I am seeking divorce from my husband. After several months of trying to convince him to leave and let me and my daughter (from a previous marriage) have the house I have decided I no longer want to fight for the house. I just want to leave and move on with my life. How can I get my name off the mortgage so I can get a new place and not be held responsible for the morgtage anymore?
I used to work in mortgage, and unfortunately, if your name is on the mortgage loan itself, you cannot just take your name off. Your stbx would have to refinance the loan into just his name in order to get you off of the loan. Which means that he would have to qualify for the loan on just his income.
If he does this while you’re still married, you would HAVE to be listed on the deed…however, you could file a quit claim on the deed, and have your name taken off the deed. Or, he could wait until you are divorced, and refi to take you off the loan, and then you would not go on the deed at all.
Until that happens, if you are listed on the loan, and he stops making payments, you are still liable for the payments, and your credit can be negatively impacted if the payments are not made.
Thanks for the heads up. I need all the luck I can get, there is no way he will ever qualify to refi.
He will have to refinance the loan, or if he cannot, the home must be sold in order for you to be cleared of liability on the loan.