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 â€œQualifying Name Delete Assumption.â€
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.