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Hi everyone. I am refinancing my house to a lower interest rate and the mortgage is in my name only but the title is in both our names. Since we are separated should or shouldn't I go ahead and get my ah off the title of the house when I refinance? The mortgage processor said I can do it either way. My concern is that the house has Very little equity and we have to be separted a year before we can file for divorce. Should I go ahead and take his name off the house? If I decided I no longer wanted it in a year I would probably lose and have to pay to get out of the house but my husband is still on the title he would have to split the difference right? Anyone know? In a way though It would be nice to have the house as just mine but I don't want to do something stupid either. Likely hood I will be staying in the area is u to me as well. Some part of me wants to stay, another part says leave. Thanks in advance.
Hi If he is on the current title he is entitled to a share in the house.Taking him off the title may require additional legal action and approval on his part. I know with a pension or 401 K this is a big issue.
He said it was up to me, then he said he would do some research about it tomorrow. There really is no interest in the house bc we owe more than what we could get if we sold it bc of real estate fees. I actually would be taking the burden of it sold at a loss but I figured I would figure it out just don't care to fight about it in a year if I did decide to sell. I would probably rent it for awhile instead of sell either way everything else is already apart so this is the only thing.
I would research your options further. Perhaps talk to an attorney and a real estate agent and figure out in both scenarios a clear picture of what could happen then make a choice with all the facts.
I too would probably consult with a lawyer. Each state is different but the two should align - i.e. if he remains on the house, he should also bear the burden of the mortgage and vice versa. At this point with very little equity, it doesn't seem like a big deal. But, if the markets tank or rebound and the house value goes down or up, you bear the burden of the loss and he gets a portion of any win.
Good luck with your research/decision. (((Hugs))) to ya!
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Practice the PAUSE...Pause before judging. Pause before assuming. Pause before accusing. Pause whenever you are about to react harshly and you will avoid doing and saying things you will later regret. ~~~~ Lori Deschene
I know that a quit claim from him would do it, but still needs to be processed by
an attorney to record. I do not know the particular laws in your locality, but if
the loan was re-mortgaged that would remove a person from the deed as well.
I to would consult with a lawyer.
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"Forgiveness doesn't excuse bad behavior, but it
does prevent bad behavior from destroying your heart". ~ unknown
There was one girl in my divorce group
They did a simple divorce for those reasons.
Everything was spelled out in the decree.
No real equity to split. One stayed to pay
Mtg till it sold. She has the option to buy it.
My suggestion is make everything legal
And on paper. My divorce was unpleasant
all About money and possessions. Large
Legal fees too.
My State is a 50-50 state after so many years
Married. All assets accrued after marriage come
Into play. I did not touch anything that came
With him.
I agree legal and on paper. My attorney (with first husband) did a quit claim deed on our house because he owed back taxes. I don't think he really knew what he was signing, but he did it anyway. About 6 months later I sold the house and the I walked away with money. He was not happy but oh well. It was all legal. Anymore the market can go either way. Good luck.
