Little Blossom asked:
Our names are both on the loan. He is willing to allow me to buy him out. But I cannot refinance a new loan and be able to afford to buy him out. If we have a notarized contract that states he releases any interest on the home with the address and loan number, in exchage for the lump sum and some of the articles in the house will it be legal as a settlement?
We make an agreement, I keep the loan we have, give him a lump sum to release his repsonibility on the loan and I continue to pay the loan I have.instead of refinancing a new one just to get his name off the mortgage. If we have a contract that is notarized he releases responsiblity of our current loan and I take over payments, is this going to be a legal document is the question?
So far Randy has the best advice!
So far Randy has the best advice!
TODD
Our names are both on the loan. He is willing to allow me to buy him out. But I cannot refinance a new loan and be able to afford to buy him out. If we have a notarized contract that states he releases any interest on the home with the address and loan number, in exchage for the lump sum and some of the articles in the house will it be legal as a settlement?
We make an agreement, I keep the loan we have, give him a lump sum to release his repsonibility on the loan and I continue to pay the loan I have.instead of refinancing a new one just to get his name off the mortgage. If we have a contract that is notarized he releases responsiblity of our current loan and I take over payments, is this going to be a legal document is the question?
So far Randy has the best advice!
So far Randy has the best advice!
TODD
KIRBY
Those are the terms now. Many times when the wife keeps the home, her job and credit history will prevent this. He can file contempt on you for not doing this. Or save it as a ace in the hole against you later.
Comment by treasuredwife69 — December 18, 2009 @ 9:16 pm
STACEY
no. If you default on the loan for any reason, it will still affect him. You need to sell the home and buy something you can afford if you can’t handle it on your own.
Comment by spaznskitz — December 20, 2009 @ 10:31 pm
ZANE
Nope, the bank will still go after him for the money if you fail to pay. As far as ownership, then yes he would be out of the picture.
Comment by Randy — December 22, 2009 @ 5:41 pm