Gina M. Costello & Associates offers dedicated divorce lawyers in Spokane. The firm has offered divorce counsel and litigation for local divorce petitioners and respondents for more than a decade. Its areas of focus include child custody and parenting plans, child support, modification of support or custody orders, and spousal maintenance.
4 Ways to Remove a Name from Mortgage After Separation. 1 1. Refinance. Refinancing the loan to just your name is effective at removing a name from the mortgage documents. However, refinancing is not ... 2 2. Apply for Loan Assumption. 3 3. FHA Streamline Refinance. 4 4. Sell the Home.
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.
There is one other option to keep the home and remove your spouse’s name without refinancing, and that is through loan assumption. Inform your lender in writing that you wish to take over the mortgage completely through loan assumption. This allows you to take full responsibility for the loan, removing the spouse from the mortgage after separation.
You usually do this by filing a quitclaim deed, in which your ex-spouse gives up all rights to the property. Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner's name from the property deed and the 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 the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
Legally remove ex name from mortgage without refinancing If you need to remove your ex's name from a mortgage without refinancing, you could request a quitclaim deed (a legal document that allows you to transfer interest in real estate as a grantor to a grantee).
Your ex-partner will almost certainly require your consent to remove you from the title deeds and/or mortgage. Usually after divorce or separation, one party applies for a transfer of equity to have the other removed from the title deeds, simultaneously enabling the lender to remove them from the mortgage.
Mortgage Lenders If you have a mortgage on your property, you may have to pay your mortgage lender extra charges. Often, lenders will charge you a 'change of parties' fee. This happens at the end of a transfer of equity. It covers the lender's administrative costs of adding or removing someone from a mortgage.
You can make an application for a transfer of equity. This can enable you to remove your ex-partner's name from the mortgage and transfer ownership of the property into your name only. You will need to speak to your ex-partner to make sure they agree to this before contacting your lender to make the change.
The process can take anywhere from 4-8 weeks, if all parties agree and are ready to go. If you are declined for whatever reason, there's a whole range of other lenders that may consider you.
The process of moving from a joint mortgage to a sole name mortgage is commonly known as a 'transfer of equity'. The first step in the process is getting the lender to agree to changing the mortgage from one in joint names to a sole name.
Some couples decide to hold onto the existing mortgage and keep both names on it. In this case, the divorce agreement usually spells out who will make the mortgage payments and when. From the perspective of the lender, you're both equally responsible for the mortgage loan, regardless of what the divorce decree states.
To transfer a joint ownership property to sole ownership, it is essential for all parties to sign the transfer deed and register it with the Land Registry. People who are interested in becoming the sole owner of the property can buy out the share of their ex-spouse or siblings, or reach a different type of agreement.
Returning to the original question, usually the only way to remove a co-signer from a mortgage is to refinance the loan. When you refinance the mortgage, you can remove the co-signer and you are the sole borrower on the new loan or potentially a co-borrower with someone else.
Virginia Divorce Attorney Charles Hatley. If the court ordered your ex-spouse to refinance the home and has she has failed to do so, she may be in contempt of court. So, it may be in your best interest to take her to court to force her to take your name off of the mortgage.
If the court does not order it, then you have to work with your ex-spouse to get them to refinance the home.
However, sometimes it is not possible to refinance. In those cases, the Court will order that the home be sold. Division of assets after divorce is very fact-specific and requires a specialized knowledge of local law.
If you find yourself in the position of needing to remove your name or someone else’s from a mortgage, here are your options. 1. Refinance to take a name off the mortgage. Refinancing is often the best way to take a name off a mortgage. Depending on your lender, it may be the only way.
Be sure to ask the lender if you can obtain a release of liability. This will eliminate your obligation to repay the loan if your ex fails to.
Loan modification allows you to change the terms of your mortgage loan without refinancing. A loan modification is typically used to lower the borrower’s interest rate or extend their repayment period to make the loan more affordable .
Closing on a refinance loan typically takes around a month. And there are closing costs involved. Refinance closing costs typically range from 2% to 5% of the loan amount, which is no small sum if you have a large outstanding loan balance. But there are ways to get around closing costs.
Your ex should sign the quitclaim deed in front of a notary. One this document is notarized, you file it with the county. This publicly removes the former partner’s name from the property deed and the mortgage.
You may have to “cash-out” your spouse, meaning you give them the court-ordered percentage of the equity in cash, for them to agree to be removed from the title. In those cases, try a cash-out refinance. Cash-out refinancing requires over 20% equity to qualify for the loan.
In the eyes of your mortgage lender, the “ties that bind” aren’t legally severed until you remove your ex from the mortgage. Even when a couple agrees that one person is no longer responsible for the mortgage, the lender doesn’t see it that way until the official records show it.
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 . After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment. Although you and your spouse may decide between yourselves that your spouse will no longer be responsible for the mortgage, that agreement doesn't affect the lender. In other words, the mortgage lender can still come after your spouse for repayment unless and until you refinance in your own name alone.
If your credit and financials aren't strong enough on their own to qualify for the loan you need, you'll have to come up with other options, such as making a larger down payment or asking someone to cosign the loan for you.
Although you and your spouse may decide between yourselves that your spouse will no longer be responsible for the mortgage, that agreement doesn't affect the lender.
20 steps1.Contact your lender. Removing a name from a joint mortgage is not a typical request, so it is best that you contact your lender in person or by telephone 2.Provide your lender with your personal financial information. This financial documentation must show that you have the ability to be responsible for the 3.Use your credit report. Your credit report is a good source of proof of your ability to make the mortgage payments. Your lender always considers a person’s (20) …
Refinancing After Divorce — The lender cancels an ex-spouse’s obligation to pay the mortgage after the person’s name is removed from the deed. (9) …
If the court ordered your ex-spouse to refinance the home and has she has failed to do so, she may be in contempt of court. So, it may be in your best interest (12) …
May 16, 2021 — Now it’s time to file a quitclaim deed. At this point, your spouse/partner/roommate’s name has been removed from the mortgage but they are still (4) …
Dec 19, 2019 — Usually after divorce or separation, one party applies for a transfer of equity to have the other removed from the title deeds, simultaneously 1 answer · Top answer: Even if you have an amicable divorce or separation, it’s always best to know what your rights and options are regarding any joint mortgage or (25) …
The court cannot order the lender to take your name off of the mortgage. Being on the mortgage is between you and the lender. Having your name on the (38) …
Lenders won’t usually remove someone’s name from the mortgage note. The routine way divorcing spouses have one named “removed” from the mortgage debt is to pay (29) …
The Law Office of D.C. Cronin in Spokane offers astute and dedicated divorce advice and representation. Attorney Dennis Cronin has been practicing law since 1985 and offers assistance in all aspects of the marriage dissolution process, including child and spousal support, child custody and visitation, and complex family law issues, disputes, and disagreements. Mr. Cronin has an AV Preeminent rating from Martindale-Hubbell and is a member of the Northwest Mediation Board of Directors.
Twyford Law Office offers dedicated family lawyers in Spokane . The firm has represented clients in divorce and family law proceedings for more than 30 years. Attorney Twyford won her first trial in 1978 and is a founder of Spokane Attorneys for Equality. The firm’s lawyers have experience with statutes and case law related to same-sex marriage. Services include advice, negotiation, and litigation for individuals in annulment, uncontested, and high conflict divorce. The firm receives high AVVO ratings.
Pacific Northwest Family Law is a law firm that represents clients in the Spokane metro. It also has offices in the Tri-Cities and Walla Walla areas. The firm's lawyers help families resolve legal issues involving divorce, child support, custody and visitation, adoption, paternity, grandparents' rights, and domestic violence. They also assist clients in child support modification, property division, and spousal maintenance. The staff at Pacific Northwest Family Law has also been commended for being helpful and professional.
The Kapri Law Firm, based in Spokane, helps would-be divorcees with the marriage dissolution process and issues related to divorce. Founded in 2013, the firm has experience in marital asset division, distribution of debt, alimony, and spousal maintenance.
The Hodgson Law Office in Spokane offers dedicated divorce advice and representation to its clients in the local area and surrounding communities. The firm primarily helps petitioners and respondents in divorce cases resolve issues regarding property, support, and children of the marriage, including custody and visitation. The firm has a history with common-law marriages and separations, domestic partnership dissolution, same-sex family issues, and enforcement of court orders. Additionally, it handles delicate matters such as protective orders and domestic violence cases.
The co-owner of Quiroga Law Office is a Spokane divorce and immigration attorney with experience in business and contract law. A Colombian immigrant, Attorney Quiroga has successfully litigated hundreds of cases and is a designated Super Lawyer. He participates in the Spokane County Bar Association Diversity and Family Law Sections. An associate with the firm is a former domestic violence volunteer attorney with the Spokane Prosecutor’s office.
Envision Family Law is a family law firm in Spokane that was founded by Jason Benjamin and Timothy Healy . It provides assistance in a wide range of areas including divorce. Its team of lawyers handles cases that involve matters such as contested divorce, complex property issues, and custody issues. The firm is a supporter of the LGBT Bar Association of Washington Foundation and other organizations that involve the LGBTQ+ community. It has also been recognized by Attorney and Practice Magazine and the American Institute of Family Law Attorneys.
You can go back to court on a contempt motion. The judge can not order the mortgage company to remove you from the mortgage. He can order the house be sold or that after a legitimate attempt your ex is unable to refinance, he could leave you on the mortgage with some type of mortgage payment verification.
The divorce decree should have provided that your wife shall refinance the residence within a said amount of days to remove your name from the mortgage, or, if she is unable to refinance the residence and remove your name from the mortgage, then the house shall be placed for immediate sale...