Posted on: 23rd Aug, 2007 08:53 am
I was married for 10 years and my divorce was finalized in 2002. I am remarried and was trying to clean my credit up. My ex doesnt pay current on the house and it still effects me. Is there any way I can remove me form the mortgage. I wanted the house to be given to him in the divorce and the judge granted it. I am trying to buy a land to build a house now but it is still effeting me.
I already asked him to do that..... he said that he was not able to do so b/c of his credit was an issue. Is there anyway I can do a quitclaim deed to remove it or am I not able to do anything??????
"I am trying to buy a land to build a house now but it is still effeting me."
That is quite obvious.
As he is not making the payments on time your credit is also getting affected as you are also on the mortgage.
What your divorce decree stated? Did court mention that he has to continue the mortgage & refinance it in his name? If so then you can go to court to force implementation of the judgment by your ex husband.
Even if credit is bad, he can refinance with higher interest rates. As he got the house in divorce, he should also accept the mortgage obligation and continue it on his own.
"Is there anyway I can do a quitclaim deed to remove it"
You can not do a quit claim deed for this. The deed is used for property transfer. It cannot be used for transfer of mortgage. Solution is that ex refinances the mortgage in his name.
Thanks
Blue
That is quite obvious.
As he is not making the payments on time your credit is also getting affected as you are also on the mortgage.
What your divorce decree stated? Did court mention that he has to continue the mortgage & refinance it in his name? If so then you can go to court to force implementation of the judgment by your ex husband.
Even if credit is bad, he can refinance with higher interest rates. As he got the house in divorce, he should also accept the mortgage obligation and continue it on his own.
"Is there anyway I can do a quitclaim deed to remove it"
You can not do a quit claim deed for this. The deed is used for property transfer. It cannot be used for transfer of mortgage. Solution is that ex refinances the mortgage in his name.
Thanks
Blue
Hi Taylor,
When you had given the complete ownership of the house to your ex husband during divorce, he should have refinance the loan at that time because of the title change. Without refinance, I think you won't be able to come out of the loan. Now as he is not paying the loan, I think you should contact an attorney so that he can take some necessary steps against your ex husband.
And Taylor, a quitclaim deed will not help you to get off the loan as this type of deed is meant only for transferring property, not loan.
When you had given the complete ownership of the house to your ex husband during divorce, he should have refinance the loan at that time because of the title change. Without refinance, I think you won't be able to come out of the loan. Now as he is not paying the loan, I think you should contact an attorney so that he can take some necessary steps against your ex husband.
And Taylor, a quitclaim deed will not help you to get off the loan as this type of deed is meant only for transferring property, not loan.
Hey Ryan,
What is a Novation??? Im not to keen on this talk w/dealing with mortgages........how do I go about it??? Do i just call the lender and ask????
What is a Novation??? Im not to keen on this talk w/dealing with mortgages........how do I go about it??? Do i just call the lender and ask????
Hi Micehlle,
Novation is the process by which a borrower can remove his name from the mortgage and at the same time can transfer his liability of the mortgage payment to a new borrower under the approval of the lender. It is an alternative option to refinancing.
Many people prefer novation to refinancing as the latter involves a lot of fees which makes it costlier.
Novation is the process by which a borrower can remove his name from the mortgage and at the same time can transfer his liability of the mortgage payment to a new borrower under the approval of the lender. It is an alternative option to refinancing.
Many people prefer novation to refinancing as the latter involves a lot of fees which makes it costlier.
Hi Micehlle,
Novation is a way by which you can transfer your loan to some other person and get rid of the financial responsibility. You should call the lender and ask him if he can allow you for a novation. Also, you need to convince your ex-spouse so that he accpets the loan.
However, if your ex's credit isn't that good, the lender may not let you transfer the loan. In that case, request your ex to sell off the home and try to find out a buyer who is willing to assume the loan.
Thanks
Novation is a way by which you can transfer your loan to some other person and get rid of the financial responsibility. You should call the lender and ask him if he can allow you for a novation. Also, you need to convince your ex-spouse so that he accpets the loan.
However, if your ex's credit isn't that good, the lender may not let you transfer the loan. In that case, request your ex to sell off the home and try to find out a buyer who is willing to assume the loan.
Thanks