Posted on: 08th Mar, 2007 07:33 am
my wife and i were awarded a divorce in feb. 2006, she receiving the house. also the divorce documents stipulate she is to refinance the house removing my name. there is a mortgage on the house through a loan company. she has not refinanced to date. also in feb. 2006 she rec\'d a personal property cash settlement. she is too also receive a business cash settlement from me (presently undetermined). this is a catch 22 situation, being i do not want to proceed with this cash settlement until my name is removed, yet without cash she probably cannot refinance, she has no collateral. i understand a quitclaim deed will not release me, my name from the loan. if she cannot refinance then there will be a foreclosure, leaving me with a bad mark. guaranteed, if i give her the cash settlement she will not put it towards the house or towards refinancing. how do i remove my name from the loan if she cannot refinance? what do i do to protect my credit and remove my name from this loan? thank you for your time, dennis
Charley, your ex-wife should look for a no cost refinance where she won't have to pay for any closing costs.
Apart from refinance the other option is to sell the house and pay off the loan if your ex-wife also agrees to it.
Apart from refinance the other option is to sell the house and pay off the loan if your ex-wife also agrees to it.
As the divorce decree clearly mentions that she has get the mortgage refinanced in her name, she has to co-operate in completing the refinance. She cannot utilize the cash funds you will give her as per the settlement for other purposes and not for refinance costs. If you can make her understand that it is necessary to complete the refinance as the divorce agreement states then she will agree to co-operate.
Fred W. McLafferty
Fred W. McLafferty
Hi Dennis,
She is bound to refinance since it is clearly mention in the divorce documents. In-case she is not agreeing to go for refinance, then you can threaten her by saying that then you are going to knock the door of court.
And if there is cash problem for her then you can make an understanding with her that you are going to provide the cash directly to lender on behalf of her and at that time she need to remove your name from the loan.
Hope this suggestion may help you. Please update your situation time to time. So that, me and other members can help you in overcome from this situation.
Thanks
She is bound to refinance since it is clearly mention in the divorce documents. In-case she is not agreeing to go for refinance, then you can threaten her by saying that then you are going to knock the door of court.
And if there is cash problem for her then you can make an understanding with her that you are going to provide the cash directly to lender on behalf of her and at that time she need to remove your name from the loan.
Hope this suggestion may help you. Please update your situation time to time. So that, me and other members can help you in overcome from this situation.
Thanks