Any morgage or housing experts here?

[Nandy]

in 2002 I refinanced my home and it will be paid in 2022. I got divorced on 2009 and the sale of the house was included in the divorce papers, however, since we had that housing crash the ex and I decided to wait (this was also the advise of the realtor) until the housing market get better. The ex has expressed many times that she has no desires on having any compensation from the house sale since I have always been the one paying for it and taking care of it even after I left while we were separated down to the date she left the house to move to Florida. At some point I want to sell this house to move back to the country. At this point it is uncertain if I will sell the house in the upcoming years or stay in it until the house is paid. Since our divorce there have been quite a bit of expenses on maintaining the house and she has not participate on those (not that she did while we were married) because she always says she dont want a penny from the house sale so she is not paying for anything. Therefore I want to somehow "hold her" to her word in a more legal way just in case she changes her mid later on. She says she is willing to sign any paperwork to relinquish her from her part of the house. I do not wish to get another mortgage as I doubt my interest will be as low AND there will be many other expenses that I am not ready for. Is there any process in which I can get her name removed from the mortgage or any other document that will make her relinquish of her part of the house legal? I have not talked to the bank about it as I dont trust those folks to advise me looking after my interests.

Thanks!

[Buckrub]

Lawyer up.

[Nandy]

Im sure whatever is going to be done will have to have a lawyer involved. Trying to figure out if there is a procedure for this already...

[Arty]

Quit claim deed.
You will need a lawyer but shouldn't be expensive at all. But if she's serious, then she will sign it.

You don't have to be selling or refinancing for the quit claim to be executed. Therefore you could do this now, and sell, or refinance either days, weeks, or years down the road.


Actually your divorce lawyer should have suggested it if she has said she wants nothing all along.

[Nandy]

No lawyers, friendly divorce. I have a friend lawyer, I just dont like to get him busy with stuff like this. I will look into this.

[BarryBobPosthole]

Artie, wouldn't that depend on if both of them had to be on the note to qualify? I thought in those instances, they had to refinance.

BKB

[Arty]

Artie, wouldn't that depend on if both of them had to be on the note to qualify? I thought in those instances, they had to refinance.

BKB

I've been out of the mortgage business for 6 years but the answer is no (or was).

The x in question could release her interest in the property, yet still be legally responsible for the mortgage, if she signed on it.

Her releasing interest in the Property wouldn't release her obligation on the mortgage she may have signed.
At least that's how it used to be. In Virginia.

[Nandy]

I read about it and it seems that is also the case in NC. Actually, they did cited the same exact scenario where there is a divorce couple, both in the mortgage but one does not have interest in the house and the quitclaim deed is the way to go. Seems I dont even need a lawyer, just a notary.... will dig a bit more tomorrow...

Thanks Art and everyone else.

[BarryBobPosthole]

I've been out of the mortgage business for 6 years but the answer is no (or was).

The x in question could release her interest in the property, yet still be legally responsible for the mortgage, if she signed on it.

Her releasing interest in the Property wouldn't release her obligation on the mortgage she may have signed.
At least that's how it used to be. In Virginia.

I'm not used to stuff making sense!

BKB

[Buckrub]

Yes. I am a housing mortgage expert. I've sold and bought more houses than Donald Trump. I sold most of 'em without help of realtor. I now own two houses and one mortgage. So I'm an expert.

But I have no idea the answer to your questions!

[No-till Boss]

"Since our divorce there have been quite a bit of expenses on maintaining the house and she has not participate on those (not that she did while we were married"

Strangely enough, in divorces, the wife is not always entitled to half of the debt. It's a very grey area, especially if you're the sole one who made the decisions on repairs or any other kind of debt.

[Buckrub]

Dude! In MARRIAGES, the wife is not entitled to half the debt, either!!

[Nandy]

and both of youse are correct!!!!

Question has been answered as far as I am concerned, I already drafted the quitclaim. Im waiting on a few friends to check their contact for a RA Lawyer, if no one can get me in touch with one with a "reasonable" fee I might bug my lawyer friend or just use the form I have which is identical as many of those online forms that you pay $50 for...

Thanks y'all!