What do you do after divorce to get your ex off of your mortgage?
by Mortgage Rates on Sunday, October 10th, 2010 | 9 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
MAN SHE GOT YOU BY THE BALLS
take divorce papers to mortgage company and have thm remove ex
you must speak with your mortgage holder and find out what you can do with what information you gave here and they should be able to help you.
To have her removed from the loan, you would have to refinance the debt into your name only. Also, the property would have to be legally transferred to you (deed). Just going to the bank or mtg. broker and showing them your divorce papers means nothing. They are under no obligation to remove her name. And with it being a negative equity situation, I would doubt that they would release her. If the loan defaulted, they can go after two people instead of one.
I deal with this every day in my career.
If as part of the divorce agreement she was to be removed, did the judge tell you that you needed to refinance the house?
What you could consider deed in lieu of foreclosure. Call your lender and see if something can’t be worked out.
Refinancing is the ONLY way to have a person removed from a mortgage. I am aware of no lenders who will remove a name without a full refinance.
There is no other way then to refinance. The loan is a legal contract, with her signature. She, you, or anyone else, can not simply erase her name. You have to refinance so that a new contract can be drawn up w/o her name.
The ONLY way to get her off is to refinance/sell.
Here is a suggestion. If she wants off so she doesn’t have any financial responsibility to the home anymore then have her buy down the negative equity so you can refinance the the rest in your name.
She really doesn’t got you by the balls, you have her by the nipples. If you fail to pay and foreclose then she suffers the ill fate as you would. If she wants out then make her buy out. Especially if you guys had drawn out equity in the house on a line of credit or second mortgage, she used the money also, so have her repay it also.
She probably wants her name off badly so she can go get credit or buy a place she wants. If she remarries and tries to buy a place with her new man, it will be hard for her since she will still be responsible for the mortgage her name is on now. It will create a higher expense to debt ratio for her new life.
Dont let her stick you with this one.