Refinancing Required By Divorce Settlement
REM # A766
By Ilyce R. Glink
Summary: The only way to get a name off of a mortgage is by refinancing. This divorcee is unable to refinance to remove her ex-husband’s name. Ilyce explains why selling the home may be the best option.
Q: My sister is divorced and her ex-husband signed a quit claim deed to remove
his name from the property they owned together. However, he is still on the
loan.
My sister cannot refinance to get him off the loan because she doesn’t have a job. She says there's a court order in the divorce papers that requires her to remove him from the loan before March, 2008.
If she is unable to do this would he be able to take the house from her?
A: If she can't get a job, and her alimony isn't enough to support the mortgage
on the property, she may have to sell the house. Without a job she’s probably
unable to afford the home on her own, and it’s unfair to ask her ex-husband
to continue to put his credit on the line so that she can live in a house she
can’t afford.
The best thing she could do is sell the property now, take the equity and rent
something that is more affordable. It would also be wise of her to talk to her
divorce attorney and determine what her options might be under her specific
divorce agreement.
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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Divorce Leads To Property Dispute
Ex-Wife Sold Property Illegally
Divorced Couple Stuck With Overvalued Mortgage
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