I want to keep the house. And I’ll make it work. But will the mortgage company take back the mortgage if they know my wife will no longer be in the equation? Location: New Jersey.
I want to keep the house. And I’ll make it work. But will the mortgage company take back the mortgage if they know my wife will no longer be in the equation? Location: New Jersey.
Comments
Your wife can’t get off the mortgage without you refinancing.
If she has any sense at all she’ll put you refinancing or selling into the settlement. That if you can buy out her equity without.
To my understanding, surrendering her ownership such that she’s no longer a record owner doesn’t remove her co-equal financial obligation to the lender.
She can’t be removed from the mortgage without you refinancing in your name only. Which sounds like you can’t do. She would be dumb to transfer title to you without being removed from the mortgage.
You either figure out how to refinance in your name alone, you sell it, or keep the status quo
She can do a quit claim relinquishing her rights to the property but she will remain on the mortgage. She would not be wise to do this as it limits her ability to get a new home and the debt stays on her credit report. If you had problems with payments her credit gets hit. You’ll need to find a way to refinance or you will have to sell.