mortage in divorce

[debgoss57]

What is the name of your state? I live in Missouri.

My husband and Ihave a mortage on our home. If we divorce and I sign over the house to him, am I still liable for the mortgage payments?

 

[LdiJ]

What is the name of your state? I live in Missouri.

My husband and Ihave a mortage on our home. If we divorce and I sign over the house to him, am I still liable for the mortgage payments?

Yes. The lender is not a party to the divorce and would still hold you responsible under the loan contract. He would have to refinance the house to remove your name from the mortgage. Absolutely do not sign the house over to him unless you are doing it at the closing table for his refinance.

 

[debgoss57]

mortgage in divorce

Well here's the deal******************************************.He opened up a business and ended up buying the building we were renting. Had some problems and refinanced the house about three times because of it. So know we have a mortgage on both. So what happens if the bank won't refinance the house a fourth time? We are desparately trying to sell the building but it isn't in very good shape.

Thanks for your help

 

[seniorjudge]

If you are current with your mortgage, ask for a modification (NOT a refinance).

Ask your bank for details.

 

[Ohiogal]

If you are current with your mortgage, ask for a modification (NOT a refinance).

Ask your bank for details.

Or an assumption so that your ex can ASSUME the mortgage.