Posted on: 14th Mar, 2010 09:57 pm
in a divorce settlement 3 years ago i got the house, no quit claim was signed so my ex still remains on the deed. i have been responsible for the mortgage which he still is named on it, now he realizes that and wants me to refinance to get him off the loan because he was told that was the only option aside from selling, but i don't want to refinance as it's costly. is there other options?
Hi Guest,
To remove your ex's name from the mortgage, refinance is the best possible way. If you can refinance at a lower rate of interest, you will also be able to save considerable amount of money in interest. However, refinance does involve a lot money to be paid as closing cost. So, as an alternative you can check out if a simple assumption is possible. Through an assumption, you can take over the responsibility of the mortgage and remove your ex's name from the loan. Contact your lender to find out if they would allow you to assume the loan in your name.
To remove your ex's name from the mortgage, refinance is the best possible way. If you can refinance at a lower rate of interest, you will also be able to save considerable amount of money in interest. However, refinance does involve a lot money to be paid as closing cost. So, as an alternative you can check out if a simple assumption is possible. Through an assumption, you can take over the responsibility of the mortgage and remove your ex's name from the loan. Contact your lender to find out if they would allow you to assume the loan in your name.
If I assume the loan will he still be liable? He won't agree to anything unless he knows for sure he is not obligated or liable. If he did not sign the deed does he have rights to the house and is there something he can do that I should be aware of?
If you assume the loan, then your ex will not be liable for it anymore. Once your ex signs the property deed and transfers the house to you, he won't be able to claim any ownership to that property.
It appears that my ex was told something different that's why he won't sign. He was told the only true way to not be liable will be to re-finance or sell. Even if the divorce settlement I was given the house could there be a way for him to possibly take me to court and try to get the house back? He won't sign anything unless i do one of the 2 things he was told. And i'm afraid he will eventually take me to court and try to get the house back and may possibly be able to.