On the deed, but not the mortgage


#1

I didn’t want to hijack another thread so I’m starting this one. My husbands name is on ALL of our debt not mine, but I’ve been paying it ALL for our entire marriage. He has moved out of our marital home.

I had it in my mind that if I wanted to keep the house I’d have to have it financed in my name. Because I am self-employed this is proving to be difficult. Do I have to refinance? (The bank says it is a refinance because even though I’m not on the mortgage I am on the deed) Can I get him to quit claim it and make the payments? If he wants half the profits when we sell, does he have to make half the mortgage payments even after we divorce?

He’s never contributed any money to the mortgage or utilities. We took out a line of credit for 50K and paid off his credit and medical debt. (Which he promptly ran up again) He has already benefited from the profit in this house with the LOC. It would peeve me to no end to have to split the remainder of the equity with him.

I have a 15 year old son from a previous relationship. While I’m prepared to move my son wants to stay near his friends.

What are my options?
Thanks in advance!


#2

Being on the deed to the home and not the mortgage is a good thing! You were smart not to attach your name to the marital debts.
There is no law that will force you to refinance, however your husband can seek the court’s help to order you to refinance the loan, or in the alternative sell the home. The reason the “out-spouse” often seeks the other spouse to refinance is simple, they don’t want their name tied to a debt when they have no ownership interest in the collateral, and further, your husband will need to eventually reduce his debt to income ratio so he can qualify for a home loan down the road.
Your husband can agree to sign the house over to you, and you agree to make the payments, but for the reasons I stated above this is an unlikely result.


#3

Thank you Erin!!


#4

Is it not true though that if a bank or mortgage company cannot refinance for you then even the court cannot over rule that. I too am on the deed, (spouse was court ordered to deed it to me) but only he is on the mortgage. The current court order states that he must pay the mortgage of the marital home (it is referred to as “additional child support”)

The judge asked me at the last hearing to try to refinance so “his obligation” would be lowered as he was claiming he could not meet his financial obligations imposed by the court. I do not have the funds to make a house payment each month, esp since he is inconsistent with child and spousal support. The reason we were in court was his non payment of child and spousal support. I feel the only reason he is paying the mortgage is that his name is on the loan and he doesn’t want his credit to suffer. That is why, too, I am afraid to have it refinanced to my name.

What would happened if he stopped paying the mortgage?


#5

If your ex stops paying the mortgage you would need to file a motion to show cause, and ask the court to hold him in contempt. If the court finds that his actions were a willful violation of the court order he could be sent to jail until he finds a way to make up the payments.