How can I be removed off of the mortgage and deed of a jointly owned home?

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How can I be removed off of the mortgage and deed of a jointly owned home?

I am on the mortgage for a home that is jointly owned by my ex-wife. I have nothing to do with the house, and, have not lived there for 9 years. We both agree, and as part of the divorce decree, that it is her home, her responsibility. Due to late payments, her credit is poor. She is presently 2 months late on mortgage payments. Her actions are negatively affecting my credit. She refuses to do what is necessary to have me removed (refinance, sell the house). What are my options?

Asked on January 23, 2012 under Real Estate Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately for you, there are only two options for your name to be taken off the loan on the home that you were once on title to. The first is for your former wife to refinance the loan. This may be difficult if the loan is greater than what the home is worth. The second is for your wife to sell it (most likely through a short sale).

The last option is simply to have the home lost in foreclosure but that creates a lot of problems for you and your former wife The result could be a deficiency judgment action against you and your former wife by the lender and damage to your credit rating.


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