Posted on: 03rd May, 2010 10:00 pm
hello and thank you in advance. i really need some answers.
my ex and i have been divorced for 3 years now and he has the house we purchased. he also has our kids. he can't afford to pay for the house anymore and is thinking about just giving it up. my name is still on the mortgage. i know i can take off my name with quit deed but i don't what are the ways to get the loan off my shoulder. the house has been refinanced already and it's not in a good shape at all so its not going to worth what we paid for it. my ex doesnt have money to fix it to rent it out . he probably won't be able to refinance it again because he is in a lot of debt . i have remarried since and i dont want to get a bad credit history because of my ex loosing the house. what can be done in this situation? please, please i need all help i can get.
my ex and i have been divorced for 3 years now and he has the house we purchased. he also has our kids. he can't afford to pay for the house anymore and is thinking about just giving it up. my name is still on the mortgage. i know i can take off my name with quit deed but i don't what are the ways to get the loan off my shoulder. the house has been refinanced already and it's not in a good shape at all so its not going to worth what we paid for it. my ex doesnt have money to fix it to rent it out . he probably won't be able to refinance it again because he is in a lot of debt . i have remarried since and i dont want to get a bad credit history because of my ex loosing the house. what can be done in this situation? please, please i need all help i can get.
You are in a difficult situation. Unless your ex refinances the mortgage in his name, you won't be able to remove your name from the mortgage. If the property is foreclosed by the lender, then it will affect your credit badly and will reduce your score by 250 points.