help with mortgage
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help with mortgage
| Thu, 06-02-2005 - 10:52pm |
My stbx said we have to remortgage our house. Why doesn't matter, but to make a long story short I told him I was reluctant to remortgage under the circumstance that we are separated (although, not legally) He said he could remortgage it in his name only, but that I could still be half owner of the house. Is it possible to be on the deed as half owner when the mortgage is in his name only? ....or is he trying to pull a fast one? I know I need to speak to a lawyer, and I will, but right now I'm wondering if anyone knows the answer to my question. Please help.

I am going to say that no, it isn't possible....BUT I am not a lawyer or a mortgage broker.
I would check with your attorney.
Sorry I couldn't be more of a help :)
Hugs,
Angelena
Well, the deed states the owners of the house, I don't think you can refi without both names.
I wish I had more knowledge on the subject.
Hi. You said you are on the deed but not the mortgage... I'm just curious as to how that happened and why? ....is the mortgage in your husbands name? Do you know if there's any legal implications?
I just spoke with a lawyer over the phone and he claims that you can still be part owner of the house if the mortgage is not in your name, but I have such a hard time believing or trusting anybody these days that my mind is going around in circles. He said the liability to me would be if he defaults on the mortgage payments I would be responsible for the payments. I just wish I could wake up one day without all these problems.
Are you prepared and qualified to read the new lien that would be placed on your property, and know whether your ownership rights are protected? If not, then you might need a lawyer to represent you, if anyone is going to want your signature on anything. Also, you would want to examine whether your husband, as part of the re-fi, was taking out any additional equity of the house. If he works it right, he can borrow so much that you end up as part owner of nothing but an unpaid mortgage.
When a person first buys a house, yes, they don't have any equity and all they really "own" is a big debt. But they DO get to reside under that roof, make their own decisions as owners, and slowly build equity. Your husband can send you back to square one. And you don't even get to reside under that roof.
Well, I think it happened because I was too trusting in my STBX. When we were building the house, I was pregnant and did not plan on going back to work when the baby was born. He did all of the paperwork for the financing and told me since I would have no income at the time of closing, that I could not be on the mortgage. I did not know better, and quite honestly, I didn't care. I just wanted our new house for our new baby. Dumb move I know. Yes, only my husbands name is on the mortgage. I contacted the mortgage company to verify that I am NOT responsible for any payments if he ends up defaulting. That is why I moved out. He decided to gamble instead of making the mortgage payment. I do still have a "claim" on the house because it is marital property, but I have no intention of doing anything with it. When we get to the mediation I plan on signing a Quit Claim to get my name off of the deed.
I would contact the mortgage company and see if you have any liability in the debt.