Ex not paying mortgage

[one2one]

What is the name of your state? NC
Divorced with no seperation agreement. Signed notarized statement that ex takes full responsibilty of mortgage until house is sold in lui of child support. Has not sold in 2 years even though it is priced under what other homes are selling for in the neighborhood. Ex now is refusing to pay any further payments. Unless this house sells it will go into forclosure. I have purchased another home. Would the mtg company be able to put a lein on my current home? I have also been told that I can take my name off the deed and the mtg company would not hold me responsible. Is this true and how do I go about this process?

[jnazareno]

Originally Posted by one2one

What is the name of your state? NC
Divorced with no seperation agreement. Signed notarized statement that ex takes full responsibilty of mortgage until house is sold in lui of child support. Has not sold in 2 years even though it is priced under what other homes are selling for in the neighborhood. Ex now is refusing to pay any further payments. Unless this house sells it will go into forclosure. I have purchased another home. Would the mtg company be able to put a lein on my current home? I have also been told that I can take my name off the deed and the mtg company would not hold me responsible. Is this true and how do I go about this process?

you are liable for that mortgage with your EX ..assuming both names are in
mortgage.

if both names in mortgage and goes on Foreclosures, you credit will go bad, really bad.

talk to the mortgage company and ask if you can do it.

[danno6925]

Getting your name off of the deed won't solve your problem in the slightest! If anything, you'll compound your problems by having your name on athe mortgage for a property that you no longer own! Taking your name off of the deed would give up your rights as an owner.

Your best bet would be to get the ex to refinance the mortgage in her name only. At the settlement for that loan, you have a "Quit-Claim Deed" drawn up to be recorded simultaneously with her new mortgage. This would release you of any ties to the ex and the property in the same day.

All in all, sounds like you DEFINITELY need a lawyer yesterday!!

[rtrev64]

Originally Posted by danno6925

Getting your name off of the deed won't solve your problem in the slightest! If anything, you'll compound your problems by having your name on athe mortgage for a property that you no longer own! Taking your name off of the deed would give up your rights as an owner.

Your best bet would be to get the ex to refinance the mortgage in her name only. At the settlement for that loan, you have a "Quit-Claim Deed" drawn up to be recorded simultaneously with her new mortgage. This would release you of any ties to the ex and the property in the same day.

All in all, sounds like you DEFINITELY need a lawyer yesterday!!

It is not that bad but I was wanting to ask a question I think you answered for me..So removing my name from the deed will not release me in anyway, just my rights?

My X-wife and I own a home we purchased 6 years ago and we are pretty close to just quitting on ourselfs but the only reason she or I won't just get up and go would be because name is still on deed and we care about our credit but she stated she would remain so I should leave but like I stated, I want to make sure I do this right..So refinance the house under her name and have a quit- claim deed drawn up? Is that a seperate piece of papaer and what is the correct name for this paper? quit-claim deed? I live in Texas by the way..So what is the Texas law on this?

[jnazareno]

if you Refi- then Title should have made to her name only hten. no need to quit claim.

[LoanOfficerDan]

Even in refinance, a Quit-Claim would be needed to remove an owner. When a title company does the new title search, the owner's names will appear. All owners must sign the new Deed of Trust at closing. Signing a Deed of Trust does not obligate you to pay back the loan, but simply notifies you that you understand that the property is being secured for a loan.

The only way to remove someone from a note is to pay the loan off - case closed. No lender will remove an ex spouse, and no judge has the power to do so. A refinance is a form of paying the old loan off and should be accompanied with a Quit-Claim Deed.

As long as the ex-spouse refuses to pay the note, the less likely a refinance will be approved, and BOTH of your credit scores will be destroyed due to late payments and/or foreclosure. Sometimes judges will order a deadline for a sale date. If not sold, then propery is auctioned. (not a foreclosure if it's a sheriff's auction ordered by judge, and not by lender). Go back to your divorce attorney if such a route needs to be pursued.