Posted on: 18th Feb, 2010 04:10 pm
former husband has to refiance the martial home as per he court, i am currently the one living in the home. the current loan is in his name , can the new loan remain the same in his name although he does not live here , He is still the home owner too we both are required to pay the mortgage as per court until the home is sold in 5 years. . We are both on the deed.
Hi Guest,
If your ex-husband refinances the loan solely in his name, then the mortgage will definitely remain in his name. It is he who would be responsible for the payments. If there is a default, then he would be liable for it and it is his credit that would get affected. Your credit report will not get affected if he is delinquent on the mortgage payments.
Thanks
If your ex-husband refinances the loan solely in his name, then the mortgage will definitely remain in his name. It is he who would be responsible for the payments. If there is a default, then he would be liable for it and it is his credit that would get affected. Your credit report will not get affected if he is delinquent on the mortgage payments.
Thanks
Hi Jameshogg,thank you for your answer. one more question, he told me that he was told that because he is not living in the home now the refi loan cannot be in his name that it has to be a new loan as me the primary. could that be true ? I do not work and did not for the entire marriage almost 20 years . How is this possible ? Is he trying to get out of the note ? We are both required to pay half of the mortgage until home is sold. My gut tells me something is not right / Please advise . thank you and God bless you for what you do for people like me .
You won't be able to get a mortgage if you do not have any income. If the husband refinances the loan in his name, then he would become responsible for the mortgage and not you. I would suggest you to speak to an attorney and take his opinion in this regard.
i think you're in a catch 22 situation here. your former husband is probably correct in saying that he won't be able to borrow under his name only due to non-occupancy. that will depend, in large part, to the equity in the home.
you said he's been told by the court to refinance, yet at the same time, you said you are both obligated for the next 5 years - those two circumstances negate each other.
unfortunately, courts of law are not in the mortgage business, nor do they have a specific expertise in property values or the realities of this current mortgage/real estate market. requiring one spouse to refinance at this time, with reduced equity situations and the potential of insufficient income, is tantamount to courting disaster. i think the divorce lawyers and the courts better get some real estate or mortgage experts to sit down with them when they haggle over these issues. they're doing the american public a disservice by requiring refinances that cannot take place and sales that cannot take place.
oh well...that's just my diatribe about this aspect of life.
guest, please clarify the payment/refinance/sale parts of your post, as they were addressed by the court.
you said he's been told by the court to refinance, yet at the same time, you said you are both obligated for the next 5 years - those two circumstances negate each other.
unfortunately, courts of law are not in the mortgage business, nor do they have a specific expertise in property values or the realities of this current mortgage/real estate market. requiring one spouse to refinance at this time, with reduced equity situations and the potential of insufficient income, is tantamount to courting disaster. i think the divorce lawyers and the courts better get some real estate or mortgage experts to sit down with them when they haggle over these issues. they're doing the american public a disservice by requiring refinances that cannot take place and sales that cannot take place.
oh well...that's just my diatribe about this aspect of life.
guest, please clarify the payment/refinance/sale parts of your post, as they were addressed by the court.
George . we both will pay half the mortgage until home sold in 5years . we then split profit . I am in the home and will remain until then , he was told to refi ance to pay off some marital debts and lower the mortgage. should I be a co signer on the loan , he must remain the primary . i have no job now low credit score .have never worked during the marriage . this is part of the final judgement . It is very complicated . I need a good loan officer to make it work i was told . Is this so ?
well, you've got a very convoluted situation here, so you do, indeed, need somebody who's willing to hold your hand throughout the transaction. i think the court is off-base ordering a refinance of the loan, yet the two of you are sharing the payments for the next 5 years. that's just how i look at it - it's a typical answer, i.e. one owner absolving the other of liability; but in your case, it makes no sense to me. this is obviously an amicable divorce (or nearly so), since you two are cooperating to get this done with the minimal amount of strife.
No ,George , this is far from an amicable divorce . I am not being absolved of any liabilities . Strife is an understatement when refering to this divorce . My divorce is one for the books i have been told .I have researched the matter, so that along with people like you will get me through this . Thank you for your advice , I will let you know in the end how it turned out . This is very very compliciated . Thank you again god bless you . I will figure it out somehow The key here is to educate yourself . then ask people like you when in doubt .tks .
you must have been in a calm mood when you wrote - it sure seemed like things were fairly smooth in this situation.
when i noted that one party is absolved of liability, i was referring to what the court usually would require - one refinances and undertakes the entire burden. yours is a different situation - you have the court stipulating for a refinance, which typically unburdens you; yet you and he are sharing the payments for a 5-year period. and that's my rationale in saying that their ordering a refinance makes no sense.
i hope you can get through this with a minimized level of strife from here on in, and when you come back with an update, i pray it will be a far better situation than you're looking at currently.
when i noted that one party is absolved of liability, i was referring to what the court usually would require - one refinances and undertakes the entire burden. yours is a different situation - you have the court stipulating for a refinance, which typically unburdens you; yet you and he are sharing the payments for a 5-year period. and that's my rationale in saying that their ordering a refinance makes no sense.
i hope you can get through this with a minimized level of strife from here on in, and when you come back with an update, i pray it will be a far better situation than you're looking at currently.