Posted on: 05th Jan, 2010 03:13 pm
recently divorced, paid 50% of equity in house to spouse, and have signed warranty deed for the property.
why am i required to "refinance the loan" just to have her name removed from mortage/deed??
i'm paying the house notes.
the mortgage bank (chase) says it't texas law.
why am i required to "refinance the loan" just to have her name removed from mortage/deed??
i'm paying the house notes.
the mortgage bank (chase) says it't texas law.
I'm not an expert on Texas law, but I know some of the verbiage that servicing departments use.
Call them up and tell them you want to explore a "Qualifying Name Delete Assumption". You're basically requalifying for the loan and paying title fees to have her name removed from the loan and the deed of trust. She may not be the owner any more, but she still has legal liability to the debt, at least on the face of the note. (I'm also not a divorce lawyer.)
The nasty thing about this is any payment problems either of you have on joint loans after the divorce, that the other may not know about, will affect both of your credit reports.
I always tell my clients to get their debts clearly seperated and delineated before they actually divorce, leaving everyone with their own debts and no overhang or potential for abuse.
Call them up and tell them you want to explore a "Qualifying Name Delete Assumption". You're basically requalifying for the loan and paying title fees to have her name removed from the loan and the deed of trust. She may not be the owner any more, but she still has legal liability to the debt, at least on the face of the note. (I'm also not a divorce lawyer.)
The nasty thing about this is any payment problems either of you have on joint loans after the divorce, that the other may not know about, will affect both of your credit reports.
I always tell my clients to get their debts clearly seperated and delineated before they actually divorce, leaving everyone with their own debts and no overhang or potential for abuse.