Option 1: Refinance the home If one spouse wants to keep the home, he/she can get another loan to have the sole title to the home. If there is equity in the home and the other spouses needs to be paid off for half of the equity, many lenders will allow for higher loan to values and no penalties for the equity that is leaving the home.
To simplify the divorce process, you may choose to refinance your mortgage to remove your spouse from the financial. it could also leave room for amicability to fall by the wayside. Like with a.
A refinance involves a borrower obtaining a new mortgage loan to pay off an existing mortgage. Refinances are typically done during a divorce when only one party is keeping the home, and the other.
Since you can’t refinance since your mortgage is higher than your home value, one person would have to keep paying the mortgage. You could write out an agreement saying that the person who remains in the home agrees to be responsible for the mortgage and will indemnify and hold the other harmless for the mortgage.
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If one spouse wants to keep the home, then they can refinance the home under their own name. In order to do this, they will need to qualify for the refinance with just their income. It is not wise or advised to trust that your ex will make the mortgage payments.
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Taking Your Spouse Off Your Mortgage. There is only one way to have your spouse’s name removed from the mortgage: You will have to apply for a loan to refinance the mortgage, in your name only. After all, the original mortgage was approved in both of your names, giving the lender two sources of repayment.
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Refinancing is the most common way for spouses to transfer liability for a mortgage into one spouse’s name after a divorce. Refinancing involves qualifying for a whole new mortgage that pays off the old one, and it may not be possible for your soon-to-be ex to do this if she doesn’t have the necessary credit history and income.
You must still pay your mortgage lender regardless of being separated or filing for divorce. Separate your emotions. The person liable for paying the mortgage during a separation is the person.