2007-06-21 04:12:56 · 11 answers · asked by babygyrl 1 in Family & Relationships ➔ Marriage & Divorce
Contact a title company and have them so a transfer of title.
2007-06-21 04:17:51 · answer #1 · answered by sugarcarat 5 · 0⤊ 4⤋
The only way to get your name off the loan is to refinance or pay off the loan- sell the home. The mortgage company won't take a name off - even if it is in the divorce. I would suggest that if your name is still on the loan you put a provision in the divorce that you have full say in what happens with the property and that the spouse living in the home, if they stop paying, they have to move out and let you move in and take over. Just make sure you are protected.
A quit claim deed will take a name off title, but not off the loan.
Your best bet really is to just refinance in one persons name or sell the home and split the equity.
Your attorney should be advising you of all of this.
Edit**
The Mortgagee is the borrower (you)
The Mortgagor is the lender.
2007-06-21 11:41:51 · answer #2 · answered by Anonymous · 1⤊ 1⤋
The only ways that your name can be removed from the loan obligation are:
1. The loan is paid off. This can be done by selling the property. The other party can also refinance the home, in their own name only, and you can deed your rights to the home to them.
2. The lender can release you from the obligation. The odds of this happening are slim. There is no advantage to the lender for them doing so, and it increases the risk the take!
2007-06-21 11:37:42 · answer #3 · answered by fire4511 7 · 2⤊ 0⤋
White-Out.
Now, if you'd like a different answer tell me what your divorce decree states as to the disposition of the home, IN THE EXACT WORDS of the decree. (property settlement)
By the way, Yes, I am an attorney.
EDITED FOR KiaSister1:
Except that we have no facts to support any answer. There are reasons I asked for specific information.
So, what would your answer be if the divorce decree stated simply that the house is to be sold and the equity split 50/50. and that's ALL it said?
By the way, yours was the most correct except that so far, there is absolutely no information on which to base a legally correct (completely) answer.
2007-06-21 11:26:12 · answer #4 · answered by hexeliebe 6 · 0⤊ 0⤋
You or he will have to refinance. That is the only way. A quit claim deed might change ownership, but does not excuse all signers on the loan from their responsibility to repay. For more specifics contact your divorce attorney or consult a real estate attorney.
2007-06-21 11:35:34 · answer #5 · answered by Adoptive Father 6 · 1⤊ 0⤋
You have to get the other person to assume the loan totally or sell the house. Assuming the loan means the other person would have to give you that part of the equity which you had invested as the married partner in the property and then they would be sole owner. If you sell, then you split the proceeds.
2007-06-21 11:25:16 · answer #6 · answered by Anonymous · 1⤊ 1⤋
The home has to be refinanced. I am fighting with my ex about it in court right now, I had to get a lawyer, and now have to have a motion in front of a judge to uphold the divorce judgment.
And, it has to be in the divorce decree to begin with.
2007-06-21 11:21:57 · answer #7 · answered by aerishkigal 2 · 1⤊ 1⤋
I was told I could use quit claim deed. The other party signs off on having any claim to property
2007-06-21 11:26:53 · answer #8 · answered by davey 4 · 0⤊ 3⤋
Write to the Mortgagee.
2007-06-21 11:34:41 · answer #9 · answered by Anonymous · 0⤊ 2⤋
refinance & quit claim
2007-06-21 11:35:44 · answer #10 · answered by hi91977 3 · 0⤊ 1⤋