Mortgages after divorce

posted 3 years ago in Legal
Post # 3
Member
11379 posts
Sugar Beekeeper
  • Wedding: April 2012

@fuentesbee:  he will need to be refinanced to carry the mortgage himself.  this is the only way your name will be removed.  he needs to be approved on his own.  if he cannot get financed, you will have to sell the house.  you can legally force him to do so. 

make sure you name is off of the mortgage and the title.

i’ve gone through this so let me know if you have any other questions.

Post # 4
Member
288 posts
Helper bee
  • Wedding: September 2014

This might vary from state to state.  I got divorced when I lived in Missouri and I had to make him refinance and file a quit claim deed.  Best thing I ever did, because about a year later he lost the house.

 

Maybe a lawyer bee will see this and give you some insight. 

 

Or you can just force him to sell the place. 

 

Post # 5
Member
6034 posts
Bee Keeper
  • Wedding: October 2014

One of you will need to buy the other out or you’ll need to sell the house, or you’ll both need to remain on the mortgage. The mortgage is an agreement between the two of you and the bank, and if the bank won’t qualify either of you to carry the mortgage on your own, then you don’t have a whole lot of options. You can’t just ask to have your name removed.  And if you took him to court over that mortgage, the court would probably order you to sell the house.  Is he expected to make payments while you live in the house?

Post # 6
Member
4893 posts
Honey bee
  • Wedding: July 2012

@fuentesbee:  One of you do not have to buy the other person out. When I got divorced, my ex moved and I kept the house. My ex signed a “quit claim deed” signing his rights of the house over to me.

If he keeps the house, you’ll have to sign a quit claim deed turning your rights of the house over to him. But also remember to remove your name from the mortgage loan. Otherwise, you’ll have no rights to the house but you’ll still be financially responsible should he default on the loan! This can be done by him refinancing the home in his name only.

 

 

 

 

 

 

 

Post # 7
Member
124 posts
Blushing bee
  • Wedding: October 2012

My friend trusted that her ex would refi the mortgage into his name only. He couldn’t qualify for a mortgage alone. A few years later, he and his new wife just let the house go into foreclosure instead of doing something logical, like trying to sell it. Her credit is destroyed, no new house for her.

 

situations change; don’t trust your ex with your financial future.

 

Post # 8
Member
4893 posts
Honey bee
  • Wedding: July 2012

@Horseradish:  One of you will need to buy the other out or you’ll need to sell the house, or  you’ll both need to remain on the mortgage. The mortgage is an agreement between  the two of you and the bank, and if the bank won’t qualify either of you to  carry the mortgage on your own, then you don’t have a whole lot of options. You  can’t just ask to have your name removed.  And if you took him to court  over that mortgage, the court would probably order you to sell the house.

Not necessarily. When my ex moved, I kept the house. He signed a quit claim deed givng up his rights to the house. As far as the loan was concerned, I refinanced the house into my name only (he had to sign paperwork agreeing to this) and that was that. 🙂 But in her case, it might be different if they can’t get a refinance.

 

Post # 10
Member
1287 posts
Bumble bee

When I went through my divorce, we had to sell the house, per the courts, or xDH had to buy me out of the house for an x amount of $ of what the sell price would have been (equity of the home), also, per the court….since I no longer lived there and I also had proof that he was paying the mortgage, and I had written proof that he was taking over the mortgage/bills when I moved out, that we both had contracted up and signed, notarized.

Post # 11
Member
6034 posts
Bee Keeper
  • Wedding: October 2014

@GFerg:  The refinancing is the key. You can totally remove names from the deed as you mentioned, but it’s financially suicidal to keep yourself liable for a loan to pay for an asset for which you claim no ownership. So if the OP removed her name from the deed by way of filing quit claim, she would still be financially liable for the mortgage payment, but would no longer be able to sell the house to pay for the mortgage, which in my book makes it not an option.

And you can’t just go to the bank and tell them to take a name off the mortgage. That’s the whole purpose of the refinance attempt– to pay off the existing loan and take out a new one.  If they won’t write a new loan based on just one person’s credit score and income, then this stops being an option. The bank doesn’t care about the divorce agreement between the two borrowers, so just the fact that the OP is divorcing isn’t going to get her name off of the mortgage. 

 

Post # 12
Member
11379 posts
Sugar Beekeeper
  • Wedding: April 2012

@fuentesbee:  if he cannot be refinanced alone, he has to sell the house.  the only other option he has is to have a relative or friend jointly sign a new mortgage with him.

it sounds like he wants to keep the house and still keep you on the mortgage.  DON’T DO THIS!!!  this will ruin you.  cut all ties with him.

if you need to force him to sell, it shouldn’t cost that much with a lawyer.

have you gone to the bank to see how much equity is on the house?  half of that equity is yours.  ask the bank what other options they suggest for you.

Post # 13
Member
1392 posts
Bumble bee
  • Wedding: January 2011

You can’t force him to sell the house. It sounds nice, but even if he lists it for sale, it might not be bought. That’s what happened in our case. Ex-husband is still living there. 

Post # 15
Member
4893 posts
Honey bee
  • Wedding: July 2012

@Horseradish:   So if the OP removed her name from the deed by way of filing quit claim, she  would still be financially liable for the mortgage payment, but would no longer  be able to sell the house to pay for the mortgage, which in my book makes it not  an option.

Exactly, I agree, which is why I suggested the refinance before I saw that her soon to be ex can’t do that. :/ That’s how we did it in my situation – ex-husband signed quit claim and then I refinanced the house into my name only, removing his name from the mortgage. 🙂

Post # 16
Member
11379 posts
Sugar Beekeeper
  • Wedding: April 2012

@MammaPants:  she can legally force him to the sell the house.  the courts will make him if they are divorcing and he is refusing to buy her out, cannot refinance and will not list the house for sale.

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