. This is not the norm, however.
Posted on 10/21/12 at 12:28 pm to delta3504
Have you sent the mortgage company the divorce decree?
If she cant afford the house, tough shite for her.
If she cant afford the house, tough shite for her.
Posted on 10/21/12 at 6:28 pm to StrangeBrew
quote:
If she cant afford the house, tough shite for her.
It's actually tough shite for her and the OP.
They are co-obligors for the debt, unless the lender decides to release him from the note. If they don't, anything the wife does or fails to do will reflect on his credit report.
Posted on 10/22/12 at 10:27 am to delta3504
the only way to get you name off is to refi the house.
Posted on 10/22/12 at 11:23 am to delta3504
This should have been brought in your settlement agreement. If it wasnt, you had a shitty attorney
Posted on 10/22/12 at 11:25 am to delta3504
quote:
house was awarded to her.
Figured part of the deal would have been to have your name off of the mortgage then...If it wasn't, your attorney sucked.
This post was edited on 10/22/12 at 11:26 am
Posted on 10/22/12 at 11:40 am to TROLA
quote:
This should have been brought in your settlement agreement. If it wasnt, you had a shitty attorney
This. And a good warning for anyone else going through a divorce. I've heard of this quite a bit. The wife has no incentive to refinance.
Posted on 10/22/12 at 11:43 am to CoolHand
quote:
The wife has no incentive to refinance.
Depending on how long they've had the house, it might actually help her out several hundred a month. Can probabaly get ~4% at the moment.
Posted on 10/22/12 at 11:47 am to LSU0358
quote:
Depending on how long they've had the house, it might actually help her out several hundred a month. Can probabaly get ~4% at the moment.
Well, there's that. However, she might enjoy keeping him on the hook. Also, it sounds like her credit could be shot.
Posted on 10/22/12 at 12:00 pm to CoolHand
quote:
she might enjoy keeping him on the hook.
Yep, hell hath no fury and all that jazz.
But I'd figure any reasonable person would want to save a few hundred a month. But I've yet to find a woman were reason is used to make a decision.
If she won't refi, I'd go back to court in a heartbeat. Tell her it's court and lawyer costs, or refinance the house.
Posted on 10/22/12 at 12:16 pm to delta3504
This should have been taken care of when the divorce happened. No offense, but you didn't take care of the issue when you needed to address it.
Now it appears that you've signed a quit claim deed with your name still on the mortgage.
Now it appears that you've signed a quit claim deed with your name still on the mortgage.
This post was edited on 10/22/12 at 12:17 pm
Posted on 10/22/12 at 1:34 pm to VABuckeye
In Delta3504's defense. I see this all the time. She couldn't refi until the divorce was final and the property settlement was done. Then, the courts usually give them a year or two to get it done. I have a friend that can't refi hers because she filed bankruptcy so I had to send her a letter of credit denial to present to the court and the attorney's.
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