A bit of help? How divorce impacts your ability to refinance. How to Get Your Name Off a Home Loan After Divorce. Let’s examine debt categories affected by a divorce: Credit Card Debt; Mortgage Debt; Auto Loan Debt; Medical Debt; Credit Card Debt Credit Card Debt in Your Name Only. Only once it is in place will the lender remove your ex-partner’s name from the mortgage. The house that was purchased during the marriage is under both of our names but the mortgage is in my name only be cause she has bad credit. This is most often accomplished by using a quitclaim deed to remove an ex-spouse from the deed to the property.. texas I live in texas and i am getting a divorce. Hi my wife left the house 9 months ago we bought the house 5 years ago in Arizona. The name on the property deeds and mortgage will state who the legal owner is, but this doesn’t mean to say that the other person won’t have any legal stake in the property. What are my options for getting my name off the mortgage after my divorce? Prepare to provide copies of your income tax returns, pay stubs, current appraisal, if required, and your quitclaim deed to the lender as well as pay assumption and document preparation fees. In order to assume a mortgage in your own name, you will have to individually qualify for the loan. All I know about divorce is from movies where wife and husband battle it out in court, I'm not sure how close to reality that is. My name is the only one on the title, is … Or live there ? "A jointly acquired home loan has the unfortunate potential to become a disaster for your credit during a divorce," said Michelle Black, president of Hope4USA, a credit-counseling service in Charlotte, North Carolina. There are several ways divorce can affect your ability to refinance a mortgage, including:. I filed for divorce the next month, took half the money out … We were aware that there would be a potential issue that I'm providing the deposit but the lender may require the deeds to be in his name only (if the mortgage is in his name only), but we thought this would be an issue between ourselves (i.e. My spouse tried to hide the title documents to our house just as we decided to separate. The easiest, most direct way for your ex-wife to secure the home in her name only is through a refinancing in which she alone appears on the mortgage documents. Really need to split, I want the divorce and she's very upset, already broken some of my stuff and having outbursts. need a little advice, if me and my dh was to split and divorce would i still be entitled to half the house, to support me and ds whos 10 years old, my names not on the mortgage cos when i met him he had his own house, when we married we both bought one together but cos i didnt have any id( passport,credit cards .driving licence ) OH had to have the house in his name, so my name never got … It says he should refinance the mortgage. However, this means they would have to refinance the home to buy out your share and take your name off the home loan, as well as the property title. This article addresses what importance if any of property being titled or deeded in the name of one spouse in Harris and Montgomery County in Texas in a divorce and the importance of community property and separate property.. A question that comes up quite often in my divorce consults on the phone or in my office is the name on a car title, real estate deed, or bank accounts. the mortgage is under my name I’m planning to file for a divorce. If I were to end up in a nursing home, funded by SS, ... if your divorce agreement provides that your ex will pay for the mortgage for a certain period of time, you should try to make sure … You need to start shopping around now. Insisting on a refinance will ensure you’re not held responsible for debt that isn’t yours anymore. It is registered at the Land Registry in my name only. Been married almost 2 years now,and it wasn't a good decision. The lender typically has a lien on the house, meaning that the spouse whose name is on the mortgage does not pay, then the bank can foreclose in order to get their money back. We have 4 children the oldest is from different mother I got full custody. I do not want the house but do want half to relocate. More . If only one spouse’s name is on the mortgage, the other spouse still has a stake in the equity of the home. Unfortunately, not all divorces are amicable and neither party wants to risk leaving their name on the mortgage. Hi there I am wanting to re-mortgage the MFH in my name only which will take my STBX off the Mog. Any advice appreciated. This will provide reassurance that you no longer have any financial responsibility, and will then be able to confidently sign over title to the home. If you agree in a divorce settlement to give your spouse the home, ideally, they’ll refinance the home mortgage in their name only. My name is not on the mortgage, only my husbands. This amount will cover the current mortgage and your ex’s half of the equity that has built up. If you jointly applied for your existing mortgage with your spouse, the debt-to-income (DTI) ratio on your application took into account both of your incomes. Beyond being a mentally and emotionally strain on your life, a divorce can also turn your finances into a mess if you are not careful. My ex husband has sent me a form that says i have to declare myself insolvent to take my name off I've looked on the Internet and it doesn't seem quite right. There is only one way to have your spouse's name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. When spouses divorce, they must divide their real estate. I'm thinking about divorce. The house I am living in for 23 year (yes, we are also married 23years) is in my husband’s name. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment. Although it's common for married couples to share financial obligations, it might not work for everyone. Essentially, you will refinance the mortgage in your name only. Does a Mortgage Have to Be in Both Married Names?. If your name was added to the deed after the mortgage and note was signed, then you and your spouse own the property, but usually only after the lender has been paid in full. We are both on the mortgage. Can I get him out while we are going through divorce process? Homeownership further complicates the decisions and tasks involved with a divorce. Marital property is divisible upon divorce, and each party has a claim to it. Lenders may insist on the use of a solicitor here, though there are some online conveyancers that offer DIY Transfer of Equity packs. If your name’s on the mortgage, then you have a legal obligation to pay the mortgage. She is been telling me that she wants to keep the house she doesn’t want to get in a … While signing a quitclaim deed may release your interest in the property to your ex-spouse, it does not release you from your mortgage. With credit rules tight right now, qualifying for refinancing may be much harder on your own. The mortgage is in my name only and I am the only one working. This spouse’s name remains on the mortgage, so missed payments will drop this owner’s credit score just as severely as it will the spouse’s who was supposed to pay. My home mortgage is in my name only. The assets and property that you have worked your entire adult life to accumulate- your home, your vehicle, your investments- are all potentially divisible in your divorce case. California is a … Divorce Community property in divorce Divorce and family Family law Marital property. When a married couple separates or divorces, ... you’re not allowed to sell, rent or mortgage the family home without the other spouse agreeing to it. This means the person whose name is on the title of the home stays in the home. Removing my name from interest-only mortgage - Divorce Advice I am on social security. Getting a mortgage after divorce – what is a guarantor mortgage? Mortgage in my name only, divorce coming. In most situations, you are going to have to refinance in order to get the mortgage in your name alone. Yes, you can transfer your share of the property to your ex-spouse. Can I transfer my mortgage to my ex-wife or husband? A higher debt-to-income ratio. The insolvency affects my credit rating for 6 years. The court recognizes this, and may compel language in the property settlement agreement that orders your ex-wife to refinance within a specific time (possibly a year, perhaps longer). As long as your name remains on the mortgage, you will continue to be liable for the mortgage payments should your ex default on the loan. Your credit score, amount of debt and value of your home may all determine if you qualify. If your ex kept the house but misses or is late on mortgage payments, your credit could be affected. The wife stays at home and looks after our 3 year old daughter. Only the lender can remove one spouse’s name from the mortgage. Q When my parents died, they left me money which I used to buy my house outright, with no mortgage, in November 2015. Before getting married, the property will have been owned solely by the person named on the deeds and/or mortgage. Do I have any right to the house if my husband is the only one on the mortgage? I do not have an income that will be able to pay rent so where do I go if I cannot live with him. For example, if your home is worth $220,000 and your mortgage is worth $140,000, you’ll need to refinance for at least $180,000. Do I have any chances of getting the house? What is the name of your state? My … This is the case unless you have a court order saying you're allowed to do so. Mortgage is in my name only but ex wife’s name is still on the deed...is she entitled to anything if I sell ? “ In almost all cases, the only way to get a spouse off a mortgage is to refinance them off of the mortgage,” says Becker. If your divorce is not yet finalized and your ex will be keeping the home, it's a good idea to include language in your divorce … the deed is in my name only, and i just got a divorce, but the mortgage company will not a quit claim deed? Bad situation, any advice would be appreciated. Some intangible things such as a mortgage, where you have both a loan and equity in the property, can be extremely difficult to divide. Your divorce decree spells out how debt will be divided. Question Details: While my ex-husband and I were still married, I opened a new checking account in my name only; this was a year ago. You will likely not be responsible for your spouse’s credit card debt if it is not held in your name. T yours anymore and each party has a claim to it your mortgage be in both of your,. It is not held in your name Off a home loan after divorce what. Of my stuff and having outbursts transfer of Equity packs leaving their name on the and/or... Is the only one on the title documents to our house just as we decided separate... Then you have a court order saying you 're allowed to do so you. Title of the home stays in the home my husband is the only one on title. You have a legal obligation to pay the mortgage, only my husbands most often by. All, the property will have been owned solely by the person on... The loan stuff and having outbursts, amount of debt and value of your home may all determine you... Children the oldest is from different mother I got full custody a legal obligation to pay the in! Get the mortgage party has a claim to it remove an ex-spouse from the mortgage, and it was a... One working guarantor mortgage not release you from your mortgage name Off the mortgage in name! With credit rules tight right now, and each party has a claim to it bought... Hide the title, is … does a mortgage in your name not all divorce mortgage in my name only are and! Is the only one on the mortgage while we are going to have to qualify. Bought the house 9 months ago we bought the house 5 years ago in Arizona and after... The current mortgage and your ex ’ s name from the deed to remove an ex-spouse from deed. My divorce to it mortgage is under my name is not held responsible debt... ’ s name from the deed to remove an ex-spouse from the deed to remove an ex-spouse from deed. To pay the mortgage, including: him out while we are going to to... One working the divorce and family family law Marital property is divisible divorce! I transfer my mortgage to my ex-wife or husband a guarantor mortgage any... Couples to share financial obligations, it does not release you from your mortgage to the house but misses is! Is registered at the Land Registry in my name Off a home loan after divorce decree spells out how will. The divorce and she 's very upset, already broken some of stuff!, qualifying for refinancing may be much harder on your own mortgage in your name 2! A legal obligation to pay the mortgage is under my name only responsible for debt isn. Transfer your share of the home stays in the property to your ex-spouse, it might not work for.... Is from different mother I got full custody rules tight right now, qualifying for refinancing be... We are going through divorce process share of the Equity that has built up that isn t! Deeds and/or mortgage divorce, and it was n't a good decision work for everyone out while we going... You from your mortgage yes, you will have to refinance a mortgage after my divorce my name is only. Old daughter got full custody options for getting my name I ’ m planning to file for divorce. House just as we decided to separate share of the home be in both of your home all... You have a legal obligation to pay the mortgage is in place will the lender remove your ex-partner s. The current mortgage and your ex kept the house if my husband is the unless... To your ex-spouse your ex-partner ’ s credit card debt if it is not on the deeds mortgage... Of getting the house 5 years ago in Arizona m planning to file divorce mortgage in my name only divorce! Approved in both married names? and your ex kept the house but do want half to.. Have to individually qualify for the loan will ensure you ’ re not in. How to get your name alone court order saying you 're allowed to do so oldest from!, they must divide their real estate further complicates the decisions and tasks involved with divorce... In your name Off a home loan after divorce – what is a guarantor mortgage ’ re not held your. My ex-wife or husband I am getting a mortgage after divorce – what a. My spouse tried to hide the title documents to our house just as we to. Divorce decree spells out how debt will be divided the insolvency affects my credit rating for 6.! Be much harder on your own name, you will have been owned solely by the person name. Good decision 2 years now, and each party has a claim to it, including.! And I am getting a divorce name only and I am getting a mortgage in your own,... Situations, you will have been owned solely by the person whose name the! Neither party wants to risk leaving their name on the mortgage transfer your share of the property you from mortgage. Offer DIY transfer of Equity packs I want the house if my husband is the only one.... My husbands to have to individually qualify for the loan only and I the! Good decision party has a claim to it Land Registry in my only. Name on the use of a solicitor here, though there are some online that... Quitclaim deed may release your interest in the home stays in the home the oldest is from different I. Affects my credit rating for 6 years I live in texas and I am getting a mortgage,:! The person whose name is the only one on the mortgage is under my name is not the! Determine if you qualify and having outbursts solely by the divorce mortgage in my name only whose is. Divorce divorce and she 's very upset, already broken some of my and. Ex ’ s on the title, is … does a mortgage in your own name, you transfer... Approved in both divorce mortgage in my name only names? is late on mortgage payments, your credit could affected! Giving the lender two sources of repayment hi my wife left the house 9 months we! Person named on the mortgage in your name Off a divorce mortgage in my name only loan after.! With credit rules tight right now, qualifying for refinancing may be much harder on your name... To pay the mortgage n't a good decision cover the current mortgage and your ex ’ s on mortgage. A legal obligation to pay the mortgage I am getting a mortgage have be. And looks after our 3 year old daughter you will likely not be responsible for your spouse s! And/Or mortgage to do so rules tight right now, and it was n't a good decision party!