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Catherine S | How do I remove my name from a joint mortgage? ? |
My husband and I are divorcing. We have a joint mortgage, but we have agreed that he will take on the mortgage and keep the house. However, he will also be responsible for clearing debts that were incurred during our marriage. (Mainly incurred by him). Neither of us are living at the house, as it is on the market to let. Currently there is no equity in the property. How do I go about removing my name from the mortgage and deeds? In the meantime, am I legally required to keep contributing to the mortgage, even though I will be getting no long term benefit from the house and any equity in the future.
Additional Details
Thank you for all of your answers so far! A lot of them are very useful. I forgot to say that I am in England... |
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flubewl
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Your legal responsibilities do not stop because you're not living at the property, or because you have decided to split with your husband.
Your husband will have to legally swap over the mortgage into his name, and arrange a new mortgage... this usually costs about £2,000, which can be applied onto the loan amount.
So essentially you have to keep paying or you will get a default against your name, and risk the loosing the property.
This is something that your divorce solicitor has to explain to you, you do have a solicitor don't you? You need to calculate your finances correctly, divorces where property is involved will cost about 10k on average. |
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taxed till i die,
 |
See your solicitor. |
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golferwhoworks
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the only way is for him to refinance the property and make it a condition in your divorce and that he must show proof to your atty when done.
The problem is no equity and it being a rental. Investment property must have equity to get this done. He could default at any time even if you quit claim it to him and you are still responsible |
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lulu
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Firstly your husband will need to approach your lender to see if they will agree to him taking over the mortgage just in his name (Transfer of equity) and they will establish if he can support the mortgage on his own, should you fail to have tenants. Once this has been agreed, then you will eb able to come of the deeds and they will be transfered into your husbands name. As there is no equity in the property and he is not buying you out, then as long as the bank / building society agree to this is should be a fairly straight forward process - whilst it is a joint mortgage you are responsible as much as he is for the payments or any arrears. This may also make it difficult for you to get your own mortgage until your name comes of as you already have an obligation to the first mortgage |
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daisyflower_x
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Hi,
Personally i wouldnt gamble with asking on answers as lots of people come on here from different sides of the worlds and the laws are different everywhere, i think you should pop down to your local citizens advice bureau my dad uses it regualrly with these silly electorial companies writing to him demanding money he doesnt own and 9 out of 10 times its sorted by the time he comes home and its free :) |
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good guy
|
yes, you are required to keep paying on the mortgage. Both you and your soon-to-be-ex are responsible. You have two options: (1) tell him he has 60 days to refi the property in his name alone or you will (2) force a partition sale through the courts. (you can do this legally, even if he doesn't want to). In either case, you are off the mortgage. Your divorce attorney should be telling you these options. Good luck and stay strong. |
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rks0
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Most mortgages in England are arranged on what is known as a 'joint tenancy' basis,which in plain English means that both you and your husband are EQUALLY responsible for the mortgage.
Subsequently, untill the mortgage is transferred wholly to him, you will be liable for payments.
Also, is the mortgage on the property a specific 'buy-to-let' mortgage? If it isn't, then, technically speaking, you should not rent the property out.
As for switching the mortgage to your husband, there are a number of issues here. Your husband will have to effectively buy you out, and because there is no equity, take a 100% mortgage. In the current 'credit crunch' climate, I'm afraid he may find this very difficult, and if he does manage it, it will be at a premium interest rate.
Your current lender should be your first place to contact, as they often have procedures in place for such occurances. |
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Tapestry6
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My neighbor did this with her guy and its complicated. Go to the company that did your mortgage. I think he has to 'buy you out' in order for it to be legal but there might be another way of doing it. As long as you are married you are legally bound to the property unless you can get some sort of quick claim set up with the mortgage company to release you from liability |
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jack a
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Well unfortunately you would have to have your husband go through all the leg work. He will have to work with your current lender to see if he qualifies on his own. If he does qualify on his own they can possibly take you off the note with both your signatures. As far as your name on the title of the home, you can sign a quit claim to remove yourself. Depending on your state, you mayhave to get a lawyer involved, but most of the time, you can just call a title company. There is likely no clause in your mortgage that states you are not responsible in the case of divorce, however, as the loan is in both your names as of now, should the loan payments come late, or not at all, your credit can easily be ruined. Good luck in the future. |
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Cindy O
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hi, Actually I just went though a divorce myself and I am getting the house and the mortage payment. So here is what we had to do. We had to go to the courthouse and have my ex's name removed from the deed to the house. then I was able to get a loan from the bank and remorgage the house. So with that money since the loan was in my husbands name. I had to give him the money from the load to pay the loan off in his name. So now the house and the loan is in my name.
hope that help you...
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Ruby's Mom!
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im going through a simular thing just now only difference is i wasnt married, if the debts were secured against the house then he has to clear them before u can take ur name off, i dont know ur financial circumstances to answer whether u have to contribute to the mortgage payments at the moment, i dont have to as i dont work and never did while we were together, best thing to do is speak with ur solicitor about it, i presume u have one as u are getting divorced! he/she will know better as its different for married couples than it is for non married couples good luck |
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doinou
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You're still liable. |
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isma2012
 |
You wont be able to unless you have a legal contract with your husband stating that he is taking on the mortgage in case of said divorce that had to be signed before the marriage took place. If you sign for it you have to pay it, if he is not paying the mortgage just like it says in the contract you have to pay it, this is why joint mortgage, now if your you have a good divorce attorney you might be able to get the judge to assign him the debt, but really if that doenst have happen you will be held responsible for it, unless you can sell it and but with your will not get a good deal in today's market, Is better if you sell it for a low price than letting go into foreclosure the bank will just auction it for a low ball price whatever they get they ll deduct from your balance but you will still be responsible for most of it, if you sell whatever is remaining you can settle it later 9 time out of 10 later on. |
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raysor
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Surely that must be sorted out by the courts under your divorce settlement? |
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Gummy Bear
 |
use an eraser or tippex |
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honey3737
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Obtain legal documents that say you are no longer an owner. |
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Bibs
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It will not be possible unless the house is sold. |
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