Posted on: 09th Apr, 2009 12:31 am
My wife and I divorced and she gave everything to me and wanted none of the house, business or anything else:( I live in NY)
We got divorced and in the divorce it says that I have the home and the wording is this:
the marital residence subject to the husband obtaining a release of wife from all obligation for any and all indebtness which is secured by a lien on the marital residence(the indebtness release).Wife shall convey to husband, by quitclaim deed, all of her right, title and interest in the marital residence within 10 days after the husband delivers to her the indebtedness release.Until wife makes such conveyance to husband, husband shall hold harmless from, and indemnify her for any liability, cost or expense relating to the marital residence including, but not limited to all indebtness secured by a lien thereon
The divorce was signed and agreed and I received the decree of divorce months ago:
Since this time my ex has now gone and found a home she wants to buy and put in an offer and had a mortgage approved but they will not allow her (FHA Loan) to have the mortgage until she is removed from the one she is still on with me here:
I have paid the mortgage on time and have a credit rating of approx 660:
I would have thought it would have been better for her to get off the mortgage before attempting to buy another house!
Anyway now she is upset....I can afford the loan and have always paid it but now I have sent in -wells fargo - a assumption of loan application:
My questions are:
Can she force me out of the home or force me to sell it or force me to do anything (we are both on the deed)
Am I am in default of the divorce agreement - remembering that is past and signed and I have my decree:
If I am not approved for the assumption - what then?
Does the lender work with me to try to get this assumption mortgage passed?
Would I have to re mortgage?
What if I do not qualify?
What then?
I have approx income of $226.000 per year gross - I own my business - after expenses /outgoings I have a net profit of about $34,000:
This figure varies from year to year: - generally its between $35,000 to $50,000 per year net:
I have two vehicles both at about $550 per month - BUT both are classed as owned by my business but are on my credit report!
How do I get them off?
Other expenses debt - no credit cards:
1 credit card closed and originally $2500 debt now paid to $1200 balance:
No other real revolving credit or debts:
What are your thoughts?
We got divorced and in the divorce it says that I have the home and the wording is this:
the marital residence subject to the husband obtaining a release of wife from all obligation for any and all indebtness which is secured by a lien on the marital residence(the indebtness release).Wife shall convey to husband, by quitclaim deed, all of her right, title and interest in the marital residence within 10 days after the husband delivers to her the indebtedness release.Until wife makes such conveyance to husband, husband shall hold harmless from, and indemnify her for any liability, cost or expense relating to the marital residence including, but not limited to all indebtness secured by a lien thereon
The divorce was signed and agreed and I received the decree of divorce months ago:
Since this time my ex has now gone and found a home she wants to buy and put in an offer and had a mortgage approved but they will not allow her (FHA Loan) to have the mortgage until she is removed from the one she is still on with me here:
I have paid the mortgage on time and have a credit rating of approx 660:
I would have thought it would have been better for her to get off the mortgage before attempting to buy another house!
Anyway now she is upset....I can afford the loan and have always paid it but now I have sent in -wells fargo - a assumption of loan application:
My questions are:
Can she force me out of the home or force me to sell it or force me to do anything (we are both on the deed)
Am I am in default of the divorce agreement - remembering that is past and signed and I have my decree:
If I am not approved for the assumption - what then?
Does the lender work with me to try to get this assumption mortgage passed?
Would I have to re mortgage?
What if I do not qualify?
What then?
I have approx income of $226.000 per year gross - I own my business - after expenses /outgoings I have a net profit of about $34,000:
This figure varies from year to year: - generally its between $35,000 to $50,000 per year net:
I have two vehicles both at about $550 per month - BUT both are classed as owned by my business but are on my credit report!
How do I get them off?
Other expenses debt - no credit cards:
1 credit card closed and originally $2500 debt now paid to $1200 balance:
No other real revolving credit or debts:
What are your thoughts?
my ex husband a i bought a home using a va loan in 1998. we got a divorce in 1999. my ex was/is a bully and told me that i needed to pay for him to refinance the house he was keeping. i had no money as i was living paycheck to paycheck and was trying to establish my own credit for the first time. my lawyer had it writtten in the divorce decree that i would be held harmless, and had the authority to sell the house out from under him if he became delinquent on the payments. a few years later i was able to secure a mortgage of my own. a few years ago, i discovered that my credit rating is crap as a result of having my name on 2 mortgages, and he had been making late payments on a regular basis. i contacted chase mortgages and through many frustrating phone calls where i was put on hold for an hour and a half each time they told me what they needed me to send them to have my name removed from his mortgage. i sent them the info and waited. months past, i called them back, went through the on hold process only to have them tell me they couldn't find the info i sent them. i re submitted them the info again, and waited. again i called them back and nobody in that department would answer the phone literally! i talked to a nice lady from another department and told her nobody would answer and she called that department herself only to confirm that nobody was answering. at that point i just gave up. the other day i received correspondance from a creditcard company cancelling a card i held with them (with a zero balance) stating that i have too many outstanding balances and a serious delinquincy. i have no late payments but i believe this is due to my name still being attached to my ex's mortgage. have been told that he has the power to relinquish me from his loan and has no apparent desire to do so and,so i'm basically screwed. this is not fair. i've been considering contacting a lawyer. i have wanted to refinance my current mortgage to take advantage of the lower interest rates but have been unable.
Hi Angela,
Your ex will have to refinance the mortgage in his name solely in order to remove your name from the loan doc. Unless he does so, the loan will appear in your credit report.
Your ex will have to refinance the mortgage in his name solely in order to remove your name from the loan doc. Unless he does so, the loan will appear in your credit report.
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