QUESTION
How do I protect myself after my name is removed from the home equities?
Asked on Jan 06th, 2012 on Child Custody - Ohio
More details to this question:
I would like my name off the house so he can refinance but I have two home equities loans that are under both our names. The deal is to remove my name out the home equities as well. While that's fine, if at the last minute he does not refinance removing my name out of the house, this will leave me with debt and no house to bargain. How can I have him keep his word and honor the deal?
9 ANSWERS
Mediation Attorney serving Bloomfield, NJ
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Cassandra T. Savoy, PC
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I am not sure that I understand the question. But, if you are saying that your spouse will refinance to remove your name from the home equity loan, he may need to remove you from the mortgage as well. Are you divorcing? Is that the plan?
Answered on Jul 08th, 2013 at 1:41 AM
Glen Edward Ashman
Obviously you left a lot out. Why is he is wanting to refinance without you to begin with?
Answered on Jul 02nd, 2013 at 9:31 PM
What I always recommend in these situations is for the parties to arrange to refinance all the loans at once. You show up to the closing, and, at the closing, you sign the quitclaim deed. Otherwise, I never recommend a person signing a quitclaim deed when they still have a liability on the house.
Answered on Jan 19th, 2012 at 9:44 AM
Family Law Attorney serving Santa Ana, CA
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Law Office of Rhonda Ellifritz
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This is such a common problem with real estate. Commonly, the only way anyone qualified was with the combined income of two people working. There is no way to qualify separately, which leaves one with no interest, but still on the hook. Often the only solution is to sell the home. You have to weigh your options, because you can't make a bank accept a loan they didn't bargain for.
Answered on Jan 19th, 2012 at 9:31 AM
Car Accidents Attorney serving Milwaukee, WI
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Velez, Moreno & Vargas, LLC
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Removing your name is dependent on whether he can refinance or not so you are dependent on his credit rating and earning capacity. If he is unable to refinance then you can attempt to sell the home. Otherwise you remain on the hook for the loan as well.
Answered on Jan 19th, 2012 at 8:33 AM
Steven D. Dunnings
If these terms are in a court order, file a motion to have him held in contempt of court.
Answered on Jan 18th, 2012 at 4:24 PM
Dave Hawkins
The only way to enforce an agreement is to get a court order reflecting the same. It is unlikely that the bank will take your name off of the loans and no court can force them to do that.
Answered on Jan 18th, 2012 at 4:20 PM
Civil Attorney serving Spokane, WA
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Glenn E. Tanner, Attorney at Law
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Build in enforcement provisions in the decree and enforce them.
Answered on Jan 18th, 2012 at 3:34 PM
Bankruptcy Attorney serving North Olmsted, OH
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James F. Lentz Attorney & Counselor at Law
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First, you need to see a lawyer to straighten this out. It appears from what you say that you have this backwards. You need your name on the deed to the house while having him (husband?) refinance the debt into his name. Don't do anything until after you have reviewed this with an attorney.
Answered on Jan 18th, 2012 at 2:52 PM