Mortgage in my name, she keeps the house ...

[micquell]

What is the name of your state? INDIANA

We bought the house 2 years or so before we got married. The mortgage is in my name with her father as a co-signer. We both were making the payments equaly half and half. She is to keep the house, but her credit history doesn't allow her to get a mortgage. What are the options so she can keep the house and I am not obliged to pay the rest of the mortgage? I do not care if she pays me my share of the equity we paid towards the house, I just want to get out, but I'm afraid if I leave the mortgage in my name and she defaults on it, I will be kept responsible.

Thank you.

Originally Posted by micquell

What is the name of your state? INDIANA

We bought the house 2 years or so before we got married. The mortgage is in my name with her father as a co-signer. We both were making the payments equaly half and half. She is to keep the house, but her credit history doesn't allow her to get a mortgage. What are the options so she can keep the house and I am not obliged to pay the rest of the mortgage? I do not care if she pays me my share of the equity we paid towards the house, I just want to get out, but I'm afraid if I leave the mortgage in my name and she defaults on it, I will be kept responsible.

Thank you.

Q: What are the options so she can keep the house and I am not obliged to pay the rest of the mortgage?

A: After the divorce, have her refinance in her name only.

[LdiJ]

Originally Posted by micquell

What is the name of your state? INDIANA

We bought the house 2 years or so before we got married. The mortgage is in my name with her father as a co-signer. We both were making the payments equaly half and half. She is to keep the house, but her credit history doesn't allow her to get a mortgage. What are the options so she can keep the house and I am not obliged to pay the rest of the mortgage? I do not care if she pays me my share of the equity we paid towards the house, I just want to get out, but I'm afraid if I leave the mortgage in my name and she defaults on it, I will be kept responsible.

Thank you.

One option would be for her father to refinance the house in his name only.

[micquell]

So bottom line: there isn't any other way but to refinance ... ;-( correct?

Thank you!

[LdiJ]

Originally Posted by micquell

So bottom line: there isn't any other way but to refinance ... ;-( correct?

Thank you!

Correct...the lender will not allow your name to be removed from the mortgage without either a sale or a refinance. The lender is not a party to the divorce and is bound only by the terms of the loan agreement.

[bluesman203]

I can only see 2 viable options:
Either her father obtains a mortgage in his own name for the house or you force the sale of the house and the equity divided and given to you.