QUESTION
When I remove my name from the title of the home after divorce, can I still keep the mortgage under my name?
Asked on Jun 13th, 2014 on Divorce - California
More details to this question:
As part of our divorce settlement, we agree that my wife takes the ownership of the house, and I will pay the mortgage until it is paid off. The mortgage is solely under my name. When the divorce is final, and we remove my name from the title, can I still keep the same loan? She does not have any income so we cannot refinance under her name. I would like to keep the same loan because it has a low interest rate. Can the lender force me to pay off or close the loan? The following link indicates that the lender cannot force to close the loan if the transfer is in connection with a divorce but I am not sure. http://realtytimes.com/todaysheadlines1/item/12342-20040524_divorce
1 ANSWER
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If only your name is on the mortgage, you are responsible for the debt. Mortgage companies do not usually force you to be on title as well. If you feel that you would like more information on the risks and benefits of doing this, you should speak with your divorce attorney and the mortgage company.
Answered on Jun 13th, 2014 at 7:05 PM