Can I get off a mortgage that is in the names of my ex-wife and I?
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Can I get off a mortgage that is in the names of my ex-wife and I?
My ex-wife has been in pre-foreclosure around 3 times I believe. She filed
Chapter 13 bankruptcy last year and is to sell the property as part of the
bankruptcy; I believe that she has a year to list it. I am still on the loan and the
deed. Is there any way for me to get my name off this house and away from her financial issue’s and its affect on my credit?
Asked on March 7, 2016 under Real Estate Law, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Unfortunately, until the house is sold or, in the alternative, refinanced solely by her, you can't get off the mortgage: the mortgage is a contract with the lender, and for any change (including removing a person from the contract or loan) to be made, *all* parties to the contract must agree to the change. That means that the lender and your ex-wife would both have to agree to remove you, and even if she would agree, there is no reason for the lender to--letting you off the mortgage hurts it, by reducing the number of people obligated to pay (or whom it can sue for the money in the event of a default) without giving it any advantage or benefit whatsoever.
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