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I got divorced in Texas earlier this year. In our settlement it states that he will move in at the beginning of October and refinance the house into his name only freeing me of financial responsibility for it. We have had the house on the market since March with no offers. He has been unable to get a refinance approved due to his debt to income ratio. He has student loans at approx $5,000, and we got our cars financed in both names, along with the house. We agreed that I will move out as previously planned and he will make himself responsible for the mortgage payments for a year just as I have done for a year. At the end of that year he will attempt to refinance the house again since our car loans will be halfway paid off by then. I do trust that he will make the payments, and I don't want profits on the house when if it sells. What kind of legally binding document is done in this situation? Also, am I setting myself up for financially hardship or potentially bad credit with this? I have heard that a quitclaim will place the deed in his name? However, I don't know if it is smart for me to give up all my rights on the house being that I am still financially liable for it?

smithsussane · Posted: Wed Sep 08, 2010 8:53 pm Post subject:

Hi gummybear!

Welcome to forums!

Your divorce decree is a legal document which makes it legally binding for your husband to refinance the mortgage in his name. As your name is still on the mortgage, you're financially responsible for the loan payments. If your husband defaults the mortgage payments, the lender will come after you to recover the dues. Also, the late payments will have a negative affect on your credit report.

Feel free to ask if you've further queries.

Sussane

Guest

At this point everything has remained cordial and neither one has been irresponsible with any payments. However, I don't know exactly how the quitclaim letter works and if it would be dangerous on my behalf to take my rights away regarding decision making of the house?

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