Some of you probably know that I'm on the road to D. No stops, no detours.

STBXW and I are refinancing our mortgage to cut monthly expenses for obvious reasons.

I got a call from our Mortgage guy today and he said.(doesn't know about oncoming D)

"We may want to do this in your W's name only because her credit score is better than yours and it could make things easier"

Now what do I do?

After D I would rather not be on the mortgage anyway so when the bank takes the house from her it doesn't affect me.

But If I do this now is it gonna come back to bite be in the but later?

Will she be able to screw me over by having our mortgage in her name?

What do I do besides call my lawyer?

Anyone been through something like this?

WIWH

Not enough info?

When you D, who is going to keep the house? If you, then finance it in your name only. Otherwise, if she keeps it, then in hers.

I'm not a lawyer, nor do I even play one on TV, but I suspect the home will still be marital property to be divided up at the property settlement, regardless of whose name is on the mortgage.

I'm looking into selling our marital home, paying off other debt and buying a new home (with a VA 0-down mortgage of course) and having WW sign that the new home is NOT marital property. There are ways of doing that according to the legal beagles and realestate types I've been working with.

But yeah, see the lawyer if you want the details for your state.

Tony

refinancing in one name only is risky business - not sure I would consider it unless you know you can refinance later - again.

Tony, don't bank on that signature agreement - it isn't worth the paper it's written on in a community property state.

Jan

I believe it depends on the state you live in, but you should be able to be on title while not being on the loan. I am in the industry and we do it often. I don't know how that would affect things as far as the marriage, but it is done often.

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">After D I would rather not be on the mortgage anyway so when the bank takes the house from her it doesn't affect me.</font><hr /></blockquote><font size="2" face="Verdana, Arial">Not necessarily true if you are in a community property state or still on title.

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial"> But If I do this now is it gonna come back to bite be in the but later? Will she be able to screw me over by having our mortgage in her name?</font><hr /></blockquote><font size="2" face="Verdana, Arial">As long as you remain on title, you are liable for just about anything that involves the house including lawsuits agains her. She cannot sell or screw you out of your portion of ownership as long as you are on title unless of course she takes you to court and the Judge orders it.

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial"> What do I do besides call my lawyer?
</font><hr /></blockquote><font size="2" face="Verdana, Arial">Familiarize yourself with state law. What state are you in?

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial"> Anyone been through something like this?</font><hr /></blockquote><font size="2" face="Verdana, Arial">Yes and still going through it.

</font><blockquote><font size="1" face="Verdana, Arial">quote:</font><hr /><font size="2" face="Verdana, Arial">Tony, don't bank on that signature agreement - it isn't worth the paper it's written on in a community property state.

</font><hr /></blockquote><font size="2" face="Verdana, Arial">Not necessarily true. We have a document here in NV called a quick claim/deed. It allows someone to lay claim to or be released from title. It does not however release someone from arrears or debt. That can get really ugly in a community property state.

My house is a marital asset even though the mortgage is in my name only... and she moved out... and gave me sole use and possetion of it almost immeadiatly. She is still due an fair distribution of the equity in the property once the D is final... minus all the bill and other debt that she walked out on and I have continued to service.

I would suspect that even if you re-fi'd in your W's name... the home is still a marital asset and you will be justly due your share of the equity. Can't say for sure... just what I've learned about how these things work here in Minnesota...

We have a document here in NV called a quick claim/deed.
Actually it is a Quitclaim (one word) Deed.
It is to relenquish all rights to ownership by someone.
And yes, the mortgage debt is something completely separate than ownership.

Too many people get divorced and one person gets a quitclaim deed but never bother to refinance (which is usually in both names).
The wife gets the house in the divorce and never refinances. If the wife gets foreclosed on, the mortgage company WILL go after the husband and he WILL owe, even if the divorce papers give sole ownership to the wife. I've seen it happen before.

This is one reason to cancel joint accounts if a separation occurs.
Usually a Judge will order that alldebts occuring after the separation are owned ny whoever incurred the debt.
The credit card companies do not care one iota about this. If it is a joint account, they WILL get the money from whoevers name is on the account. If it came down to it, one could sue the other (and that's always a bit o' fun <img border="0" title="" alt="[Eek!]" src="images/icons/shocked.gif" /> ) for the amount and probably win but their credit will still get wacked.

<small>[ August 30, 2004, 10:00 PM: Message edited by: laura_lee ]</small>

I'm not an attorney... but Chris and Laura Lee are correct in what they have stated to you.

We may not be in the same State as you... but this particular situation your in will most likely play out just as Chris and Laura have stated.

Stay Strong!

Wallace