Posted on: 14th Dec, 2009 04:14 am
Hello,
We are planning to get divorced and agreed to continue share mortgage debt and share deed title. Are we still required to have our mortgage refinanced? Or do we just simply update our martial status as 'single' on mortgage & deed after we get divorced? If not, what's the proper procedure in San Diego, California?
Thanks!
We are planning to get divorced and agreed to continue share mortgage debt and share deed title. Are we still required to have our mortgage refinanced? Or do we just simply update our martial status as 'single' on mortgage & deed after we get divorced? If not, what's the proper procedure in San Diego, California?
Thanks!
Hi,
You do not have to refinance the existing mortgage. Since both of you are going to remain on the mortgage, there is no need for a refinance. You can just keep making payments on time and there will not be any problem with the mortgage. Since both of you are going to have ownership rights to the property, you both can remain on the property title. You can update your marital status as single. But apart from that, you do not have to make any major changes to the title.
You do not have to refinance the existing mortgage. Since both of you are going to remain on the mortgage, there is no need for a refinance. You can just keep making payments on time and there will not be any problem with the mortgage. Since both of you are going to have ownership rights to the property, you both can remain on the property title. You can update your marital status as single. But apart from that, you do not have to make any major changes to the title.
there is no need to go for mortgage refinance however better if agreement is mentionrd in your divorce decision. it will act as a safe guard for both of you.