Can I get my name off the mortgage without my husband having to refinance?

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Can I get my name off the mortgage without my husband having to refinance?

If I left the marital property that is in both our names. My husband wants to assume payments of the mortgage. His credit is not good enough. This is a non-lawyer divorce.

Asked on July 2, 2018 under Family Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

There really isn't much that you can do at this point. Then lender's agreement is with the both of you, not just your husband. That having been said, sometimes, in fact not very often, there is a legal remedy for such a situation. it is called "novation". Pursuant to a novation, the lender would agree to have your name removed from the mortgage if your husband can prove that he has paid the mortgage without your help. If he is current and has never been late with payments, the lender may allow him to remove your name. Also, a novation may be allowed if your husband "buys" your release by making a substantial payment to reduce the principal balance of the mortgage. At this point, you may want to consult directly with a locl real estate attorney who can best advise you further.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

There really isn't much that you can do at this point. Then lender's agreement is with the both of you, not just your husband. That having been said, sometimes, in fact not very often, there is a legal remedy for such a situation. it is called "novation". Pursuant to a novation, the lender would agree to have your name removed from the mortgage if your husband can prove that he has paid the mortgage without your help. If he is current and has never been late with payments, the lender may allow him to remove your name. Also, a novation may be allowed if your husband "buys" your release by making a substantial payment to reduce the principal balance of the mortgage. At this point, you may want to consult directly with a locl real estate attorney who can best advise you further.


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