Posted on: 03rd Jun, 2010 10:07 am
im trying to buy a house on my own without my wife not on the loan but just on the martgage i got a loan approved and in the process of closing all in my name only but we are in a stand still. my wife asked her lawer if she should sign the mortgage papers her lawer advised her not too but several bankers are telling my soon to be ex that she has no liabilty on repaying the loan at all everthing will be in my name and im the only one responsable to repay the loan the lawer is telling her not to sign cause it will not let her get a loan later if she wants to buy a house the lawer is wrong and the banks are correct just looking for a little help here
Hi ommbic,
If the wife's name is only on the property deed and not on the mortgage, then she will not be liable for the mortgage dues in any way. However, if her name is mentioned on the mortgage docs, then she would remain liable for the loan. After your divorce, if you are unable to refinance the loan in your name, then she won't be able to take out a mortgage in her name to buy a property of her own.
Take care.
If the wife's name is only on the property deed and not on the mortgage, then she will not be liable for the mortgage dues in any way. However, if her name is mentioned on the mortgage docs, then she would remain liable for the loan. After your divorce, if you are unable to refinance the loan in your name, then she won't be able to take out a mortgage in her name to buy a property of her own.
Take care.