Posted on: 16th Apr, 2010 10:59 am
My husband has refused to pay the mortgage for 3 months now. i have paid the mortgage in the paset 7 years. My credit report is looking bad. What do i do? Can a release of liability be my best bet. I want my name off the loan. We are not divorced but having marital issues.
why is your husband not being responsible and paying the mortgage, is he not aware of the damage he is doing to yours and his credit. you and many other couples on the verge of divorce/break up are in this same exact situation. once you are married, the only way to get your name of the note is to refinance it under his name, sell, or short sell it. even if you do a quit claim deed to take your name off the deed of trust you will still have your name showing up on the note until the loan is paid off, refinanced or sold. and since he is late that will reduce his chances of a refinance, so selling it is the next best option. talk him into sell it. or else he will continue to bury your credit wise for some time to come, and don't let it go to foreclosure sale. because that will affect your for a much longer time than just being late. credit takes years to rebuild and can be easily damaged in much shorter amount of time.