Expert, localized Los Angeles answers provided by Heather Roy

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She's Off the Deed

  I'm in the process of getting a divorce, my husband and I would like to take my name of the deed of the house as well as the mortgage loan but they said he would have to refinance. Is they a way we could get the mortage loan to take my name off the loan without refinancing it?
 
 

Who are the "they" who said he'd have to refinance?  If it was the mortgage lender, that's that.  But otherwise, it's worth contacting the lender to see if they'll relieve you of liability.  Sometimes they'll agree to do that, assuming your husband can prove he's financially qualified to carry the payments on his own.

If that can't be done, you may want to hesitate about signing off on the house.  I sometimes hear from people who did that, and whose ex-spouses later won't or can't refinance. Lenders don't have to obey that divorce decree, and sometimes people get stuck with the debt or with credit problems, even though they no longer own the house.

    Edith
Originally published on April 19, 2008
 
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