Tammy,

Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are obligated on the mortgage until it is paid in full or refinanced, it is imperative that the person responsible for the payment remains current. One possibility you have to remove your name from obligation is to contact the company which currently holds your mortgage, and ask to do a “Qualifying Name Delete Assumption.”

A "name delete assumption" is done when one party or the other on a mortgage loan wants to be removed, but the remaining party really does not want to refinance, perhaps because of fees, rate or in your case property value. If the remaining party can be proven to qualify on their own, the other party can be "deleted" from obligation, but the loan stays exactly as is and the costs are minimal.

This process will leave the existing loan in place, but would relieve the non-occupying spouse from their obligation on the loan. Give us a call, and we can explain more about this process.

Tony

you may have to go back to court to force your ex to refinance, it is easy to take your name of the deed in Maricopa county but you are still liable for the debt as per the Note.
Talk to your attorney.

Hi Tammy,
i have had clients who were able to get refinanced in a situation like yours by supplying court orders and a copy of the divorce decree to the lender. However the only way to get removed from the first house is to refinance. Unfortunately without your ex husband refinancing you could still be held liable if he defaults on the mortgage, this could be a very bad situation. I understand that refinancing is tricky because of the decrease in home values but there is an option if he could qualify for a loan modification through your original lender. Usually a hardship must occur and in his case it might be enough to show loss of income due to the divorce. It's hard to say without knowing his financial situation but finding a way for you to get your name off the loan is most important. Feel free to contact me with any questions.
Tobie

Adding additional information to answer Lynn's questions...

Fortunately, the second home was only in my name. My ex wasn't working and had really bad credit and student loans so I qualified for the house in just my name. We are currently leasing the home, so at least we have someone else paying the mortgage. I will look into lender supply court orders.

Thanks for your prompt response!

GREAT QUESTION:

You would need to be removed from mortgage you are held responsible, contact lender supply court orders however most mortgage require refinance . Your name would need to removed from title.



OPTION: Can you lease the home? Lease purchase option ? if that would assist.

Keep in mind not get angry with your former husband it COULD have negative impact with all parties involved.

Sorry to hear all, QUESTION: is your husband on title of second home? that would need changed