mortgage

[yoo-hoo]

What is the name of your state? wisconsin
i'm going through a divorce and my ex and i agreed that i would keep the house, since the equity equaled what he had in his retirement fund, and my son wouldn't be uprooted. now he and his lawyer are trying to force me to take his name off the mortgage so he can buy another house. my lawyer said the judge will not force me to do that. i'm afraid i don't have enough credit built up in my own name to obtain a mortgage by myself, since every major purchase (cars, etc.) had my ex's name on the loan, too. i really want to keep the house, since it would be more cost-effective than rental property. any advice?

 

[bluesport]

Actually buying a house is easier than buying a car since it is harder to relocate a house than it is to reloacate a car. Also every time your name went on to a purchase along with his you were building credit but every time a payment was late that went on there too. Now the question of your income they call it Debt to income ratio that could hurt you. Depending on how much you make per yr verses how much you owe in outstanding debt. Now some mortgage Companys will grant you the loan but at a much higher intrest rate. The only way to know would be to call and apply for the loan. It might just be a matter of refinancing it to remove his name but then you would be liable for closing costs and such but hey you will never know unless you try. Now if your lawyer suggests that you not do this find out why and follow his advice after all that is what you are paying for.

hope that this helps a little

 

[my_3_monkies]

In SC...this was my case...

I'm in SC. My ex and I bought a home together 4 years before we divorced. I was not working, so his name was primary on the mortgage. I divorced in 2000, and I was awarded our marital home (we also have 2 minor children that I had custody of).

I tried, just for the sake of having his stupid name off the mortgage, to get it removed. No avail. I was told by mortgage company that "they didn't care what was in the court papers", his name would have to remain until the mortgage was paid in full.

He remarried right after divorce, and he and new wife were adamant about trying to get his name off my mortgage, for obvious reasons. I imagaine was very difficult for them to get a home of their own with his name on such a large debt with my house.

They tried to "trick" me into signing some papers that they claimed would simply remove his name from my mortgage. Luckily, I didn't sign it right away, and instead, kept the papers to review before signing. It was a loan application to refinance my home which was COMPLETELY filled out, and only needed my signature. Come to find out, ex's new wife works for a mortgage company. She used the resources available through her employer to "try" to get my ex's name off my mortgage. Aside from that being illegal (what they were implying), it was not what I wanted to do.

Needless-to-say, his name remained on my mortgage until I sold the home and the loan was paid in full by the new owner's financing.

I hope all works out for you!