I am going through a divorce and our mortgage is both of our names. How i do i get my name off the mortgage. I would like for him to buy me out of it. Is that possible???
2006-07-17 06:02:29 · 12 answers · asked by JUST_ME 3 in Family & Relationships ➔ Marriage & Divorce
First off you have to deal with the house title issue. As part of your settlement it should be determined who gets the house and if the person not getting the house gets any of the equity currently in the house. Once this is figured out then the settlement should also state that the not receiving the house will sign a quitclaim to change the title over to the person keeping the house. This is dependent upon the person keeping the house, refinancing the house. Usually there is a specified amount of time given that person to obtain a new loan and pay off the old one, and if they go beyond that time frame they pay the other person a penalty fee.
2006-07-17 06:09:10 · answer #1 · answered by rkrell 7 · 1⤊ 0⤋
Yes, first you need to settle this on your divorce decree and the property wil be divided 50 - 50 including the debt/ mortgage. After that he can refinance the house and have it on his name only, and pay you back the difference that has already been paid in the past while you were still married.
But make sure he refinances after that because other wise if he stops paying for the house and loses the house, it will hurt you credit report really bad, inspite of being divorced.
2006-07-17 13:17:11 · answer #2 · answered by copita 3 · 0⤊ 0⤋
That is possible or have a court order that he needs to refinance the mortgage, but the court order will have no legal baring on the mortgage company independent 3rd party
So you will need him to refinance the mortgage or pay it off, now if he has bad credit and can not get refinancing I doubt the mortgage company will release you from the note
2006-07-17 13:07:20 · answer #3 · answered by goz1111 7 · 0⤊ 0⤋
You would have to put it in your divorce papers. You can't technically do something like that when you are in the process. Everything is still half and half right now (in most states at least). I would talk to your attorney about it and see what you need to do. They may charge you for the advice/phone call, but better safe than sorry.
2006-07-17 13:08:29 · answer #4 · answered by ekaty84 5 · 0⤊ 0⤋
She has to refinance in her own name. That is the sticky part if she doesn't and the house goes into foreclosing it will be a debt on both of you. (been through it). Even if the divorce decree states it you will still be liable if they do not refinance in their own name.
2006-07-17 13:10:35 · answer #5 · answered by sm_minx 2 · 0⤊ 0⤋
Have him refinance the mortgage in his name only and pay you with the proceeds.
2006-07-17 13:07:06 · answer #6 · answered by Si 3 · 0⤊ 0⤋
Yes or you can do what I did, have it written in the divorce papers that he is soley responsible for that property. Then the bank cannot come back on you for anything.
2006-07-17 14:23:16 · answer #7 · answered by babyjake 2 · 0⤊ 0⤋
A divorce attorney should easily be able to do this.
2006-07-17 13:24:14 · answer #8 · answered by NC_Pianist 4 · 0⤊ 0⤋
yal will have to split total payment 50 50
2006-07-17 13:06:16 · answer #9 · answered by rives 6 · 0⤊ 0⤋
he can buy you out for your portion of the equity. seek the advice for a professional though
:( sorry for you
2006-07-17 13:06:16 · answer #10 · answered by Anonymous · 0⤊ 0⤋