Mortgages and Quick Deeds

North Carolina Divorce Law Divorce and Separation Answers
#1

You don’t have to respond, but I am guessing she may be able to do something legal to encourage a refinance of the house…especially if a lot of time has passed since the separation. She may be able to get an addendum of sorts saying the house needs to be refinanced by such and such date. I would check the agreement’s wording.

I can understand her frustration. I wouldn’t want my name on an account with someone I was once married to. It affects her credit (positively or negatively), plus ties up her credit ratio. PLUS if he defaults on the loan, they can come to her for payment. If he pays late, it can affect her credit score.

This is one of the best times TO refinance with the low interest rates.

#2

I (almost) sympathize with her. I believe that she may be trying to get some kind of loan and the fact that her name is on the mortgage is messing things up for her.

We are looking into things, but it’s just frustrating to have her constantly going poke-poke-poke.

She has threatened court action, though. I am not sure if she will carry through. I am just curious about what we might need to do if she takes my husband to court for breach of contract.

#3

That’s why you need to read the agreement. If he is indeed in breech, then he will have to go to court and plead for time to get the refinance. The judge should grant him that, but he might be questioned why he hasn’t done this refinance already. If there is just cause, then so be it. If he had been stalling or had no real valid reason (ie: I couldn’t qualify, rates were way high…), then he might be reprimanded verbally, but I don’t THINK he would be found in contempt or anything.

Once again, I know it’s aggrevating to deal with.

I hate to say, but I would poke,poke,poke too if it were me in that situation [:D].

#4

Even if there is no time specified in the agreement the court may order him to refinance if they find that he has the ability to presently comply with the agreement and that the intention was that he refinance soon. This will depend on what the agreement says with regards to this issue.

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#5

My husband is currently being engaged in a dispute by his ex wife, whose name is still on the mortgage to the house he and I now share.

In the separation agreement, the ex wife agreed to sign a quick deed (on file with my husband’s divorce attorney) and my husband agreed to remove her name from the loans either through the sale of the house or a refinancing on the loan.

He tried to sell the house, but we all know that the market tanked and so he did not get any offers. He and I are now waiting to refinance until it is in OUR best interest to do so.

I would have to double check, but I don’t think that there was any timeline stipulated for sale or refinance in the separation agreement or in the final divorce decree.

Do we have to respond to her? Does she have any legal recourse?