Divorce Mortgage Questions

[John Milner]

What is the name of your state? INDIANA

I divorced my ex-husband about 2 years ago. We had a court-appointed realtor to sell the house and we were to split the profit equally. Well every offer we received, some were over the appraisal, he shot down. He'd make up a bull**** excuse not to sign the papers. So finally the lawyers agreed for him to give me half of the equity. He finally paid me. Then he was ordered to refinance within a year. Time is up in August. He just lost his job as well. He can never hold a job for more than 6 months. So now I need my name off the mortgage even though I was quitclaimed off the Deed. THe loan is through Countrywide. They said I could pay $100 and submit a bunch of papers and they can do it. What if they review his finances and see he's unemployed? It also says his parents are to assume the loan if he doesn't do this by August. What are my options here? I know the risk of him making the payments but I'd like to build a house this time next year. I need this taken care of!!

Thank you so much!!

 

[LdiJ]

What is the name of your state? INDIANA

I divorced my ex-husband about 2 years ago. We had a court-appointed realtor to sell the house and we were to split the profit equally. Well every offer we received, some were over the appraisal, he shot down. He'd make up a bull**** excuse not to sign the papers. So finally the lawyers agreed for him to give me half of the equity. He finally paid me. Then he was ordered to refinance within a year. Time is up in August. He just lost his job as well. He can never hold a job for more than 6 months. So now I need my name off the mortgage even though I was quitclaimed off the Deed. THe loan is through Countrywide. They said I could pay $100 and submit a bunch of papers and they can do it. What if they review his finances and see he's unemployed? It also says his parents are to assume the loan if he doesn't do this by August. What are my options here? I know the risk of him making the payments but I'd like to build a house this time next year. I need this taken care of!!

Thank you so much!!

Well, he is not going to have it refinanced by august, and even if he gets another job he isn't going to get a mortgage by himself, since his work history is so spotty.

Warn him, in writing, that if he hasn't refinanced by the deadline that you will be taking him to court for contempt and asking the judge to re-order that the house be sold, and to give you full authority to accept or reject any offer. (a judge won't give you that kind of authority, but its a good threat tactic) Hopefully he will go running to his parents and get it done.

If not, follow through and take him to court for contempt.

 

[John Milner]

Do you think Countrywide will take my name off after I send in the divorce decree, etc? I know there was a class action lawsuit for situations like this where credit companies had to "fix" the damaged person's credit. I'd like to just have a lawyer write a threat tactic letter to him and his parents saying that they can either assume his mortgage or do what you said.

Since I got my equity from the house already, I hope this works!

Thanks a lot!

 

[mistoffolees]

Do you think Countrywide will take my name off after I send in the divorce decree, etc?

No. Countrywide is not a party to your divorce.

 

[John Milner]

Then why would they have me fill out these papers and pay $100 saying it would release me of all financial responsibility?

 

[mistoffolees]

Then why would they have me fill out these papers and pay $100 saying it would release me of all financial responsibility?

Well, that would be the first time I've ever heard of that happening when the other party obviously has credit problems.

But I'm just curious. If you have papers in front of you saying that they would release you of all financial responsibility, why did you ask:
"Do you think Countrywide will take my name off after I send in the divorce decree, etc?"

 

[John Milner]

I don't have the papers in front of me. They are mailing them to me then I have to fill them out, and mail out other documents with it. I'm asking this because this entire ordeal has been such a clustered mess. I have doubts about ever getting out of it. Not to mention he has never paid a dime of child support.


Thanks

 

[Ohiogal]

I don't have the papers in front of me. They are mailing them to me then I have to fill them out, and mail out other documents with it. I'm asking this because this entire ordeal has been such a clustered mess. I have doubts about ever getting out of it. Not to mention he has never paid a dime of child support.


Thanks

Then take him back to court for child support if he was ordered to pay it and didn't.

 

[John Milner]

Now that he's unemployed, will they brick his unemployment checks?

Also this is what the modification agreement says....

My ex shall have 12 months from the date of this entry of this Order to refinance the mortgage on said residence to remove MY name therefrom. If my EX is unable to refinance the residence, HIS parents at that time will assume the mortgage or refinance the mortgage to remove MY name. Until such time as the mortgage is refinanced or assumed, HE will hold me harmless of the monthly payments......

Whattya think?

 

[LdiJ]

Now that he's unemployed, will they brick his unemployment checks?

Also this is what the modification agreement says....

My ex shall have 12 months from the date of this entry of this Order to refinance the mortgage on said residence to remove MY name therefrom. If my EX is unable to refinance the residence, HIS parents at that time will assume the mortgage or refinance the mortgage to remove MY name. Until such time as the mortgage is refinanced or assumed, HE will hold me harmless of the monthly payments......

Whattya think?

His parents are not a party to the divorce, therefore that portion is unenforceable. Like I said, notify him that if the refinance has not happened by the date specified, that you will be taking him to court for contempt.

 

[mistoffolees]

His parents are not a party to the divorce, therefore that portion is unenforceable. Like I said, notify him that if the refinance has not happened by the date specified, that you will be taking him to court for contempt.

Something isn't adding up.

OP claims that she has paperwork from Countrywide that they will take her name off the mortgage for $100. If that's the case, why is she messing around? Just file the paperwork, send the $100 and be done with it. What Countrywide does to him doesn't affect her.

Of course, I doubt if Countrywide is really going to do that, but she claims they will - so just do it and get on with your life.

 

[John Milner]

Mistoflees, you need to read before you criticize, I said the papers are not infront of me, that they are to mail me something and I have to mail them the divorce decree, quit-claim,etc....

The court system is so wishy washy I don't believe anything will happen until it DOES HAPPEN.

So I'm trying to find alternate solutions until this is completed. I have a hunch that they will review his employment and not allow me to do this.

Also, his parents paid me from their account for my share of equity.

What more would you like to help you "add it up"???

 

[LdiJ]

Mistoflees, you need to read before you criticize, I said the papers are not infront of me, that they are to mail me something and I have to mail them the divorce decree, quit-claim,etc....

The court system is so wishy washy I don't believe anything will happen until it DOES HAPPEN.

So I'm trying to find alternate solutions until this is completed. I have a hunch that they will review his employment and not allow me to do this.

Also, his parents paid me from their account for my share of equity.

What more would you like to help you "add it up"???

What he really means is that no one here has ever heard of a mortgage company doing anything similar to what Countrywide is doing. Mortgage companies do not WANT the other person removed from the loan, because they want to be able to go after both of them if the loan goes into default. So, that is unusual, to say the least.

Plus, you already know that he isn't going to qualify for a mortgage on his own. Therefore I personally wouldn't even bother filling out that paperwork and wasting my $100.00.

I would go the route of making it clear to him that you WILL file for contempt and ask the judge to order that the house be sold, if he doesn't make the refinance happen by the deadline.

 

[mistoffolees]

Mistoflees, you need to read before you criticize, I said the papers are not infront of me, that they are to mail me something and I have to mail them the divorce decree, quit-claim,etc....

The court system is so wishy washy I don't believe anything will happen until it DOES HAPPEN.

So I'm trying to find alternate solutions until this is completed. I have a hunch that they will review his employment and not allow me to do this.

Also, his parents paid me from their account for my share of equity.

What more would you like to help you "add it up"???

Simple.

1. You claim you already got your share of the equity and the only issue remaining is the debt.
2. You claim that Countrywide will take your name off the mortgage and absolve you of any and all financial liability if you fill out a form (whether it is actually on your desk this second is irrelevant) and pay them $100.

If that is the case, you have nothing to worry about. Pay Countrywide their $100, fill out the form, and walk away. Why are you wasting energy worrying about whether he can refinance or not.

Frankly, I think you're mistaken. I doubt if Countrywide is willing to do that. But if they are, you'd be foolish not to pay the $100 and walk away.

 

[mistoffolees]

What he really means is that no one here has ever heard of a mortgage company doing anything similar to what Countrywide is doing. Mortgage companies do not WANT the other person removed from the loan, because they want to be able to go after both of them if the loan goes into default. So, that is unusual, to say the least.

Plus, you already know that he isn't going to qualify for a mortgage on his own. Therefore I personally wouldn't even bother filling out that paperwork and wasting my $100.00.

My understanding of what OP said was that Countrywide would take her name off the mortgage and free her from all liability if she fills out the form and pays the $100. If that's true, she should do it - whether he can refinance or not. Once they take her name off and free her from liability, why should she care if he can't refinance?

Frankly, I doubt that's the case. I can't see Countrywide doing that, but if they do, jump at the chance and walk away.