My husband and I married each other late in life. We both had our own homes before we married. However, his home mortgage was caught in the subprime debacle so we refinanced his mortgage in my name only. The deed is in both of our names. I am now unemployed looking for a job and seriously comtemplating divorce. He collects SS and has a small income coming in. Enough to make the mortgage payment on the loan. I understand that he has no rights to my house which is in my name only (loan and deed). But what will come to his house? He will not be :oops: :oops: able to refinance due to his credit and income.
If you refinanced his home into a mortgage with only your name on it, and you feel confident that he will continue to pay this mortgage so as not to purposely ruin your credit, you can sign a quit claim deed so that your name may be removed from the deed to the home while the mortgage stays as is until the financial market picks back up.
I would also question which home was used during the marriage…this may be taken into consideration as to whether or not the home is considered marital property or remains separate. If you lived in your home, though the mortgage or deed did not change, one could argue that you essentially gave it to the marriage and his name should have been added. It would be said for his home also. It sounds as though you are not trying to clean him out or ruin either of your futures, so you may consider the first option of leaving the mortgage in your name alone for the time being…
His house is actually now your house too. Even though he purchased the home prior to the marriage, the transfer which occurred pursuant to the refinance places the home in the “marital pot”. Since his home is now marital property it is subject to Equitable Distribution laws, if he cannot refinance the loan, you ask that the court order it sold to relieve you from liability on that note.