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They're Divorcing |
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My wife and I are separated and planning our divorce. She wants to stay in our house which is financed through ERA mortgage. I want my name off the loan. What do I need to do? |
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You are right to be concerned, because just signing over your share of the house would not relieve you of liability for your mortgage.
Two solutions are possible. First, you pay off the current loan and your wife refinances with a new mortgage in her own name only. Second, the lender agrees to take your name off the present mortgage. Sometimes they'll do that, but in either case, your wife must have sufficient income and credit to prove she'll be able to handle the payments on her own.
If she won't be in a financial position to qualify for a loan, then her keeping the house is just asking for trouble no matter how it's arranged -- both your credit and hers would be at risk. |
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Edith
Originally published on June 7, 2008 |
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