Feb 25, 2011 · The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion.
May 31, 2017 · 1 ANSWER Chase T Wilson Partner at Hurst Limontes LLC no peer reviews 100% 10 client reviews Contact 317-708-3378 website Answered on Jun 05th, 2017 at 5:33 AM First, you can sue him, but you'll have to show damages.
Aug 24, 2018 · “It is dependency, not familiarity, that breeds contempt,” says author Marty Rubin.If you depend on your ex-wife to refinance your marital home after a divorce and she does not, she faces more than just your contempt. She faces a contempt of court charge from a …
Oct 27, 2015 · Major problems exist if an ex-spouse receives the marital home in a divorce but fails to refinance the loan when the ex-spouse is still an obligor on the loan. Both spouses remain liable to the lender. In addition to the risk of the ex-spouse defaulting on the loan, the liability for that loan will remain on the other spouse’s credit report ...
If you're not willing or able to sell or refinance the marital home, your other choice is to keep the home and the mortgage intact. Both parties remain on the existing loan and liable for the payment. This requires specific language in the divorce agreement about who will make the mortgage payments each month.Nov 5, 2021
In order to remove your association with the account, you must go directly to the lender, and the lender must agree to change the contract. If you are an authorized user on the account, you can contact the creditor and request that you no longer be an authorized user.Jul 3, 2013
Brette's Answer: It is difficult to force someone to refinance because it's up to the bank whether he qualifies for a loan. What indemnification means is that if he fails to pay and the bank comes after you, you can in turn sue him for the costs you face.
What Can You Do to Remove a Mortgage From Your Credit Reports After a Divorce?Refinance the loan. If you're able to persuade your ex-spouse to refinance the loan into just his or her name, then you've accomplished your goal. ... Sell the house. ... Pay off the loan.Feb 26, 2020
You need to close the account and transfer it to an individual account. Once this is done, you should ask credit reference agencies to place a notice of disassociation on your credit report. This should prevent your former associates future actions affecting your credit score.Aug 22, 2016
If you had joint accounts with your ex-spouse while you were married and have not contacted the lender to have your name removed or the account closed, those accounts will still appear active on your credit report, and the lender will report any new addresses associated with the account.Jun 28, 2021
You can remove a name from your mortgage without refinancing by informing your lender that you are taking over the mortgage, and you want a loan assumption. Under a loan assumption, you take full responsibility for the mortgage and remove the other person from the note.Jul 23, 2020
If you want to remove a name from a joint mortgage loan, whether it is your name or the name of your co-borrower, it is possible to do so without refinancing. This situation might occur if a relationship breaks up or a living situation changes. However, each option has its downside and may not be successful.
Not usually. If you are creditworthy, the lender will often allow you to assume the loan and/or release your spouse from the loan. But if there are problems with either option, you may need to refinance to remove your ex-spouse from the mortgage.
The answer to your question is “Yes”. You may sue your ex-husband for acts and omissions during the marriage and PERHAPS even after the marriage (or date of legal separation) which led to credit damage of your personal name. This type of case has been sued upon over and over again.Sep 24, 2015
Your lender has the right to pursue both parties either jointly or individually for payments. If repossession occurs, they will also seek costs, legal fees and other losses from you. Refusing to pay the mortgage will severely impact your ex-partner's credit file as well as yours.Oct 21, 2020
Your ex-partner will almost certainly require your consent to remove you from the title deeds and/or mortgage. Usually after divorce or separation, one party applies for a transfer of equity to have the other removed from the title deeds, simultaneously enabling the lender to remove them from the mortgage.Dec 19, 2019
If you depend on your ex-wife to refinance your marital home after a divorce and she does not, she faces more than just your contempt. She faces a contempt of court charge from a Virginia Circuit Court judge.
Sure, you are upset, but move forward to reach your goal, not hers. Focus on getting your name off the mortgage; recriminations and tough talk can wait. Calmly inform her of three issues: 1 She is in contempt of court if refinancing was stipulated in the divorce decree; and 2 She is harming her own credit worthiness as well as yours 3 She is delaying her financial independence
The Husband appealed the trial court’s decision to the sixth Appellate District. The appellate court stated that the case turns on whether the parties’ property rights were finally and completely adjudicated in the divorce proceeding. If they were, the wife could not bring the partition action.
Major problems exist if an ex-spouse receives the marital home in a divorce but fails to refinance the loan when the ex-spo use is still an oblig or on the loan. Both spouses remain liable to the lender.
I agree with both counsel. You need to hire an attorney and file a motion to show cause. The problem is that if he tried and was unsuccessful due to lack of income or other issues, impossibility is a defense to your motion. You may end up spending more money then it is worth.
Find a lawyer and describe your situation and bring the final divorce decree. Have the lawyer file a motion to show cause. If you're successful, the attorneys time should be paid for by your ex-husband for his failure to abide by the divorce decree. Good luck.
Hire an attorney to review your final judgment of divorce, and then file a petition to enforce the order.
Credit repair is the method you use to challenge questionable negative entries on your credit report.
Credit repair lawyers perform a variety of services geared towards repairing your credit, including:
If the individual has no other ideas or cannot receive funding to refinance from any source, he or she may need to hire a professional real estate agent or broker to discover what options are still available. Many experts and professionals in these matters have other ways to view what to do or research methods to pursue.
Because the liabilities and assets with houses are not usually separate in different names , the person taking the home may need to also make payments on the mortgage. This is usually necessary even when the other party provides monetary support. As part of acquiring the asset in smaller estates, the ex-spouse would then need to refinance the property to take on the interest the other person placed in the home during the marriage.
Property acquired through the divorce may demand a refinance to buy out the equity the other party has and need funds through the divorce settlement.
While the courts do not usually force certain matters, these situations may arise through another order such as awards of the family home with the condition that the individual refinances the property. Through property division, the ex-spouse may take the house but may need to find a way to refinance it so that he or she may acquire ...
During a divorce, it is possible that a refinance loan for the family home does not progress to approval. Some options exist at the time of divorce which may need judicial approval, and it is important to speak to the lawyer about the situation for further information.
The division of equity and assets usually depends on the state of residence . However, the current value of the property that the person still has in the house may help him or her out of a steep mortgage with rates that are too high to pay each month against the real estate loan.
Refinance not an Option. Even if refinancing is possible, it is not always an option. This is especially important in situations where the other spouse’s name will remain on the property or if both spouses will share the equity even when the divorce completes.
Neither the parties, nor the court can make a person become credit worthy, even though an agreement can be drafted saying a refinance must be done. There are other considerations on a refinance, such as current equity in the home, and the financial condition of the parties.
If it does go to court you will need proof that you have tried to refinance, so try to gather those documents. Since the contempt is not "willful" i.e. you can't force the bank to refinance- there really is no legal remedy for your ex-wife. The only real remedy would be to list the house for sale but that option may not be available to the Judge because it would contradict your being awarded the home in the original divorce decree.
If you default on the note, the bank cannot sue you for the deficiency if any upon foreclosure. A deficiency is the balance due on the note after sale of the property if the property is worth less than the amount owed.
Without an agreement the loan is discharged but the lien remains against the property. As long as you make the payments and stay current you get to keep the home. If payments fall behind and a foreclosure takes place the lender cannot come after you for any deficiency balance.
Lawyers don't reaffirm debts, debtors such as you are the only ones who can reaffirm debts. Reaffirming a real estate loan is a pointless and risky thing to do. Reaffirming is agreeing to pay the loan and any deficiency should a foreclosure later take place. Not reaffirming doesn't prevent someone from refinancing, but it may prevent you from refinancing with your current lender. All mortgage companies are more picky than they used to be about qualifying someone for a mortgage loan. Check with your local credit union for more information on the requirements to refinance.
If you have signed and filed a reaffirmation agreement with the bankruptcy court then the debt is not discharged and if a foreclosure takes place you may still be obligated for any deficiency left on the loan. The fact that your mortgage is not being reported to credit bureaus is correct the debt is discharged.
Not reaffirming doesn't prevent someone from refinancing, but it may prevent you from refinancing with your current lender. All mortgage companies are more picky than they used to be about qualifying someone for a mortgage loan. Check with your local credit union for more information on the requirements to refinance.
The short answer is that it is almost never a good idea to reaffirm. Reaffirming makes you personally responsible on the note for the house. If you want your payments to show up on your credit report, you might need to send copies of your payment history in to the lender.
The fact that your mortgage is not being reported to credit bureaus is correct the debt is discharged. You can, however, request information about your payment history from the lender and use that to demonstrate to a potential new lender that you have been making regular, on time payments. Report Abuse. Report Abuse.