This article addresses what importance if any of property being titled or deeded in the name of one spouse in Harris and Montgomery County in Texas in a divorce and the importance of community property and separate property.. A question that comes up quite often in my divorce consults on the phone or in my office is the name on a car title, real estate deed, or bank accounts. Question Details: While my ex-husband and I were still married, I opened a new checking account in my name only; this was a year ago. If your ex kept the house but misses or is late on mortgage payments, your credit could be affected. You will likely not be responsible for your spouse’s credit card debt if it is not held in your name. If only one spouse’s name is on the mortgage, the other spouse still has a stake in the equity of the home. I do not have an income that will be able to pay rent so where do I go if I cannot live with him. Hi my wife left the house 9 months ago we bought the house 5 years ago in Arizona. California is a … There is only one way to have your spouse's name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. The assets and property that you have worked your entire adult life to accumulate- your home, your vehicle, your investments- are all potentially divisible in your divorce case. the deed is in my name only, and i just got a divorce, but the mortgage company will not a quit claim deed? Really need to split, I want the divorce and she's very upset, already broken some of my stuff and having outbursts. The house that was purchased during the marriage is under both of our names but the mortgage is in my name only be cause she has bad credit. We have 4 children the oldest is from different mother I got full custody. While signing a quitclaim deed may release your interest in the property to your ex-spouse, it does not release you from your mortgage. More . Any advice appreciated. Only once it is in place will the lender remove your ex-partner’s name from the mortgage. Divorce Community property in divorce Divorce and family Family law Marital property. This is the case unless you have a court order saying you're allowed to do so. Insisting on a refinance will ensure you’re not held responsible for debt that isn’t yours anymore. We were aware that there would be a potential issue that I'm providing the deposit but the lender may require the deeds to be in his name only (if the mortgage is in his name only), but we thought this would be an issue between ourselves (i.e. I filed for divorce the next month, took half the money out … The lender typically has a lien on the house, meaning that the spouse whose name is on the mortgage does not pay, then the bank can foreclose in order to get their money back. If you jointly applied for your existing mortgage with your spouse, the debt-to-income (DTI) ratio on your application took into account both of your incomes. Although it's common for married couples to share financial obligations, it might not work for everyone. Can I get him out while we are going through divorce process? If your name was added to the deed after the mortgage and note was signed, then you and your spouse own the property, but usually only after the lender has been paid in full. Getting a mortgage after divorce – what is a guarantor mortgage? It is registered at the Land Registry in my name only. the mortgage is under my name I’m planning to file for a divorce. With credit rules tight right now, qualifying for refinancing may be much harder on your own. For example, if your home is worth $220,000 and your mortgage is worth $140,000, you’ll need to refinance for at least $180,000. Some intangible things such as a mortgage, where you have both a loan and equity in the property, can be extremely difficult to divide. What are my options for getting my name off the mortgage after my divorce? If your divorce is not yet finalized and your ex will be keeping the home, it's a good idea to include language in your divorce … The mortgage is in my name only and I am the only one working. If I were to end up in a nursing home, funded by SS, ... if your divorce agreement provides that your ex will pay for the mortgage for a certain period of time, you should try to make sure … Can I transfer my mortgage to my ex-wife or husband? When a married couple separates or divorces, ... you’re not allowed to sell, rent or mortgage the family home without the other spouse agreeing to it. My ex husband has sent me a form that says i have to declare myself insolvent to take my name off I've looked on the Internet and it doesn't seem quite right. “ In almost all cases, the only way to get a spouse off a mortgage is to refinance them off of the mortgage,” says Becker. This will provide reassurance that you no longer have any financial responsibility, and will then be able to confidently sign over title to the home. Prepare to provide copies of your income tax returns, pay stubs, current appraisal, if required, and your quitclaim deed to the lender as well as pay assumption and document preparation fees. Essentially, you will refinance the mortgage in your name only. In order to assume a mortgage in your own name, you will have to individually qualify for the loan. This amount will cover the current mortgage and your ex’s half of the equity that has built up. If you agree in a divorce settlement to give your spouse the home, ideally, they’ll refinance the home mortgage in their name only. Your divorce decree spells out how debt will be divided. This is most often accomplished by using a quitclaim deed to remove an ex-spouse from the deed to the property.. Your credit score, amount of debt and value of your home may all determine if you qualify. As long as your name remains on the mortgage, you will continue to be liable for the mortgage payments should your ex default on the loan. Do I have any right to the house if my husband is the only one on the mortgage? The wife stays at home and looks after our 3 year old daughter. There are several ways divorce can affect your ability to refinance a mortgage, including:. My … My home mortgage is in my name only. Or live there ? Hi there I am wanting to re-mortgage the MFH in my name only which will take my STBX off the Mog. A bit of help? It says he should refinance the mortgage. However, this means they would have to refinance the home to buy out your share and take your name off the home loan, as well as the property title. Q When my parents died, they left me money which I used to buy my house outright, with no mortgage, in November 2015. Bad situation, any advice would be appreciated. How divorce impacts your ability to refinance. The house I am living in for 23 year (yes, we are also married 23years) is in my husband’s name. texas I live in texas and i am getting a divorce. Mortgage is in my name only but ex wife’s name is still on the deed...is she entitled to anything if I sell ? This means the person whose name is on the title of the home stays in the home. A higher debt-to-income ratio. Mortgage in my name only, divorce coming. How to Get Your Name Off a Home Loan After Divorce. Do I have any chances of getting the house? Lenders may insist on the use of a solicitor here, though there are some online conveyancers that offer DIY Transfer of Equity packs. need a little advice, if me and my dh was to split and divorce would i still be entitled to half the house, to support me and ds whos 10 years old, my names not on the mortgage cos when i met him he had his own house, when we married we both bought one together but cos i didnt have any id( passport,credit cards .driving licence ) OH had to have the house in his name, so my name never got … My name is the only one on the title, is … Homeownership further complicates the decisions and tasks involved with a divorce. What is the name of your state? All I know about divorce is from movies where wife and husband battle it out in court, I'm not sure how close to reality that is. In most situations, you are going to have to refinance in order to get the mortgage in your name alone. This spouse’s name remains on the mortgage, so missed payments will drop this owner’s credit score just as severely as it will the spouse’s who was supposed to pay. My spouse tried to hide the title documents to our house just as we decided to separate. The court recognizes this, and may compel language in the property settlement agreement that orders your ex-wife to refinance within a specific time (possibly a year, perhaps longer). After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment. Marital property is divisible upon divorce, and each party has a claim to it. Let’s examine debt categories affected by a divorce: Credit Card Debt; Mortgage Debt; Auto Loan Debt; Medical Debt; Credit Card Debt Credit Card Debt in Your Name Only. I'm thinking about divorce. Been married almost 2 years now,and it wasn't a good decision. We are both on the mortgage. If your name’s on the mortgage, then you have a legal obligation to pay the mortgage. The insolvency affects my credit rating for 6 years. She is been telling me that she wants to keep the house she doesn’t want to get in a … The easiest, most direct way for your ex-wife to secure the home in her name only is through a refinancing in which she alone appears on the mortgage documents. Only the lender can remove one spouse’s name from the mortgage. Yes, you can transfer your share of the property to your ex-spouse. When spouses divorce, they must divide their real estate. My name is not on the mortgage, only my husbands. I am on social security. The name on the property deeds and mortgage will state who the legal owner is, but this doesn’t mean to say that the other person won’t have any legal stake in the property. You need to start shopping around now. Before getting married, the property will have been owned solely by the person named on the deeds and/or mortgage. 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