Posted on: 20th Apr, 2009 04:19 pm
My wife and I are separated. She want to keep the house and try to get the mortgage reduce so she cna affor it herself in her name only, can I keep my name on the title and just take my name off of the mortgage, just in case she sells it when the market goes back up. I want to get some money out of our house. I just don't want to give her a 600,000 house that I have help pay for in the past five years . Help me !
hi baj,
to take your name off the loan, your spouse needs to refinance it in her name. but i am not sure whether the lender would allow her to refinance in her name with your name still on the title. in that case, you can prepare some sort of an agreement with the help of a lawyer whereby your wife will be asked to pay you a certain sum of money upon sale of the property.
to take your name off the loan, your spouse needs to refinance it in her name. but i am not sure whether the lender would allow her to refinance in her name with your name still on the title. in that case, you can prepare some sort of an agreement with the help of a lawyer whereby your wife will be asked to pay you a certain sum of money upon sale of the property.