What to do if I can’t refinance my house after my divorce tand get my wife’s name off of the note?
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What to do if I can’t refinance my house after my divorce tand get my wife’s name off of the note?
My wife agreed in our divorce documents that I would keep the home and she would quit claim it to me. The first was mine prior to marriage so she wasn’t on that note but she was on the HELOC that came later after we were married. These were put into the family trust that we executed but dissolved upon divorce. The bank insists I must refinance to get my wife’s name off the second. The house is worth less than owed but I’m willing and want to keep it but just cannot qualify for the refinance under the current strict guidelines. I can make the current payments just not qualify for a refinance. With the Trust being dissolved, is she still responsible for the note?
Asked on April 15, 2012 under Family Law, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am assuming that the HELOC was personally signed by you and your wife here so yes, she would still be responsible. The bank does not care about the divorce agreement or your estate planning. I understand that you agreed and as an attorney I have to tell you that you must comply with the agreement. It is a contract and your wife can force compliance. If you can not then she could ask the court to allow you to sell the house to satisfy the debt. If you keep oaying it, however, and keep it currect nothing adverse will happen to her credit or yours. Good luck.
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