It's common for married couples to purchase a home and include both their names on the property. This results in joint ownership of the home, wherein both parties are responsible for repaying the debt. Unfortunately, some married couples do not last and the marriage ends in divorce. Couples can sell the home and split the proceeds, or one member of the party may choose to remain in the home and remove the other person's name from the mortgage loan.
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Things you need
- Divorce certificate
- Quit claim deed
Negotiate future ownership of the home. Talk with your spouse and decide who'll keep the property. The person who chooses to remain in the home must maintain a good credit score and have sufficient income to afford the mortgage loan on his own.
Talk to your lender about a mortgage refinance. Removing someone's name from a joint mortgage entails refinancing the home loan with your present mortgage lender or a new lender. The individual keeping the property will have to complete a mortgage application and provide income and employment documentation.
Show your divorce decree at closing. If approved for a mortgage refinance, bring a copy of your divorce decree to closing to release your ex-spouse from all liability. Lenders will remove your ex's name from the mortgage once they have the document in hand.
Complete a quitclaim deed. The spouse giving up her rights to the property must sign a quitclaim deed, which basically transfers full ownership to her ex.
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