Posted on: 28th Jan, 2010 05:45 am
My spouse and I are getting a divorce and decided whoever was approved by refinancing can keep the house. Well; we both were denied refinacing. Is there any way for one of us to legally sign the house over to the other to get out of the mortgage to avoid later legal issues......besides selling it?????????
hi,
you can transfer the property title to your spouse. but it will not release you from the liability of the mortgage. your spouse will have to refinance the mortgage in order to remove your name from the mortgage. but since your spouse does not qualify for a refinance, you will remain responsible for the mortgage even after you sign over the property. thus, i believe selling the house seems to be the best possible option in this situation.
you can transfer the property title to your spouse. but it will not release you from the liability of the mortgage. your spouse will have to refinance the mortgage in order to remove your name from the mortgage. but since your spouse does not qualify for a refinance, you will remain responsible for the mortgage even after you sign over the property. thus, i believe selling the house seems to be the best possible option in this situation.