Posted on: 12th Oct, 2009 01:36 pm
Mr. Heard,
My husband's exwife is still on the rent-house mortgage, but he received the property in the divorce. We would like her name removed, but wouldn't like spend a lot of money (eliminating refinancing as an option). What is the best way to do this and do you have an estimate of the cost? Thanks, Megan
My husband's exwife is still on the rent-house mortgage, but he received the property in the divorce. We would like her name removed, but wouldn't like spend a lot of money (eliminating refinancing as an option). What is the best way to do this and do you have an estimate of the cost? Thanks, Megan
megan, you cannot simply remove a name from a loan. with a quit claim deed, it's easy to change ownership, but the loan will remain as is until such time as it is paid in full (by refinance, sale of home, end of term, etc.).
to megandelk,
a refinance seems to be the only possible option to remove the name of your husband's ex-wife. the other option could be a novation agreement. but i doubt whether any lender would want to take a co-signer off the loan through a simple novation in this market. the cost of refinance depends on your particular situation and your individual lender. in my opinion, there's no harm if her name stays on the mortgage. as long as her name is not on the property, she cannot claim any interest. her name on the mortgage does not give her any right to the property.
a refinance seems to be the only possible option to remove the name of your husband's ex-wife. the other option could be a novation agreement. but i doubt whether any lender would want to take a co-signer off the loan through a simple novation in this market. the cost of refinance depends on your particular situation and your individual lender. in my opinion, there's no harm if her name stays on the mortgage. as long as her name is not on the property, she cannot claim any interest. her name on the mortgage does not give her any right to the property.
hi megandelk,
The only way of getting your ex-wifes name off the mortgage is to refinance the mortgage into your name.
Your ex-wife also needs to sign a quit claim deed at signing taking her name off of the title of the home.
second option is you have to buy her out and if not you will either have to sell the house or fight it in court.
The only way of getting your ex-wifes name off the mortgage is to refinance the mortgage into your name.
Your ex-wife also needs to sign a quit claim deed at signing taking her name off of the title of the home.
second option is you have to buy her out and if not you will either have to sell the house or fight it in court.