Posted on: 14th Apr, 2010 06:04 am
wife and i divorced; the loan on the house is in my name. upon our daughter's graduation from high school this may, we are supposed to sell the house and split the equity. however, my ex wishes to buy the house. can i refinance the house in both our names, pull out my share of the equity, and then interspousal transfer deed to her? is it then her property and i'm clear of the house?
Hi dwb,
If you refinance the loan in your name, then you would be liable for the mortgage payments. Though you sign the inter-spousal transfer deed, you would be responsible for the loan payments if your wife fails to pay the dues. Rather, it would be better if you could transfer the property to her and let her refinance the loan in her name.
If you refinance the loan in your name, then you would be liable for the mortgage payments. Though you sign the inter-spousal transfer deed, you would be responsible for the loan payments if your wife fails to pay the dues. Rather, it would be better if you could transfer the property to her and let her refinance the loan in her name.