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Still on Ex's Mortgage |
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My wife and I were divorced back in 2006. She gained sole possession of the house, which when she decides to sell, the equity gets split evenly.
Well, she's gotten married again and her new husband has moved in, built a garage on the property making it very obvious even to the simple minded person they are not going to move or sell the property.
In the mean time, I'm flat broke, can't even rent a better place than I'm in because my name is still on the mortgage. (Thier afraid something will happen and I'll be liable for payment, which is true.
How can I get my name off the mortgage and deed so my financial situation don't look so bad? |
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You can get off the deed by signing a new deed turning over full ownership to your ex. But I'm not sure you want to do that, because you'd lose all the equity you might have in the place. As for getting off the mortgage, that's another matter. Sometimes the bank will agree to let you go if your ex can prove she's financially qualified to make the payments on her own. YOu can ask. But that will require her cooperation. If she doesn't want to do that, you might offer to give her some money -- or again, sign off on your share of ownership if she'll take over the loan on her own.
No way I can really judge because I don't know how much the place is worth, how much the mortgage is for, how much your ownership is worth in other words.
Talk with a lawyer to discuss your options. |
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Edith
Originally published on November 7, 2007 |
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