Mortgage loan: My ex-wife's name is on the mortgage

This is a discussion on Mortgage loan: My ex-wife's name is on the mortgage within the Divorce, Separation, Annulment forum, part of the FAMILY LAW, DIVORCE, CUSTODY category; I am divorced with a mortgage that I am paying. My ex-wife's name is on the mortgage but soon to ...

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Old Apr 30th, 2008, 06:31 PM   #1
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Default Mortgage loan: My ex-wife's name is on the mortgage

I am divorced with a mortgage that I am paying. My ex-wife's name is on the mortgage but soon to be removed from the title.

I have inquired with the bank if there is a form that allows for me to simply remove her name from the loan. The property is upside down and a refinance is not possible.

If I were to walk away, foreclose on the property, does my ex-wife have any recourse?

Thank you kindly for all of the anticipated feedback.
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Old May 1st, 2008, 09:51 PM   #2
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Default re: Mortgage loan: My ex-wife's name is on the mortgage

Does she have any recourse?
Why would she care? It sounds like she will no longer have any financial interest in the property anyway.
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Old May 1st, 2008, 10:30 PM   #3
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Default re: Mortgage loan: My ex-wife's name is on the mortgage

Not against you but she will still owe the bank.

Your divorce agreement should have said what you were to do with the property.
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Old May 2nd, 2008, 04:00 AM   #4
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Lightbulb re: Mortgage loan: My ex-wife's name is on the mortgage

i went thru almost the same thing. we fought over the house and over who was to stay in it with the kids. whoever was allowed to stay was to refinance the loan in their name and remove the other (from the loan ONLY.. it doesnt remove them from the deed) .. when it comes time to sell we would both have to make a court date together to split the assets evenly and both be released from the obligation at that time unless you can agree before the divorce is final that one party will sign everything over to the other to release them from the deed and total obligation at that time. make sure it is all agreed and ordered before the divorce is final or you will both face more court appointments and more attorney fees later to divide the assets of the home and be released from the deed. keep in mind that as long as you both are on the deed you are both responsible for upkeep and maintenance of the home as well as the insurance, taxes etc. the only thing she wont be obligated to is any mortgage payments since you will be the only one on the bank loan. usually the bank will want to see the deed when you refinance and will ask why you both wont be on the loan and will want to make sure you can qualify for the loan without her as a coapp because if you should ever default on payments they would like someone else to go to for payment. in any case, they will want you to get her off the deed if they know it is a divorce situation to protect their interest and she will have to consent and sign some paperwork to get herself off the deed at the time of the refinance.
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Old May 2nd, 2008, 11:59 AM   #5
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Default re: Mortgage loan: My ex-wife's name is on the mortgage

Thank you for all of the replies. Let me further clarify to assist in learning more.

We agreed that I would sell the home. The home, unfortunately, is upside down and not able to be sold in today's market. She is completing the quit claim deed to remove her name from the deed. However, her name remains on the loan. I am not aware of any way other than a sale or refinance to remove her name from the loan.

A sale is not possible, unless it is a short sale that the bank agrees to.

A refinance is not possible, at this time, as the estimated appraised value is lower than the value owed on the home.

Her name will be removed from the deed. Her name remains on the loan.

Worst case scenario, if I were to simply walk away (foreclose), what if any recourse would she have towards me?

The marital agreement says I will sell the home to remove her name from the loan. Of course, selling the home is going to be difficult in the current market and status of the loan to value numbers. The interspousal transfer deed is in place confirming that she no longer has interest in the home.

I will be happy to share the specific section of the marital agreement with any attorney interested in helping me understand the worst case scenario.

Thank you kindly!
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Old Jun 16th, 2008, 09:08 PM   #6
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Default re: Mortgage loan: My ex-wife's name is on the mortgage

I m going through the same process. I have to remove my wife-s name from the loan and she'll execute a quitclaim at the same time. The value of the house is lower than the loan amount. I can't pay the difference to refinance. Did you find any solution?
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Old Jun 16th, 2008, 10:35 PM   #7
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Default re: Mortgage loan: My ex-wife's name is on the mortgage

How was the house valued at the time of the divorce?
The value of the house and the value of the loan should have both been included in the total assets when you divided things up. If the house was "upside down" at the time, then you should have been compensated for that during the split, and the loan-to-value deficit is yours to bear.
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Old Nov 24th, 2009, 09:57 PM   #8
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Default Mortgage Loan

mortgage loans comparison gives information on the loan strategy tools? what is interest rates?
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Old Nov 17th, 2010, 05:39 PM   #9
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Default Mortgages For First Time Buyers

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Old Nov 19th, 2010, 02:07 AM   #10
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Default Re: Mortgage loan: My ex-wife's name is on the mortgage

"The value of the house and the value of the loan should have both been included in the total assets when you divided things up. If the house was "upside down" at the time, then you should have been compensated for that during the split, and the loan-to-value deficit is yours to bear."
it's valuable!
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