Divorce and a mortgage, what are my options?

This is such a common problem... The person "keeping" the house, who bought it with two incomes, now misses payment or goes into foreclosure wrecking the credit of the other party. My humble opinion is with any divorce, the person keeping the house should be forced to either refinance to remove the other persons name from the mortgage, or if they can not refinance on their own, be forced to sell the house.

This should be addressed in your divorce, as to who is responsible for the mortgage. If your wife wants the home and can afford it, you will want your attorney to make sure she must refinance your name of the mortgage. Depending on the value of the home and your ex wife's credit an FHA, Conventional or HARP 2 refinance will be her best options. It is important that you pay attention to the pay history on the mortgage if any payment is made late while you are still on the loan it will effect your credit. If you are looking to purchase a new home before your ex can refi, you will need to be able to qualify with both payments, and you will need signed and completed divorce papers. There is much more to know in your situation to keep yourself protected. Call a local Lender 411 Mortgage Specialist.

The only way to get your name off the mortgage is to have her refinance it into her name unfortunately. Even if she is legally responsible in a divorce decree you are still responsible for the mortgage in the banks eyes. If you need help with anything I also have a law degree and can help you with all aspects to make sure you are protected. P: 888-320-7888 - Ken@MortgagesforAmerica.org - Ken Burrows

You signed on the Note when you got the house so you are still responsible for the payment, Regardless of what divorce decree states, until she refinances into her name or sells it. Missed payments will reflect on your credit so my advice is to check that the payment is being made each month to protect your credit. The court can tell her to refinance it into her name but they can't compel her to. Even if she does try to refinance it she may not qualify and won't be able to so really what is in your best interest is to request the house be sold because then you have take action yourself on getting it sold if she doesn't want to. That is where the divorce decree can help if you she drags her feet. If the house is underwater, and it is a Harp qualifiable home, then she can refi into her name only. Harp allows for removing, or adding a borrower.

You are still responsible for the debt. She has to refinance and take you off the mortgage. I work for Sun Bank. We lend in NY & NJ. Contact me:Jim Mazzola 732-501-4249

Hope that she makes the payments on time.

Dave Metsker is right on the money.....HOPE she makes payments on time. LOLOnly way you can get off the note is thru refinance or sale of the property. If property is underwater but payments are up to date we can possibly do a Harp loan (depends on date you received current mortgage) Have her call / e-mail me to discuss options in HER name only. Carlos @ 908-516-2190 Ext. 301 or carlos@keypointmtg.com

In your divorce decree it should be spelled out the terms for her to take over the house, she may ask for 1 or 2 years to refi the loan and get you off of the note. The judge will allow this. During this time you are at risk of her not paying. I have seen this happen, You may want monthly proof of her making the payments, especially if you have to make payments to her for child support or alimoney. I would not want to be paying her for support and she isnt using it to pay the mortgage. It will hurt you alot. Do not sign anything until you understand the liabilty behind it. I have been down this road, If you need to dicuss further - email me at NYLOANMAN@aol.com Peter Savino nmls 66028

You should tell your Attorney that combination isn't safe for you, and your wife should be required to refinance the house into her own name. If she can't, she should sell it, to release you from the mortgage obligation.