 henryorhank
Joined: 14 Apr 2008
Posts: 5
4.27 Dollars($)
|
Posted: Tue Apr 15, 2008 12:03 am Post subject: divorce,mortgage,novation?
|
 Like 0
 Dislike 0
|
|
I think I may have posted this in the wrong section, so please forgive me for posting it again, here.
Hello all. My ex and I have been divorced for 2 years. Written into the divorce decree, I signed over ownership of our house in Texas to her (and she bought me out of my half- fair market value at that time) and I have since moved away. No quit claim deed was used - ownership was transferred as written into the verbiage of the decree. We did not use a divorce attorney, either. Now I am trying to buy a home at my new location and just learned that my name is still on the Texas house mortgage, along with hers, and have been told by my lender that is a problem. I understand that the only way to get my name off the Texas house mortgage is for her to refinance (is that correct?), but have asked her to do so and she said 'no way." So, are there ways to get my name off the mortgage without her refinancing? Also, if she stops making the payments, I understand the lender can come after me?!? And if that happens, she still gets to keep the house and I get nothing? Do I have any ownership at all? Could I force a sale of the house?
After reading through the forums here, I've seen many people suggesting a "novation," which I believe I understand what that is. However, I am wondering if this sort of thing is actually possible to do. I mean, what lender would be willing to let anyone off the hook. Does this sort of thing work? I've seen many posters suggest this as a solution, but has anyone actually done this?
Thanks! |
|
larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
|
|
Mortgage Forums 
