Divorce Leads to Home Refinance
REM #A705
By Ilyce R. Glink
Summary: A reader is getting a divorce and waiting on her husband to refinance their home. Ilyce explains that she should not sign refinance or home equity loan papers, but get her name off the loan and quitclaim the deed to her ex-husband.
Q: I’m going through a divorce. My soon-to-be ex-spouse is supposed to
refinance our house and buy me out.
Instead, he is trying to get me to sign for a home equity loan so he can pay off the house and pay me my percentage.
Do I have to help him by signing for the equity loan? My divorce papers say that he has to refinance, not get a home equity loan to do this. Please help!
A: I’m a little confused. Why would you take on more debt to help someone
you don't like and are divorcing? If you sign for a home equity loan, and give
him the cash, you'll be borrowing money to pay yourself off. This doesn't make
any sense to me.
If your papers say that your spouse is supposed to refinance and pay you off,
then he should do that. Once the loan with your name on it is paid off, you
can quitclaim your interest in the house to him.
But under no circumstances should you quitclaim your interest in the home to
him while you're still on the mortgage. Otherwise, you’ll be left owing
on the house without any collateral to back it up.
See your divorce attorney for more details.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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