How do I get myself off of a joint home loan in a uncontested divorce?
Chelle asked:
My situation is this. My husband and I are getting an uncontested divorce. We are ready to file and have a marital settlement. I decided to get a divorce 12/2/08 and moved out 2/7/09. When I moved out I was helping pay the bills for our joint residence until 6/09. When I moved into my own place at the end of June, 2009 my husband started paying the bills for our joint residence by himself. He has been having his dad paying the lender, Litton Loan, directly for the last seven months. My thought behind doing that was it might make his dad assuming my obligation on the loan easier. We tried to refinance the house into his name and his dad’s but we owe 270k on the loan and we are told it is only worth about 240k right now. I was thinking maybe a mortgage modification where we approach the lender and explain the situation and see if they will let his dad assume my portion of the loan. The lender isn’t going to lose out either way because he will pay the mortgage it will be me who ends up badly because my credit is tied up with this loan that is only five years old and is a 30 year loan. In the martial settlement we spelled out that he is keeping the house and that after the divorce is final I will be removing myself off title. I didn’t know if there was any special wording or information I should put in the marital settlement to help the case with the lender or if there was something else I could do. I would some input from anyone with experience in this area.
Lillian
My situation is this. My husband and I are getting an uncontested divorce. We are ready to file and have a marital settlement. I decided to get a divorce 12/2/08 and moved out 2/7/09. When I moved out I was helping pay the bills for our joint residence until 6/09. When I moved into my own place at the end of June, 2009 my husband started paying the bills for our joint residence by himself. He has been having his dad paying the lender, Litton Loan, directly for the last seven months. My thought behind doing that was it might make his dad assuming my obligation on the loan easier. We tried to refinance the house into his name and his dad’s but we owe 270k on the loan and we are told it is only worth about 240k right now. I was thinking maybe a mortgage modification where we approach the lender and explain the situation and see if they will let his dad assume my portion of the loan. The lender isn’t going to lose out either way because he will pay the mortgage it will be me who ends up badly because my credit is tied up with this loan that is only five years old and is a 30 year loan. In the martial settlement we spelled out that he is keeping the house and that after the divorce is final I will be removing myself off title. I didn’t know if there was any special wording or information I should put in the marital settlement to help the case with the lender or if there was something else I could do. I would some input from anyone with experience in this area.
Lillian
Comments
7 Responses to “How do I get myself off of a joint home loan in a uncontested divorce?”
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Paul
You can not be removed from the load responsibility without hubby refinancing and make sure he “buys” you out. This means giving you 1/2 of the value of the house when it is refinanced or sold. In fact…if you are not going to live in it…he should be selling it and giving 1/2 of the gains to you. Is this written or covered in your separation settlement?
Frederick
what “definitely blessed” said. get yourself a lawyer or get that agreement amended!
your husband needs to buy you out…or sell the house and you get half. half is in your name! and the real estate market is not going to get better any time soon.
i don’t know why you are worried about the lender! they will get their money one way or the other even if it goes for auction in foreclosure. as i said, you have equity in that house. and you will need to live someplace, no?
maybe i misunderstand but it sounds like you’re agreeing to give the house to your husband (?)
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