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Divorce but still have mortgage to pay

Posted by Sunrise 
Divorce but still have mortgage to pay
January 12, 2021 06:49AM
I need some advice. My wife and me are going to divorce but still have nearly all our joint mortgage to pay off. She 70% and i have 30%share,we are tenents in common. I want my name off the mortgage but she cant refinance on her own. Can somebody help with my options and hers please.
Re: Divorce but still have mortgage to pay
January 12, 2021 05:04PM
You cannot force the mortgage lender to remove you from the mortgage. Therefore the only way you can be certain of being removed from the property is by selling the property.

For what it is worth a deed of trust whereby your wife is entitled to 70% of the property and you are entitled to 30% does not necessarily carry much weight in divorce. You should not assume that is your entitlement just because your wife says it is. Divorce law is not so easily circumvented.
Re: Divorce but still have mortgage to pay
January 12, 2021 05:39PM
I undetstand that, but i do want my name off the mortgage but dont want to walk away totally empty handed. Its pointless selling the property we are only a few months into this mortgage, she cant legally afford it on her own but she has other ways of getting money which is why we're divorcing.
Re: Divorce but still have mortgage to pay
January 13, 2021 11:34AM
Like I said, you cannot force a mortgage lender to take your name off the mortgage. Especially if it is a recent mortgage why should a lender voluntarily give up the security of having two people to go against in the event of default?
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