Mortgage/Divorce

[vgl614]

Hi from Colorado:
I am divorced, my exhusband signed over his ownership in the house to me. He would now like his name off the mortgage. (It's in both our names now-he was the major income earner. 1) If the mortgage Co finds out he no longer has ownership in the house, can they "call in" the mortgage? 2) Can they force me to refinance at today's higher interest rates? 3) what if I can't qualify for a refinance? (my income is substantially lower than my ex's)4) Are there laws to govern what a mortgage Co can/can't do in this situation? thanks for your help!! vgl

 

[LadyBlu]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by vgl614:
Hi from Colorado:
I am divorced, my exhusband signed over his ownership in the house to me. He would now like his name off the mortgage. (It's in both our names now-he was the major income earner. 1) If the mortgage Co finds out he no longer has ownership in the house, can they "call in" the mortgage? 2) Can they force me to refinance at today's higher interest rates? 3) what if I can't qualify for a refinance? (my income is substantially lower than my ex's)4) Are there laws to govern what a mortgage Co can/can't do in this situation? thanks for your help!! vgl<HR></BLOCKQUOTE>


Most mortgage/finance companies do not recognize Divorce Decrees. If you are making the payments and the house has not went into foreclosure or making payments late. There isnt much he can do. He signed the Mortgage agreement and that is all they care about. Plus it was Financed based on joint incomes so it is highly unlikely that they would even be willing to remove him and refinance it under one buyer.