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My wife and I divorced and she gave everything to me and wanted none of the house, business or anything else:( I live in NY)
We got divorced and in the divorce it says that I have the home and the wording is this:
[i:2787b8fc3f]the marital residence subject to the husband obtaining a release of wife from all obligation for any and all indebtness which is secured by a lien on the marital residence(the indebtness release).Wife shall convey to husband, by quitclaim deed, all of her right, title and interest in the marital residence within 10 days after the husband delivers to her the indebtedness release.Until wife makes such conveyance to husband, husband shall hold harmless from, and indemnify her for any liability, cost or expense relating to the marital residence including, but not limited to all indebtness secured by a lien thereon[/i:2787b8fc3f]

The divorce was signed and agreed and I received the decree of divorce months ago:

Since this time my ex has now gone and found a home she wants to buy and put in an offer and had a mortgage approved but they will not allow her (FHA Loan) to have the mortgage until she is removed from the one she is still on with me here:
I have paid the mortgage on time and have a credit rating of approx 660:
I would have thought it would have been better for her to get off the mortgage before attempting to buy another house!
Anyway now she is upset....I can afford the loan and have always paid it but now I have sent in -wells fargo - a assumption of loan application:
My questions are:

Can she force me out of the home or force me to sell it or force me to do anything (we are both on the deed)

Am I am in default of the divorce agreement - remembering that is past and signed and I have my decree:

If I am not approved for the assumption - what then?
Does the lender work with me to try to get this assumption mortgage passed?
Would I have to re mortgage?
What if I do not qualify?
What then?
I have approx income of $226.000 per year gross - I own my business - after expenses /outgoings I have a net profit of about $34,000:
This figure varies from year to year: - generally its between $35,000 to $50,000 per year net:

I have two vehicles both at about $550 per month - BUT both are classed as owned by my business but are on my credit report!
How do I get them off?
Other expenses debt - no credit cards:
1 credit card closed and originally $2500 debt now paid to $1200 balance:
No other real revolving credit or debts:
What are your thoughts?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex husband a I bought a home using a VA loan in 1998. We got a divorce in 1999. My ex was/is a bully and told me that I needed to pay for him to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the house he was keeping. I had no money as I was living paycheck to paycheck and was trying to establish my own credit for the first time. My lawyer had it writtten in the divorce decree that I would be held harmless, and had the authority to sell the house out from under him if he became delinquent on the payments. A few years later I was able to secure a mortgage of my own. A few years ago, I discovered that my credit rating is crap as a result of having my name on 2 mortgages, and he had been making late payments on a regular basis. I contacted Chase Mortgages and through MANY frustrating phone calls where I was put on hold for an hour and a half each time they told me what they needed me to send them to have my name removed from his mortgage. I sent them the info and waited. Months past, I called them back, went through the on hold process only to have them tell me they couldn't find the info I sent them. I re submitted them the info again, and waited. Again I called them back and nobody in that department would answer the phone LITERALLY! I talked to a nice lady from another department and told her nobody would answer and she called that department herself only to confirm that nobody was answering. At that point I just gave up. The other day I received correspondance from a creditcard company cancelling a card I held with them (with a zero balance) stating that I have too many outstanding balances and a serious delinquincy. I have no late payments but I believe this is due to my name still being attached to my ex's mortgage. have been told that he has the power to relinquish me from his loan and has no apparent desire to do so and,so I'm basically screwed. This is not fair. I've been considering contacting a lawyer. I have wanted to refinance my current mortgage to take advantage of the lower interest rates but have been unable.

Like | Dislike | Share | Posted: Wed, 09/12/2012 - 03:26 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Angela,

Your ex will have to refinance the mortgage in his name solely in order to remove your name from the loan doc. Unless he does so, the loan will appear in your credit report.

Like | Dislike | Share | Posted: Thu, 09/13/2012 - 00:55 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my first thought is that you procrastinated and brought this issue upon yourself. let's set that aside, though.

if you can demonstrate that the automobile loans are paid for by your business, you'll find that underwriters will generally delete them from consideration of debts. mind you, things have changed in "underwriting world" recently, so this is not necessarily a gilt-edged guarantee of anything.

hopefully, your $34K is supplemented by some depreciation, which underwriters will allow to be added back as income. that'll make your application stronger.

of course, the assumption, if allowed, will be your easiest path to straighten out this situation. refinancing is a bit trickier, as (i'd assume) your financial situation will be looked at more closely. you didn't say how long you've had the existing mortgage, but i would think that would factor in to their decision-making.

what can your former wife do? haul you back into court, i suppose. but what the outcome of that would be - who knows? the key thing here is that you must act swiftly and decisively so that you can give her the relief that is mandated by the decree and she'll then be allowed to make the purchase she's desirous of making.

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 06:27 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i know nothing about an llc - quite sure you'd be smart to have a lawyer.

get with your accountant and see what is in there for depreciation. you'd want to be able to prove that the company pays the car loans - did you write checks from the company account to pay them? i hope so.

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 19:05 | Post subject:

kevincolangelo's picture
kevincolangelo | Joined: April 9, 2009 12:12 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have - we have had the mortgage since 2002 - we paid $85,000 and the remaining on the account is $79.000:
The value has increased to about $105,000
What do you mean I brought the issue upon myself?
I think my ex brought it upon us both by applying for a mortgage and getting another house without gettig herself of this mortgage FIRST right?
what does
hopefully, your $34K is supplemented by some depreciation, which underwriters will allow to be added back as income. that'll make your application stronger.
mean?
Thanks for your advice:
So she cannot force me to sell or anything even reading the decree or anything?

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 18:08 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

when you do your taxes, do you claim depreciation expense for equipment, or anything like that? that's what i was addressing.

you indicated that the transfer of the property to you was "months ago." honestly, you should have acted immediately to grant the relief that was required in the divorce decree. that's why i commented as i did.
i don't know if she could force you to sell, but she sure can drag you back into court to make you defend yourself for not having done what was required in the decree.

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 18:54 | Post subject:

kevincolangelo's picture
kevincolangelo | Joined: April 9, 2009 12:12 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I get the amount of about 300,000 per year and the accountant removes outgoings and expenses and the $34,000 is what I am left after that - some years its higher though like $55,000 as I own my own business:
yes I should have done it but there was a chance we would get back together even after the divorce thats why I did not get it done.
both vehicles are belonging to the business but show up on my credit report ..how would i get them off ...how easy is it to get a LLC drawn up myself without having to pay a attourney?

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 18:59 | Post subject:

kevincolangelo's picture
kevincolangelo | Joined: April 9, 2009 12:12 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes i wrote the checks using the business account for the car loans

Like | Dislike | Share | Posted: Thu, 04/09/2009 - 19:17 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

good; that's key. you'll want to be able to present a year's worth of canceled checks (or bank statements) to support that. in that way, an underwriter can eliminate your car payments from consideration as debt.

Like | Dislike | Share | Posted: Fri, 04/10/2009 - 10:46 | Post subject:

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