• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Mortgages

Can I remove my ex-partner from our mortgage without refinancing? Your rights and options explained

by Matthew Upton
May 23, 2022
in Mortgages
0
Can I remove my ex-partner from our mortgage without refinancing? Your rights and options explained
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

[ad_1]

DIVORCE can muddy up your finances so it’s important to know your rights.

If you’re looking to remove your ex-partner’s name from your mortgage, here’s how to make the change quick and cheap.

Releasing your ex from your mortgage may be tricky, but not impossible

1

Releasing your ex from your mortgage may be tricky, but not impossible

Typically, to get your ex’s name off of your mortgage, you’d have to refinance.

Refinancing may be costly, especially since interest rates are rising due to inflation.

Although, there may be another way.

According to MSN, there are a few things to understand about the process: the promissory note and the mortgage document.

We saved $1,000s by appealing our property taxes but our neighbor failed
Most expensive areas to live as inflation drives hotspots

Promissory note and mortgage documents

These two are not the same.

The promissory note is the obligation to repay the loan and the mortgage document is the document that creates the lien against the property.

Whoever signs the promissory note is the one who had the credit for the loan and, therefore, is legally responsible for repaying the amount owed.

If your ex-partner is not on the promissory note, the quitclaim deed will transfer the ownership interest that your ex-spouse had in the house to you.

A quitclaim deed is used to transfer the title of a property from one person to another.

However, if your ex-partner’s name is on the mortgage, their name will remain there until the loan is paid off.

You can speak with you lender to see if they are willing to release the ex’s name from the mortgage.

But, if your ex-spouse was never on the promissory note or loan, they have no personal liability for the loan payments.

They will see little to no impact by having their name on the mortgage.

The lender will continue to report any payment information to the name of the person listed on the loan, this includes on-time payments or late payments.

This means if you make a late payment, it’s your credit that will be hurt, not your ex-spouse’s.

A few things to consider

According to MSN, it can be difficult to release the mortgage for your ex-spouse without refinancing so ask your lender first.

It may be unlikely, but definitely worth trying.

It’s common that your original mortgage loan was sold to a third party, they’re called loan servicing companies.

They will be the one to contact for any loan workouts or modifications.

You’ll want to call them once the quitclaim deed is documented and you can prove to the loan servicer that the title of the home is yours.

Yoga teacher, 34, on run after ‘shooting dead love rival in a jealous rage'
Kourtney Kardashian & Travis Barker's exact wedding date REVEALED

The Sun reveals a huge mistake this first-time homeowner made after purchasing their $180,000 home.

Plus, payments up to $65,000 available to Americans behind in their mortgages.

We pay for your stories!

Do you have a story for The US Sun team?



[ad_2]

Source link

Previous Post

Windsor housing market remains strong despite interest rate hikes

Next Post

Bank loans rise as maximum lending rate hits five-year low –

Next Post
Bank loans rise as maximum lending rate hits five-year low –

Bank loans rise as maximum lending rate hits five-year low -

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.