destined777
Junior Member
What is the name of your state (NY)?
My ex-wife and I have been divorced for almost two years and in the divorce decree, our jointly owned home was to be sold and profits divided equally but it has not sold in almost two years. The home is at the point of going into foreclosure and my ex wants to do a loan modification (by herself) to avoid it.
My question: Is there any legally binding document I could write stating that although the home is still legally mortgaged in both of our names, my ex-wife will complete the loan modification (becoming the primary?) using her income and will be paying the mortgage on her own? She has a good track record in regards to paying bills and I cannot afford to pay for the property at this time. My ex-wife has also agreed to notarize a letter stating that when she is able to refinance (credit wise), she will do so.
Also, would I be required to sign and be a partied to the loan modification, as I am currently the primary on the loan? Any assistance would be appreciated!
My ex-wife and I have been divorced for almost two years and in the divorce decree, our jointly owned home was to be sold and profits divided equally but it has not sold in almost two years. The home is at the point of going into foreclosure and my ex wants to do a loan modification (by herself) to avoid it.
My question: Is there any legally binding document I could write stating that although the home is still legally mortgaged in both of our names, my ex-wife will complete the loan modification (becoming the primary?) using her income and will be paying the mortgage on her own? She has a good track record in regards to paying bills and I cannot afford to pay for the property at this time. My ex-wife has also agreed to notarize a letter stating that when she is able to refinance (credit wise), she will do so.
Also, would I be required to sign and be a partied to the loan modification, as I am currently the primary on the loan? Any assistance would be appreciated!