husband got house in divorce

OK it really is not a realestate problem but this post came the closet to what I was looking for. Here is the deal . I have been divorced for 2 years and my ex got the house. But now I want to buy a house but can't because my name is still on the note on his house and he will not refianance. so what can I do to get my name off the loan so i can get my own house. I went to the institution where he had the house financed and they know he is making the payments. His credit is excellent and I just bought A truck > but the bank tells me because I am still on the note and it is still on my credit that my debt to income ratio is to high becuse of this note and I can not get my own til I am off of his. Isnt there something leal I can do to get taken off of this note.

[Edited by lilly8264 on 11-17-2000 at 08:07 PM]

Show the new mortgage company the divorce decree that indicates he was awarded the home. They may also ask for proof that ex is making the payments. Usually 6 to 12 months of canceled checks will do it.

Good luck.

Not an attorney, but past experience tells me that you should check your divorce decree. If it states in the decree that he must have you released from the mortgage then you should be able to force him to remortgage getting your name off the debt of the old mortgage, or force him to sell to satisfy the requirement stated in the divorce decree.

Be aware that when you divorce you credit is slow to grow strong again. The lenders have doubt during and just after a divorce until your emotions settle and your finances stablize. He may not be able to remortgage because of the lending institutions inherent doubt after the divorce.

If you want to be compassionate you may be able to strike a deal with your ex and use the equity of his house that your mortgage is on to strenthen your standings with your lendor on you new home.

Just some suggestions

Hope this helps

Wg

Originally posted by lilly8264
OK it really is not a realestate problem but this post came the closet to what I was looking for. Here is the deal . I have been divorced for 2 years and my ex got the house. But now I want to buy a house but can't because my name is still on the note on his house and he will not refianance. so what can I do to get my name off the loan so i can get my own house. I went to the institution where he had the house financed and they know he is making the payments. His credit is excellent and I just bought A truck > but the bank tells me because I am still on the note and it is still on my credit that my debt to income ratio is to high becuse of this note and I can not get my own til I am off of his. Isnt there something leal I can do to get taken off of this note.

[Edited by lilly8264 on 11-17-2000 at 08:07 PM]

It is true that the bank will not remove you from liability, but you have a liability that you are not getting value from. I suspect you were asked to sign a quick claim deed at the divorce proceedings. I also suspect you signed it without your ensuring relief from the debt before you signed the quick claim deed. You should have had a right to demand from him the mortgage to be satisfied and therefore releasing your name from the liability of that house before you signed the quick claim deed relinquishing your rightful claim to the house you owed a debt on. Many times this clearing of your liability does not get accomplished before you sign off rights to the property by signing the quick claim deed.

Justice would best be served if you are liable for a debt you get no value from, by a court ordering you name reinstated or you name cleared from the mortgage by the court ordering a new mortgage to be obtained by your ex to clear your name. You have a right to have to be cleared of the debt by your ex not your bank. This may take a civil suit against you ex but I feel a judge would probably order the liability to be cleared considering the fact you have an unfair liability with no value gained by you.

Try to understand the bank is not required to release you unless the debt is satisfied. This is where a civil suit would be you most likely form of action asking the judge to provide you justice by either ordering the mortgage cleared either by your ex obtaining a new mortgage thus satisfying the old mortgage or by selling the home to satisfy the old mortgage. The question is that justice has not been served because you owe a liability for value you have not received.

I still suggest you read your divorce decree. The order may already be present in that decree that he is required to get you released from the mortgage. It is his responsibility how he does it. Not a pretty picture, but check with an attorney and I believe you will find me acurate on the subject.

Been there done that, I kept the house in my divorce same requirements on the release of liability. I had to remortgage or sell the house or get my ex to agree to leave her on the mortgage. It was to her discretion to decide to agree, otherwise I had to either sell or remortgage. One way or the other I had to satisfy her liability to a home she had received no value from.

Hope this helps

Wg

[HomeGuru]

y

Just FYI, it's a "quit-claim deed, not "quick-claim deed." But otherwise, Wgoodrich is correct. You ought to be able to force the ex to give you a release of liability via a refinance. If the loan is FHA, ex could assume the loan and you'd get a release

If there is sufficient equity in the home, even if his credit is less than perfect, he ought to be able to refinance and get your name removed.

But, these steps should not be necessary in order for you to obtain financing on your own, assuming your credit is acceptable and all other requirements are met.