What to do if I can’t refinance my house after my divorce tand get my wife’s name off of the note?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption