how to remove spouse from mortgage after divorce

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Selling The House To Remove Ex-Spouse From Mortgage. The quickest way of removing ex-spouse from mortgage is to sell the home. Both parties should agree to sell the home and split the proceeds. There could be an issue if the property is worth less than what they owe on the mortgage. However, if the property has equity, both parties can split the profit.

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It’s of note that California is one of nine community property states, and this can change how your home gets handled when you divorce. If you bought your home after. remove your name from the.

Divorce Mortgage Options | – Understanding Your Divorce Mortgage Options.. this is the option that many people unknowingly make when they get a divorce. In essence one spouse agrees to keep the home, but the mortgage isn’t changed after the divorce is finalized..

 · In order to remove someone from the mortgage, you will usually need to refinance the mortgage with the spouse who will be in sole possession of the home. If you and your soon-to-be ex-spouse are still on good speaking terms, refinancing before getting a divorce could be the best option for both of you. Better Chance at Qualification

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You will want to execute a quitclaim deed after your divorce settlement is finalized, and you have been granted possession of the marital home. Once the deed has been altered to remove your ex-spouse’s name from the paperwork, you can make the same change on the title of your home; that will officially absolve them of all rights to the property.

This also applies to newly opened credit accounts after you’ve become. it going on 22 years which is, “My divorce decree assigns responsibility for payment of my (enter loan or credit card here) to.

A quitclaim deed is commonly used to remove a spouse’s name from the title in a divorce. Navigating the decision to stay or sell. Kathy Kristof filed for divorce in 2002 after 16 years of marriage.

Breaking up (with your mortgage) is hard to do. You and your spouse decide to part ways. Your "ex" will keep the dog and the bedroom furniture, while you get the house. But there’s a problem. In the eyes of your mortgage lender, the "ties that bind" aren’t legally severed until you remove your ex from the mortgage.