Can one person claim all mortgage interest?

A general rule of thumb is the person paying the expense gets to take the deduction. In your situation, each of you can only claim the interest that you actually paid. However only one of you, typically the first person listed on the mortgage, will receive the 1098 mortgage interest statement.

How to remove your ex spouse from your mortgage?

The best way in removing ex-spouse from after a divorce is by refinancing current home loan and get the ex-spouse off the mortgage. If you surrendered your property to your ex-spouse, make sure he or she refinances the loan and get your name off the mortgage Countless of people often get behind during their debt payments during the divorce process

Can a ex husband and ex wife refinance a house?

If you have sufficient equity, credit and income, and your ex-husband or ex-wife agrees to give you the house, you should be able to refinance. However, many lenders will want you to prove that you can make mortgage payments by yourself. That’s where the labor comes in.

What happens when your spouse’s name is taken off a mortgage?

But to a lender, you’re both still on the hook for loan repayment until your spouse’s name or co-borrower’s name has been taken off the mortgage and deed. As far as lenders are concerned, both people remain “jointly and severally” liable for the loan.

Is it OK for ex to keep making mortgage payments?

You and your ex can agree to both keep making payments on the mortgage. This could work if both people decide to continue living in the house. That way, both parties have an incentive to stay current with the payments. Otherwise, experts do not recommend this approach.

Can a spouse be let off of a mortgage?

The only reason a lender would let your spouse off of the mortgage is if you qualify handily on your own. If your credit is great and your income is high enough that you can easily make the monthly payments, you can probably arrange to refinance.

Can a divorce decree remove a spouse from a mortgage?

If presented with a divorce decree and a quitclaim deed, many lenders will remove the ex-spouse and leave the loan in the name of one spouse only. This is true even for loans underwritten by the Veteran’s Administration (VA loans) or other governmental organizations. Refinancing creates a fresh loan in the name of only one spouse.