What to do if divorce decree does not address refinancing?

If the divorce decree does not address refinancing the mortgage, either spouse may go back to court to ask the judge to revise the decree with more specific instructions. However, going back to court can be an expensive process. Spouses can also voluntarily agree to a refinance that is not addressed in the divorce decree.

Can a court order prevent an ex wife from refinancing a house?

Unfortunately, in the tradition of the proverbial “blood from a stone,” if your ex-wife’s income after divorce really does prevent her from refinancing the house, a court order will have little effect.

How does refinancing work in a mediated divorce?

One thing to consider when refinancing is who is going to pay the refinance fees. Often in a mediated divorce the clients will split the refinance fees. The idea is that since both people benefit from getting someone’s name off the mortgage, they should both share in the cost.

How are refinancing fees split in a divorce?

Refinance Fees. One thing to consider when refinancing is who is going to pay the refinance fees. Often in a mediated divorce the clients will split the refinance fees. The idea is that since both people benefit from getting someone’s name off the mortgage, they should both share in the cost.

How does a divorce decree affect your mortgage?

Your divorce decree doesn’t affect your liability for debt. Divorce decrees are issued by the courts at the end of divorce proceedings and state the division of your property. However, your lender is not legally required to take any action as a result of your divorce decree.

Can a judge force a spouse to refinance a mortgage?

Refinancing can sound like a great plan, but it might hit a snag when the spouse who wants to refinance applies for a mortgage and discovers that he doesn’t qualify for a loan on his own. Because banks are not required to comply with a divorce decree, a judge cannot force a bank to offer the refinancing party a new loan if he doesn’t qualify.

What’s the difference between a divorce and a refinance?

The following divorce and refinance questions touch on the issues that are important when you’re faced with either keeping the marital home or having your spouse buy you out.

Can a divorce court order a person to refinance?

A divorce court can order a party before it to attempt to refinance a property. But refinancing requires not only a borrower, but also a lender – and the court can’t force a lender to lend. A mortgage lender who lent money to husband and wife and took a secured…

Can a judge force me to refinance a mortgage?

Brette’s Answer: No. If it is not in the decree, it is not something you are required to do. He could go back and ask for a modification of the order however. Can he force me to refinance the mortgage it it’s not in our decree?

What should I do if my husband refinances my mortgage?

Find out if you should refinance the mortgage, how to get your share of the equity if your husband is the one who’ll be refinancing, and what can be done if the mortgage isn’t refinanced. Should I refinance the mortgage? Would it be wise for me to let him refinance if we might divorce? Do I have to refinance if it wasn’t in the divorce?

Can a spouse still pay the mortgage after a divorce?

If one spouse plans to live in the home after the divorce, the court can order, or the spouses can agree to have, the spouse who remains take over the financial responsibility of paying the mortgage. However, there are few laws that specifically govern refinancing for a divorce situation and such refinances can be complicated.

Can you refinance a house with one spouse after divorce?

In most cases, mortgage companies won’t let you simply remove one spouse from the loan and the deed. “The transfer of title after a divorce is a very common and tricky problem,” explains Theresa Guettler, branch manager with Caliber Home Loans. “The right thing to do is to refinance after the divorce.”

What happens when you refinance a house after a divorce?

If you refinance after filing for divorce, you will have to report to the mortgage lender that you and your spouse are separated. Unlike refinancing beforehand, you will have to wait until you have a written agreement between you and your soon-to-be ex-spouse detailing how much one party will be paying the other – if anything.

Why did my husband say no to a refinance?

I tried to refinance 9 years ago, but he and his wife said no, “because they weren’t going to do anything nice for me or that would make my life easier”. Therefore, the refinance paperwork could not move forward. I hit a rough patch two years ago and my payments were late 10 times that year, but I have made the past 12 months of payments on time.