If there was a chance that my ex and I could settle and I am awarded the marital home, how would his name get off the deed/loan? My attorney suggested typing up an agreement saying that I would “refinance” as soon as feasily possibly (leaving it open-ended…rather it be months or years)…and that my ex would NOT be responsible for the mortgage in case of a default of my own. This will prevent him from being responsible for the loan as well as not tie up his credit. Is this true??
Can SUCH an agreement be done? If not, what is typical in an instance such as this?
Thanks!
Some folks do enter into agreements such as you propose. However the agreement is not binding on the creditors. Meaning the loan will still show up on his credit, and the creditors could go after him if the loan was in default. The agreement would require you to indemnify him for any obligations, meaning you would have to pay him money damages equal to the amount of damage you cause by not paying on the note. In order to truly relieve him of the debt you would need to refinance the mortgage into your sole and separate name, and your ex would execute a deed transferring all right title and interest in the home to you.