How to get your name off a home loan after divorce?

A 1982 federal law helps you get your name off a home loan after divorce without having to refinance or sell the house. The process, called loan assumption, is cheaper and may also be quicker than the alternatives. Notify your lender that your ex is taking over the mortgage note due to divorce.

How does a divorce affect your home loan?

Homeownership further complicates the decisions and tasks involved with a divorce. California is a community property state; therefore, you and your ex must split all marital debts and assets. When you have a joint mortgage on a home with equity, the spouse who keeps the house also may be responsible for taking over the home loan.

Can a divorce take over title and mortgage?

Brette’s Answer: You can check with the county clerk’s office to see if a mortgage has been recorded on the property. Can he take over the title and mortgage if it’s only in my name? Kim’s Question: I currently have only my name on the title and mortgage of our home and I’m getting a divorce.

What are the terms of divorce and mortgage?

Diana’s Question: According to the terms of out divorce, he was supposed to put the home up for sale and make the mortgage payments until it sold for an agreed upon amount. He made one payment, let it go into foreclosure, and then moved out of state!

How to remove spouse’s name on house mortgage during divorce?

Removing Spouse’s Name on House Mortgage During Divorce 1 Taking Your Spouse Off Your Mortgage. 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 2 Filing a Quitclaim Deed. As Hard As Divorce Might Be, We Make It Easy. 3 Getting Help.

Can a divorce change the terms of a mortgage?

Even a legal divorce does not change the terms of your loan. If you fall behind on payments, both you and your ex will face credit problems. Also, the lender has the right to go after your ex if you default on the loan. You simply don’t want to have your finances tied closely through your mortgage after a divorce.

What happens if my ex spouses name is on my mortgage?

If your ex-spouse’s name is on the deed and mortgage, they legally remain responsible for the mortgage repayment. Even a legal divorce does not change the terms of your loan. If you fall behind on payments, both you and your ex will face credit problems.

Why is my husband’s name on my mortgage?

The mortgage itself is a security instrument giving the lender the right to take and sell your home if you fail to make the payments. If you and your spouse co-signed the mortgage loan, his name is likely on the mortgage as well. The only way to get it off the mortgage is to get it off the mortgage loan.

Can a divorce make an ex spouse liable for a car loan?

If you and your ex-spouse applied together for a car loan, you’re both legally liable for making the payments. Your divorce, and the subsequent divorce decree, does not absolve your joint obligation to your lender.

Can you get a loan after a divorce?

Most lenders will not simply take your name off a loan after divorce. It’s always possible, and it never hurts to ask, but don’t get your hopes up. The loan was approved counting on both of your incomes and looking at both of your credit histories. In fact, it might’ve been your credit that got the loan approved,…

Who is responsible for a car loan in a divorce?

In these states both spouses hold ownership of marital property and marital debt—regardless of whose name is on what loan or title—until a judge signs off on it and makes it legally binding.