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Taking my name off the loan

My now husband and his ex-wife are still on a joint mortgage. We found out today he's approved for another mortgage, but the interest rate is very high due to the fact He's name is on another mortgage. His ex doesn't want to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] (and is being waht you may call "disagreeable"). Is there any way he can remove his name from the loan (as he is the primary barrower), by forcing her to refinance under her name alone? It is stated on the divorce agreement that she would assume the payments and grees to pay the balance.

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Huerta,

If the divorce agreement states that she has to assume the payments and she has already agreed to pay the balance, then she should do that.

In order to remove your husband's name from the mortgage, his ex-wife has to do a refinance in her name. Is it for the closing costs that she doesn't want to do a refinance?

[url=http://www.mortgagefit.com/know-how/novation-mtg.html]Novation[/url] is another option by which he may do so. But for that he has to talk to his lender first. Lenders generally do not agree for a novation, but if she has a good credit and a stable source of income then the lender might give his consent to do that.

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michelle's picture
michelle | Joined: October 8, 2007 07:23 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome to the forum Huerta,

Larry offers sound advice - refinance or novation would resolve the issue.

If your husband's ex-wife is still uncooperative, I would recommend that your husband contact his divorce attorney or another attorney to ask their assistance in enforcing the divorce decree. He really should get his name off that mortgage even if you do not proceed with buying at home at this point. So far, it appears that she has been making the payments, but that could change at any time and your husband's credit could suffer. I do not feel that is a risk worth trying to take.

Best of luck to you.

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

a name cannot be removed from a mortgage note. once it is signed by someone, the obligation remains until that loan is paid in full.

generally, when there is a divorce decree stipulating that one of the parties is responsible for all payments, a new lender can overlook the continuing obligation for the other party. in other words, your husband's situation should not have resulted in a higher interest rate, if it can be documented that the former wife has actually been making all the payments, and doing so in a timely manner.

many divorced people are uncooperative (go figure!). there is no way to force someone to refinance a loan. as for novation, i have never heard of this as a solution to a mortgage problem.

see if you can negotiate harder with your new mortgage lender, to see if there is a way to overlook the monthly obligation on that old mortgage that is being paid by his ex-wife.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Huerta,

Welcome to this forum.

If your husband's ex-wife doesn't want to refinance, there is no way to force her to do it. So forget that :) - "by forcing her to refinance under her name"

Now refinance, novation or mortgage assumption - nothing will help you out as she will not agree to do any of these things.

So I would like to know whether your husband is on the title also. If he is the owner of certain percentage of the property, then he can file a Partition lawsuit. Thus you can sell the property and pay out the mortgage. After selling the property, the profit and loss will be divided between your husband and his ex-wife. Thus you can remove your husband's name from the mortgage. But before filing the Partition Lawsuit, you should consult with an attorney.

There is a discussion regarding partition lawsuit in this community. You can check it out- http://www.mortgagefit.com/know-how/removecoborrower.html#partition-lawsuit

Hope this will help you. Feel free to ask if you have any further questions.

Thanks,
Larry

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

I bought a house, title and loan are both on my name and boyfriend's name. We broke up and I want my name off of the loan so I have no obligations financially. He will not take about refinancing or selling so I am trapped since he is making the shots. Please help me.

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

you can only try to negotiate with him at this time. however, you could force a sale of the home if you chose to do so...that would entail you going to court to try to force a sale, for example.

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

My name is on the mortgage loan. My husband and I are getting a divorce, but I am the one moving out because I can't make the payments on the house (he has always made them). What do I have to do to transfer the mortgage into his name and get me off of there?

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

when you say your name is on the loan, christi, are you also saying that your husband's is not? or is it a jointly held obligation? this is critical to know, in order to make sense of what your situation is and to try to suggest anything.

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

I'm divorced from my ex-wife -we were both on the mortgage. i stayed in the house with the children - she was awarded equitable distribution - now the problem is the house has been sold - is she responsible for 1/2 the balance at time of sale? including real estate taxes (i paid for 5 yrs - mortgage and property tax.)

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jorge!

Welcome to forums!

I guess she will be responsible for 1/2 the balance at time of sale. Nevertheless, you should speak to your divorce lawyer in this case and take his opinion in this matter.

Feel free to ask if you've further queries.

Sussane

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

Jorge, I don't believe that's going to be the case. Equitable distribution ought to have been defined to you at the time of the divorce. My experience in situations such as this is that at the time of sale of the home, the mortgage will be paid in full from the sales price, with the difference between price and payoff divided equally between the two of you.

Here's an example of what I'm saying: Let's say your home sells for $200,000 and that you owe $120,000. The equity in this case is $80,000 - that would be split at $40,000 each for you and your former wife.

Presumably, you and she both had attorneys working for your mutual and individual protection during the divorce proceedings. In that case, each of you should have been advised as to what would take place upon the eventual sale at that time. If you weren't and if you have additional questions that apply, you ought to go back to your attorney for clarification.

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

I recently finalized my divorce. My ex signed a bargain of deed sale. I was suppose to refinance however, before my ex left, she destroyed the house lowering the value of my home. My only option was to do a remodification on my loan..will this remove her from the original loan???

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cimato,

A loan modification won't remove your ex's name from the mortgage note. Unless you refinance the mortgage, your ex-partner's name will remain on the mortgage docs.

Thanks

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