Getting removed from deed after Divorce

[popistoc]

What is the name of your state (only U.S. law)? MN

Hello,

My wife's ex never removed her from the boat deed and she shows that she owes 90k on it still although he was supposed to have her removed from that deed and debt (and we never use or want to use/own that boat).

My wife's ex says he cannot afford to refinance the boat, so he is simply unable to get her removed from that deed and debt. I don't trust him and the fact that my wife owes 90k hinders our own refinancing plans.

How can she be removed from that deed and debt?

I very much appreciate your help!What is the name of your state (only U.S. law)?

 

[justalayman]

How can she be removed from that deed and debt?
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.
a boat with a deed? I thought boats had titles.


anyway, to remove her from the debt, the debt, as it stands, must be paid off. What generally happens is the person that is keeping the property refinances and pays off the original loan and while all of this is happening, the person relinquishing title to the property would sign off the title.

If the guy cannot refi, well, what can you do?

She can go to court and ask the court to enforce the divorce decree. If the guy argues he cannot refi the boat, then ask the court order the boat be sold so the decree can be fulfilled. Be careful with that though as what generally happens is the court would order the boat sold and if it cannot be sold by the individuals, the court can order it auctioned off. That means you simply accept the purchase price. If it does not cover the debt, then all parties to the loan would be liable for the deficiency. That means your wife would have to pay to allow the boat to be sold.

 

[mistoffolees]

anyway, to remove her from the debt, the debt, as it stands, must be paid off. What generally happens is the person that is keeping the property refinances and pays off the original loan and while all of this is happening, the person relinquishing title to the property would sign off the title.

That is certainly the most common situation. However, depending on the credit rating for the person assuming the debt and whether there is any equity, the bank might take the ex-spouse's name off for a nominal fee. Depends on the circumstances and the lender. Refinancing is certainly the most certain way, though.