joint refinance mortgage during divorce?

[dejavoo2]

I live in Wisconsin, and have joint petitioned for divorce with my wife(filed 1/25/2001). We have two children, ages 11 and 15. She is living in the house, which we both agree she should keep.
The problem is, she wants me to refinance the mortgage with her, so she will have lower payments. She says the bank will only allow the refinance if we do it jointly.
She says when the divorce is final she will have my name removed from the mortgage, and because I helped her will not ask for any child support.

*Can and should this kind of transaction happen during a divorce?
*How will she get my name off the mortgage when the divorce is final, if they won't let her refinance on her now?
*Isn't it mandatory that I pay child support if the children aren't living with me at least half the time?
*Is there something she is trying to sneek past me in her favor and against me?

 

[I AM ALWAYS LIABLE]

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*Can and should this kind of transaction happen during a divorce?

ANSWER : No, this is ludicrous. You're getting a divorce, remember ? Let the court make orders concerning the house. Make sure that any orders include a Refinancing clause, or if that's not possible, to have the house sold and the proceeds divided between you. If it is your intent to get out from under that mortgage, then this is the ONLY way to do it.


*How will she get my name off the mortgage when the divorce is final, if they won't let her refinance on her now?

ANSWER : If the mortgage is in both names, she cannot merely "have your name removed" from the mortgage. The lender won't allow it. In order to do that, she'll have to refinance the house a second time - - this time, using her own credit and ability to pay. A "Quit Claim" Deed will NOT do this.


*Isn't it mandatory that I pay child support if the children aren't living with me at least half the time?

ANSWER : Absolutely. The court will order child support.


*Is there something she is trying to sneek past me in her favor and against me?


ANSWER : I don't know if she is doing this, or suggesting this to you purposefully, or whether she's suggesting this to you merely out of ignorance. Either way though, it's wrong to do.

Good luck to you.

IAAL

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