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My soon to-be ex husband is residing in the marital home which will be his when the divorce is final. At this time our mortgage is more than we could sell it for. I know that I will be financially accountable for the mortgage until he is able to refinance it. The house has had un-permitted square footage and remodel work done to it and I don't want to be legally responsible for the property. My plan was to quit claim the deed to him so I am off the Title, and state in the divorce settlement that he is to attempt to refinance within the next 5 years. When do I notify the mortgage company? I live in California.

smithsussane · Posted: Thu Jan 20, 2011 1:07 am Post subject:

Hi Guest!

Welcome to forums!

Your divorce decree should mention the fact that your husband is liable to refinance the mortgage within the next 5 years. Once you receive the divorce judgment, you can inform the lender about the fact.

Feel free to ask if you've further queries.

Sussane

Posted: Fri Jan 21, 2011 1:03 am Post subject:

Hi Sussane- Thank you for the reply. It's a little scary relinquishing my property rights to the house and still being responsible for the mortgage, but it's even more scary to think about the tax liability or legal issues if something goes wrong on the property. What is the trend with refinances with people in our situation. Is the outlook getting any better? Thank You~ Janet

jameshogg · Posted: Sun Jan 23, 2011 10:53 pm Post subject:

Hi Guest,

If the property is in your name and if you have equity in it along with a good credit score, then you will be able to get a mortgage refinance.

Thanks

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