divorce and mortgage

hello,
common knowledge that i've heard is that you are party to the current loan, your spouse would have to refinance in her name only to remove you from the loan. if she does so, she can add you back on the deed after the refinance via a properly executed quit claim deed. hope this helps.

I would encourage you (or your wife) to speak with your mortgage broker and with a representative of the Federal Housing Administration to determine the s lending policies regarding properties with two owners on a deed. From my past experience, most lenders are happy to include someone on the mortgage who is not listed on the deed, as this gives them someone else who is liable in case of default. On the other hand any bank offering a mortgage on a property with two owners listed on the deed would likely want both owners listed as obligors on the note. In most states, if a property lists two owners, then each owner is considered to own half of the property; therefore, a mortgage that is only owed by one of the owners creates a lien on only half of the property. For example, if you and your wife were listed on the deed and only your wife was listed on the mortgage, if she defaulted on the mortgage, the creditor would not be able to proceed with the foreclosure of the home until it had paid you for your interest in the property. No mortgage lender that I know would offer a mortgage on a home and only take a security interest in half of the homes value, which is what a lender would be doing in the situation you describe in your question.