Posted on: 01st Sep, 2010 07:27 pm
i just got a divorce and the divorce decree states that i am awarded all right, title and interest of the marital property and that i am responsible for all costs associated with living in it. it states that the ex husband will be removed from the mortgage and deed by end of year, then if not it will be placed on the market and sold. to note before i go into the story...i've been working at the same place for over 9 years, make a decent living and have a credit score over 760.
so my issue is....i was told by wells fargo that the only way for me to remove the ex from the loan was by refinancing. i did that, but the bank declined it. assuming i had exhausted all name removal options i proceeded to try to sell the home (but as we all know the market is not very good and my house is tipped over). seeing this and having been told that my job is being reloacted at the end of the year, i spoke to an attorney about doing a short sale. all is good, until i send the docs to the ex husband for completion and signature. he responds that per the decree, he has no responsibilities with the home and that i need to call the assumption dept at the bank and have his name removed. he doesn't want the negative effect on his credit or the exposure of the bank coming after him in the furture for that money. this is the first i hear about the assumptions dept.
if i would have known this, i would have moved forward with it from the beginning seeing that it was less expensive than closing costs on a refinance.
i had an open house this weekend and actually have a solid offer on the house...but cannot move forward becaus the ex. will not cooperate in the signing. what other options do i have? and does the home being awarded to me in the divorce free him from any financial responsibility to the bank? could he be forced to sign since the decree also states that either party shall sign and deliver to the other any documents or paper that is needed to fulfill or accomplish the terms in the decree?
i am moving forward with the assumption process, but it is not a short process and am afraid that i will lose my job in the mean tim,. fall into a situation where i need to stop paying the mortgage due to no income while i move through the assumptio process.
any suggestions??
what would happen if i stopped paying the mortgage, beside the impact on my credit without removing his name?
can he take me to court for not removing is name if i tried everything and it wasn't approved?
can i take him to court for failing to sign the short sale docs regardless of the results on the assumption?
so my issue is....i was told by wells fargo that the only way for me to remove the ex from the loan was by refinancing. i did that, but the bank declined it. assuming i had exhausted all name removal options i proceeded to try to sell the home (but as we all know the market is not very good and my house is tipped over). seeing this and having been told that my job is being reloacted at the end of the year, i spoke to an attorney about doing a short sale. all is good, until i send the docs to the ex husband for completion and signature. he responds that per the decree, he has no responsibilities with the home and that i need to call the assumption dept at the bank and have his name removed. he doesn't want the negative effect on his credit or the exposure of the bank coming after him in the furture for that money. this is the first i hear about the assumptions dept.
if i would have known this, i would have moved forward with it from the beginning seeing that it was less expensive than closing costs on a refinance.
i had an open house this weekend and actually have a solid offer on the house...but cannot move forward becaus the ex. will not cooperate in the signing. what other options do i have? and does the home being awarded to me in the divorce free him from any financial responsibility to the bank? could he be forced to sign since the decree also states that either party shall sign and deliver to the other any documents or paper that is needed to fulfill or accomplish the terms in the decree?
i am moving forward with the assumption process, but it is not a short process and am afraid that i will lose my job in the mean tim,. fall into a situation where i need to stop paying the mortgage due to no income while i move through the assumptio process.
any suggestions??
what would happen if i stopped paying the mortgage, beside the impact on my credit without removing his name?
can he take me to court for not removing is name if i tried everything and it wasn't approved?
can i take him to court for failing to sign the short sale docs regardless of the results on the assumption?
Hi Aure!
Welcome to forums!
You should negotiate with your ex-husband so that he signs the property deed in your favor. Unless he signs the deed and you refinance the loan, your ex-husband will be liable for the mortgage payment and property taxes. If the divorce decree states that he needs to sign the deed in your favor, then he is legally bound to do so.
If you stop paying the mortgage, the lender will foreclose the property which will have a negative affect on both of you. If the divorce decree states that you should refinance the loan, then your ex-husband can take legal actions against you if you don't do so.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should negotiate with your ex-husband so that he signs the property deed in your favor. Unless he signs the deed and you refinance the loan, your ex-husband will be liable for the mortgage payment and property taxes. If the divorce decree states that he needs to sign the deed in your favor, then he is legally bound to do so.
If you stop paying the mortgage, the lender will foreclose the property which will have a negative affect on both of you. If the divorce decree states that you should refinance the loan, then your ex-husband can take legal actions against you if you don't do so.
Feel free to ask if you've further queries.
Sussane
Hi Sussane:
Thanks for the response. I already attempted the refinance and it was denied by the bank. I now have an offer on the house under short sale terms but my ex will not sign the docs to apply for the short sale with the bank. He wants me to try to assume the loan and get his name off...he wants nothing to do with loan or his credit being affected.
The decree states that his name will be removed by end fo year and if not then the house will be placed on the market for sale. He is freed from all ownership rights.
Does this free him with his responsibility of the mortgage with the bank? I have the solution at hand and he isn't willing to sign...shouldn't he be required to sign since the decree states that either party will sign and deliver within 30 days to the other party any document or paper needed to fulfill or accomplish the terms of the decree?
Thanks!
Thanks for the response. I already attempted the refinance and it was denied by the bank. I now have an offer on the house under short sale terms but my ex will not sign the docs to apply for the short sale with the bank. He wants me to try to assume the loan and get his name off...he wants nothing to do with loan or his credit being affected.
The decree states that his name will be removed by end fo year and if not then the house will be placed on the market for sale. He is freed from all ownership rights.
Does this free him with his responsibility of the mortgage with the bank? I have the solution at hand and he isn't willing to sign...shouldn't he be required to sign since the decree states that either party will sign and deliver within 30 days to the other party any document or paper needed to fulfill or accomplish the terms of the decree?
Thanks!
Hi Aure,
Once the property is sold off and the balance amount is paid off to the lender, your ex-partner will not be liable for the mortgage any more.
"the decree states that either party will sign and deliver within 30 days to the other party any document or paper needed to fulfill or accomplish the terms of the decree" If the divorce decree states this, then he is bound to sign the required documents. If he is not doing so, then you might take legal actions against him.
Thanks
Once the property is sold off and the balance amount is paid off to the lender, your ex-partner will not be liable for the mortgage any more.
"the decree states that either party will sign and deliver within 30 days to the other party any document or paper needed to fulfill or accomplish the terms of the decree" If the divorce decree states this, then he is bound to sign the required documents. If he is not doing so, then you might take legal actions against him.
Thanks