House Jointly Financed


#1

As long as a loan is titled jointly, you are both responsible to the lender or creditor regardless of what is agreed upon in the separation agreement. You can address this by refinancing, paying the debt in full, or some mortgage lenders will allow an assumption loan. You should check with the lender.

Lisa M. Angel
Board Certified Family Law Specialist
The Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, NC 27607
(919) 781-1741 direct voice
(919) 256-1660 direct fax
(919) 787-6668 main voice
(919) 787-6361 main fax
NCdivorce.com
email: angel@rosen.com

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

There is a removal fee that you need to pay to remove someone of the loan its about $1500- $2000.


#3

Depending on what your how your credit really looks and how your payment history has been on your mortgage for the past year, you may be able to have her refinance to get you off the house. If she has enough income to cover the debt ratio’s and how much equity is in the house, you may have some options for the two of you. You can look in your original loan packet on the truth in lending and it will state if the loan you have is assumable or not. I’m a mortgage broker, which is how I can tell you. My advice is to check with a broker you know or if you want I can talk with you more and try to help on your situation. Just email me if you want more info.


#4

My wife and I are preparing to seperate and I have a question about our home loan. We have a joint loan, with her being listed 1st on the loan. Is there a way to get me off the loan? Both our credits are to bad to get it refinanced into her name.

In a seperation agreement, could it be stipulated that she made payments to me, so that I can make the house payment (she was not good at paying the bills)? What happens if she breaks the agreement?