What do I need to do to get my ex-wife to refinance the mortgage on the house she was awarded in the divorce?
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What do I need to do to get my ex-wife to refinance the mortgage on the house she was awarded in the divorce?
She was supposed to refinance within 1 year of the divorce. It has been over 3 years now and I would like to put this issue behind me.
Asked on February 19, 2011 under Family Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
First of all, in this economy refinancing is difficult. However, to comply with the court order she has to at least have made a good faith attempt to have done so. Otherwise she can be held in contempt.
Assuming, that she has tried but failed to refinance, they may be something else that she can try. She can ask the lender to allow what is called a "novation" to remove your name. While this is only rarely allowed, it is still worth trying. A novation could be accomplished by your ex-wife showing that she has paid the mortgage for the last 9 years without you; if she is current and has never been late, the lender may allow her to remove your name from the mortgage without her having to refinance. A novation may also be obtained if she "buys" your release by making a substantial payment to reduce the mortgage balance.
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