Question by TeddyBear: Any way to get my name off of a home mortgage when the banks will not refinance the house;?
What do you do when you are divorced and the X can not refinance the mortgage to get your name off the mortgage? The house is up for sale, but few inquiring. My name still being on the mortgage is damaging my credit score which has caused me to lose a house I wanted to purchase. Is there any legal advise for me?
Answer by ibu guru
You are legally liable for that mortgage until it is paid in full. If your ex cannot get a new mortgage solely in his/her? name to pay off the existing mortgage, you remain liable. There is no other way to get your name off that mortgage until it is paid in full. In this case, that house has to be sold to pay it off. Since you are legally obligated to an existing mortgage, you probably are carrying too much debt to qualify for any mortgage. You’re a renter until after that house is sold, closed, and you have a goodly cash down payment on a new mortgage of your own.
If the house is not even attracting any lookers, your price is too high. Assuming, of course, the house is in beautiful condition and a good neighborhood. If not, your options are to wait out the market (which could take years as the economy starts its second wave down), or deeply discount the price for an “as-is” quick sale.
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