Can I remove my ex-partner from our mortgage without refinancing? Your rights and options explained

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Divorce can ruin your finances so it is important to know your rights.

If you want to remove your ex-partner’s name from your mortgageHere’s how to make change quick and cheap.

1

Freeing Your Ex From Your Mortgage Can Be Difficult, But Not Impossible

Typically, to remove your ex’s name from your mortgage, you’ll need to refinance.

Refinancing can be expensive, especially since interest rates are rising. because of inflation,

However, there may be another way.

According to msnThere are a few things to understand about the process: promissory notes and mortgage documents.

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promissory note and mortgage document

These two are not the same.

The promissory note is the obligation to repay the loan and the mortgage deed is the document that creates the lien against the property.

Whoever signs the promissory note is the one who had credit for the loan and is, therefore, legally responsible for repaying the amount owed.

If your ex-spouse is not on the promissory note, the quitclaim deed will transfer the ownership interest that your ex-spouse had in the home.

A quitclaim deed is used to transfer the title of a property from one person to another.

However, if your ex-partner’s name is mortgaged, their name will remain there until the loan is repaid.

You can talk to your lender to see if they are willing to release the pre-mortgage.

But, if your ex-spouse was never on a promissory note or loan, they have no personal liability for debt payments.

They will see little or no impact by keeping your name on the mortgage.

The lender will continue to report any payment information in the name of the person listed on the loan, including on-time payments or late payments.

This means that if you make a late payment, it will hurt your credit, not that of your ex-spouse.

some things to consider

According to MSN, it can be difficult for your ex-spouse to issue a mortgage without refinancing, so ask your lender first.

It may be impossible, but definitely worth a try.

It is common that your original mortgage loan was sold to a third party, they are called debt servicing companies.

They will be the person to contact for any loan exercise or modification.

You’ll want to call them once the leave claim is documented and you can prove to the loan servicer that the title to the house is yours.

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