having been through the home loan/mortgage situation…you cannot simply remove your name. The house must be refinanced into the other party’s name.
In my situation my name remained on the home; however, it stated in the court documents that I had no responsibility whatsoever for it (because my ex refused to refinance to take my name off, and I couldn’t afford to pay to do it). This helped me immensely when I went for my own home loan and the marital residence showed up.
I ended up refinancing and I ended up with a better rate.
In order for your name to be removed from the mortgage your Husband would need to refinance or assume the loan.
Helena M. Nevicosi
Attorney with Rosen Law Firm
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.787.6361 main fax
301 McCullough Drive
Charlotte, NC 28262
Main Phone: (704)307.4600
Main Fax: (704) 9343.0044
Durham & Chapel Hill Office
1829 East Franklin Street
Chapel Hill, NC 27514
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I had it in my divorce papers too. (ex was responsible) However, when he was late (to the point that forcloseure was strarted before his momma bailed him out) it reflected on MY credit. My rating dropped over 200 points. It effected everything from credit card APRs (I never missed/late payments) went from 14% to 33.3%. It has taken me five years to get the rates “down” to 20%. I had to have my home put in my momma’s name b/c of the credit rating. My ex also “promised” my name was off his checking account. The bank raided my account to the tune of 2000.oo my ex still hasn’t reinbursed me for. When dealing in financial matters ALWAYS make sure your name isn’t connected to something you aren’t able to pay. It will come back to bite… hard. I have remarried and DH understands my need to keep financials seperate. It isn’t that I don’t trust DH, but I will not put myself in the position to be burned like that ever again.
If we file seperation papers can we take may name off our home loan? I want my husband to do this as I have debt I can not pay. Can my creditors seize our checking account or do I need to remove my name from it also?