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In those cases, the Court will order that the home be sold. Division of assets after divorce is very fact-specific and requires a specialized knowledge of local law. For these reasons I would suggest you contact an attorney who specializes in family law matters in your jurisdiction.
Oct 20, 2020 · How Can an Attorney Help You? Removing your ex-spouse’s name from a mortgage (and title) after divorce is an important step that can come with both legal and financial benefits and responsibilities. It can be difficult, however, to successfully remove your ex’s name from the loan while still protecting your interests.
Answer: As you advise that your name is on the mortgage for the house, it would follow that your name is also on the title (deed) to the house. As the divorce did not address the house, presumably you have not voluntarily signed over the house to your ex-wife and remain an owner (or sole owner) of the house.
Mar 11, 2022 · After a divorce, the simplest approach to avoid this possible difficulty is to have the name of the former spouse removed off the mortgage. Here are four different approaches you may use to do this. 1. Refinance your home Refinancing the loan to be in your own name is an efficient method of deleting a name from the mortgage documentation.
There is only one way to have your spouse's name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
There may be options for assuming a mortgage after divorce. In order to assume a mortgage, you have to qualify individually for the new loan. Both you and your lender would need to sign an assumption agreement spelling out the terms of the assumption and releasing your former spouse from liability.Feb 25, 2019
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
When a divorce occurs, regardless of what the divorce decree says, both spouses remain legally responsible for paying the creditor if both names are on the loan. That means even if you -- and the court -- agree that your ex should take over mortgage payments, the creditor could come after you to collect.Oct 9, 2020
No, all mortgages are not assumable. Conventional mortgages (those originated by lenders and then sold in the secondary mortgage investment marketplace) may be more difficult to assume, whereas FHA, VA and USDA mortgages are assumable.Oct 6, 2020
Mortgage Lenders If you have a mortgage on your property, you may have to pay your mortgage lender extra charges. Often, lenders will charge you a 'change of parties' fee. This happens at the end of a transfer of equity. It covers the lender's administrative costs of adding or removing someone from a mortgage.Jan 29, 2020
Yes, that's absolutely possible. If you're going through a separation or a divorce and share a mortgage, this guide will help you understand your options when it comes to transferring the mortgage to one person. A joint mortgage can be transferred to one name if both people named on the joint mortgage agree.
Married: If you are married to the child's parent then it does not matter who owns the family home. If the child support does not cover the mortgage payments and household bills, your ex-spouse could apply for spousal maintenance.Dec 27, 2018
If your ex-spouse is keeping the house and is responsible for making payments on a mortgage that you are also obligated to pay: You will need to provide the lender with a fully executed court order/divorce decree that awards the property to your ex-spouse.
Roger is an owner and licensed Loan Officer at the Blue Water Mortgage office in Hampton, NH. Roger graduated from the University of New Hampshire Whittemore School of Business and has been in the mortgage industry for over 20 years. Roger has originated over 2500 residential loans and is licensed in New Hampshire, Massachusetts, Maine, Connecticut and Florida.
Conversely, you are required to disclose any child support or alimony obligations you may have which could affect your qualification ratios. Unlike using child support as income, there is no minimum amount of time you have to be obligated to pay alimony or child support before it’s counted against you.
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There is only one way to have your spouse's name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
Once you've been informed that your refinance has been approved, you should have your spouse's name taken off of the deed to the property as well as the mortgage. Typically, you do this by filing a quitclaim deed, in which your spouse gives up any right to the property.
Removing a spouse name from a mortgage loan can be complicated, and you might need legal help to get it done right. In many divorces, the family home is by far the largest asset, so it's important to make sure you handle this step correctly.
If you and your spouse are both on a mortgage, in most divorces, either the property will be sold or one party will buy-out the other parties’ interest in the property. In those instances, either both spouses will be removed from the mortgage or only one spouse will remain on the mortgage.
It is very important to place safeguards in the agreement, so that if the mortgage is not paid, on time, that either the other party can pay the mortgage, or the property will be sold.