Divorce and Home (investment, mortgage, mortgage company, bank fee)

[gmb2000]

Can I take my soon to be ex off the mortgage buy buying him out?

[MrRational]

Originally Posted by gmb2000

Can I take my soon to be ex off the mortgage by buying him out?

there are a few other steps involved...
(like having the mortgage company sign off on it)
but you have the basic idea.

Your attorney should have all the details of how it's done in your State/County.

[Silverfall]

Originally Posted by gmb2000

Can I take my soon to be ex off the mortgage buy buying him out?

You would have to refinance the property in your name, so as long as you qualify for a loan individually you can do it.

[LetsRock]

Originally Posted by Silverfall

You would have to refinance the property in your name, so as long as you qualify for a loan individually you can do it.

Correct. You can sign off on ownership of the home, but not the liability for the debt.

[raleighkc]

I went through this about 1.5 years ago and it was a pain. In my case, he was remaining in the house and I was leaving. We had to refinance the house in just his name, pay all the bank fees (over $1k), provide copy of signed separation agreement that had been filed with court, and other papers.

The easy part was taking my name off the deed through the quit claim deed filed with the court.

[davehalo]

Silverfall has it right so let's hope you're not upside down. Signed divorce paperwork, quitclaim deed, etc, etc does not remove the financial obligation of the parties who signed the contract.

I just went through it...

[LadyKLO]

If you don't want to refinance, you can also do a loan assumption. This is what my ex did with the investment property we used to own. On the marital home, I got that one and refinanced it into my own name.