QUESTION
What can I do if I want to remove my name from the loan but my husband is not cooperating?
Asked on Oct 24th, 2012 on Divorce - Colorado
More details to this question:
Per our separation agreement, I gave quitclaim to my spouse and the deed is in his name. The divorce proceedings have not started yet. I want to remove my name from the loan but my husband is not cooperating. File counter claim and answers in response to BOC denying two items from separation agreement (prenup was not reflected accurately in the PSA). Waiting for date for trial.
7 ANSWERS
Dennis P. Mikko
Removing your name from the loan is not within your husbands power to accomplish. It is entirely up to the lender if they want to allow you to be removed from the loan. If the lender refuses to release you, there is little you can do to make them release you.
Answered on Oct 28th, 2012 at 2:15 AM
Personal Injury Attorney serving Pacific, MO
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Melvin G. Franke
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You can not remove your name from the loan. He has to refinance to get your name removed.
Answered on Oct 27th, 2012 at 2:16 PM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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Taking your name off the loan is dependent on the loan company. If you both signed it, then only the loan company can remove you and very often they won't agree. Talk to your attorney about what is going on.
Answered on Oct 26th, 2012 at 9:29 PM
You must first understand that in order to remove your name from a loan, you first must obtain the LENDER'S CONSENT. Contact your lender and learn what is expected in order to have your name removed from the loan. If the lender refuses, it makes no difference whether or not your husband consents or not.
Answered on Oct 25th, 2012 at 5:08 PM
Leonard A. Kaanta
The mortgage company must agree to the removal.
Answered on Oct 25th, 2012 at 5:08 PM
Business/ Commercial Attorney serving Seattle, WA
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Wolfstone, Panchot & Bloch, P.S., Inc.
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Any request to remove your name as a joint obligor on the loan must be directed to the lender (i.e., your Bank/Mortgage Company). Even if he wanted to, he has no power to change the terms of the loan agreement and to remove you from the loan. Moreover, lenders are very, very reluctant to release parties from a loan obligation. Your only viable recourse is to seek a court order requiring the husband to make application to refinance the property and get a new loan in his name alone - or else to sell the property if he is unable to qualify for a refinance. If he will not agree to do this, you will have to try to convince the judge to order this at your trial.
Answered on Oct 25th, 2012 at 5:07 PM
Probate Law Attorney serving Colorado Springs, CO
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John E. Kirchner
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The simple answer is that only the lender can remove you from the loan obligation - there is nothing you or anyone other than your husband can do. Generally, lenders will never do that unless and until the other spouse qualifies to refinance the loan in his name alone. Nothing can be done until you file for the divorce, but the divorce court cannot require the lender to remove you from the loan, no matter what your separation agreement or prenup says. Once the divorce proceedings begin, the only thing the court can do in the final settlement is order that the property be sold if your husband can't or won't refinance in a timely manner.
Answered on Oct 25th, 2012 at 5:07 PM