Posted on: 13th Nov, 2008 03:09 pm
my husband and his ex-wife purchased a home. the mortgage is solely in his name and the deed is in both names. the divorce decree stated that she was supposed to refinance the loan in her name and he was supposed to sign a quit claim deed. this was over 5 years ago. the loan is still in his name and the deed in both names. she is trying to get him to sign the quit claim deed while she is unwilling to refinance. she claims she is unable to due to credit. what are his options in getting his name off the mortgage loan?
hi jvc!
refinance is the only option in this case. once your husband transfers the property in his ex-wife's name, the lender will ask the ex-wife to refinance the property. novation can be done, but chances are less that the lender will accept it. you can ask the ex-wife to improve her credit and then quitclaim the property to her so that she can refinance it.
thanks.
refinance is the only option in this case. once your husband transfers the property in his ex-wife's name, the lender will ask the ex-wife to refinance the property. novation can be done, but chances are less that the lender will accept it. you can ask the ex-wife to improve her credit and then quitclaim the property to her so that she can refinance it.
thanks.
Thank you so much for your response. I had a hard time reading all of your response, the highlights column covers it. But from what I could understand, he is pretty much stuck with it like it is. He doesn't feel comfortable signing the quitclaim deed and relinquishing his rights to the property for which he is soley responsible for paying for.
Hi JVC!
As far as I can understand, once your husband quitclaims and the ex-wife refinances it, she will be responsible for the payments. Your husband will not be required to pay for the debts then. I think you should ask the ex-wife to improve her credit first.
Thanks,
Jerry
As far as I can understand, once your husband quitclaims and the ex-wife refinances it, she will be responsible for the payments. Your husband will not be required to pay for the debts then. I think you should ask the ex-wife to improve her credit first.
Thanks,
Jerry
You need to go to divorce court and enforce your divorce judgment. This will force the parties to comply with the judgment terms.
