Home Buying in Missouri>Question Details

Jmdavis02, Home Buyer in ,

Name on deed but not on mortgage

Asked by Jmdavis02, , Fri Sep 21, 2012

My ex husband and I are both on the deed of a property but the mortgage is in his name only and I cant get a loan to transfer the mortgage into just my name. I have been making the payments but finding it hard with the change in my financial situation to keep doing this. What options do we have with me unable to get a loan and him not willing to participate in trying to sell it?

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If the mortgage is in your ex-husband's name only, you can just stop making payments. The loan is his obligation to fulfill. If he doesn't pay for the mortgage, then you would both lose the home. Meanwhile, you can take your payments and go get yourself another place to live.
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1 vote Thank Flag Link Sat Sep 22, 2012
you indicate EX husband. When you were divorced, how was the property divided? Did you get the home, but he had a requirement to continue paying mortgage payments? Did you get the home and he legally had no more responsibility for it? Did the court say that the home was to be sold and the proceeds split? or?? Normally, the court very clearly divides responsibility for the home and the mortgage. The problem that many people have (and it sounds like you are one of them) is that one spouse is given the home as part of their share of assets. At that point in time, the divorce lawyers typically do the paperwork changing the title of the property into the name of the person who was awarded the home (typically a quit claim deed), but it is the responsibility of that person to get with their lender and put the mortgage in their name.

Typically what happens next is that on only one salary the person who got the home can't afford to make the payments, or (often due to the legal bills from the divorce) they don't have a credit score that is high enough to refinance the loan.

If the court gave you the home in the settlement, then they should have given you the legal paperwork to sell it. If they said that the home should be sold and the proceeds divided, then if they did not indicate who has the legal authority to sell it, you should go back to the court and get them to make that decision. If they are presuming that you will work together to sell it and your ex isn't cooperating, then again, you need to go back to the court and get clarification and perhaps a legal order to get him to cooperate in selling it.

In the state of Missouri, it is a marital rights state, so your ex typically will have to sign the paperwork at closing indicating that he is waiving his rights to the property if you do not have a quit claim deed on file.

Now, since the loan is in his name, if it is defaulted on, then he's the one who is liable, not you, even if your name is on the title as well as his, (you should clarify this with your divorce lawyer), which means if you just walk away from the home, he's the one who is responsible not you.

The last situation I had similar to yours, they were both on the mortgage and the deed. While the husband was supposed to file the quit claim deed on the property after the divorce he didn't, but he didn't do it because he knew his ex wife wanted to keep the home and couldn't refinance it in her name alone at that point in time. By the time she decided to sell, he had become homeless and difficult to find, plus they were no longer in communications. While I was able to locate him through another family member and get a quit claim deed filed, we also got the bank to accept a statement that he was an estranged husband and it allowed her to sell the home without his signature on all the paperwork. That home ended up being sold as a short sale since she was on the title and the mortgage. It affected her credit for 3 years, but she was able to get the home sold and move on with her life.
0 votes Thank Flag Link Sat Sep 22, 2012
Tina has supplied you with the most logical option.
0 votes Thank Flag Link Sat Sep 22, 2012
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