# Mortgage in both names still??



## NotSoSureYet (Nov 10, 2011)

I know that this is not the best thing, but we really don't have an option right now. We can't sell (it's been on the market and NOTHING unless we take a HUGE hit that we can't afford). So, we are going to refinance the house and get a lower payment that is affordable for one of us to take on. 
We are on good terms right now - actually been trying to work things out to decide if we can make the marriage happy again.

I am wondering if there is anyone else that had to keep their house in both names even though they were getting divorced?? How has it worked for you?


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## 2nd_t!me iz_best (Feb 28, 2011)

in the US it will stay in both names unless one refis on their own.
even if one gives or quick deeds the house over both parties are responsible for the mortgage as long as the loan stays in both names.


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## NotSoSureYet (Nov 10, 2011)

Thanks 2nd time! I tried to do the quick deed and there was something wrong that it couldn't be done. So, that's a no. And neither of us can afford to refi as an individual. So it has to stay in both our names for now. 
I just wondered how many people actually keep it in both names instead of foreclosure on it.


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## 827Aug (Apr 27, 2008)

My estranged husband walked out on us almost four years ago. Not only did he turn his back on me, but he also destroyed an awesome business. This plus an illness in 2009 left me powerless to do anything about the house. The house is in both of our names--estranged husband wants no part of it though. The divorce is at a standstill because I would lose my health insurance. The house is now in foreclosure.

Several attorneys (bankruptcy, divorce, and property attorneys) felt that it was best for me to go into foreclosure. If things go as everyone hopes, I will get a new mortgage (with much lower payments) with just my name on it. At the same time my husband will quit claim the house over to me. Your best bet is to consult an attorney who deals with property issues--or in most cases a divorce attorney would know how to handle it.


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## nice777guy (Nov 23, 2009)

827Aug said:


> My estranged husband walked out on us almost four years ago. Not only did he turn his back on me, but he also destroyed an awesome business. This plus an illness in 2009 left me powerless to do anything about the house. The house is in both of our names--estranged husband wants no part of it though. The divorce is at a standstill because I would lose my health insurance. The house is now in foreclosure.
> 
> Several attorneys (bankruptcy, divorce, and property attorneys) felt that it was best for me to go into foreclosure. If things go as everyone hopes, I will get a new mortgage (with much lower payments) with just my name on it. At the same time my husband will quit claim the house over to me. Your best bet is to consult an attorney who deals with property issues--or in most cases a divorce attorney would know how to handle it.


:iagree:

That's just a really big gamble - assuming that the other person won't end up in foreclosure or bankruptcy - and end up needing money from you in the future or causing major damage to your credit score.

I would talk to an attorney or a REALLY good banker.

Will also affect the other party's ability to buy their own house...

Too much long term entanglement there for my comfort.


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## 827Aug (Apr 27, 2008)

nice777guy said:


> That's just a really big gamble - assuming that the other person won't end up in foreclosure or bankruptcy - and end up needing money from you in the future or causing major damage to your credit score.


LOL! My entanglement and credit score couldn't get any worse. My estranged husband can't file bankruptcy until after foreclosure mediation is over. If either of us file bankruptcy right now, the house will be liquidated. After mediation is over and I make monthly payments for a year, then both of us can file bankruptcy. The house will not be subject to liquidation. It really does get complicated!

Fortunately, NotSoSureYet is not in my spot yet. She really needs to talk to an attorney...or a knowledgeable realtor. There are a lot of programs available to alleviate the mass foreclosures--some of which may be beneficial to her. A realtor told me he benefited for one such program this year after his divorce. It got the payments and interest down to where he could afford to keep his marital home. It's worth looking in to.


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## Santofimio (Oct 26, 2011)

I'm in a somewhat similar situation. I am keeping the house in the settlement, but not refinancing until D is final due to a stipulation that's part of the 2009 new homeowner tax credit.

My lawyer said either way, most mortgage companies won't let refinance once you're already in the Divorce process.

Like nice777guy said, its a gamble and the person not getting the house really has to trust the other person. Even if one spouse gets ownership, whoever is on the mortgage is still responsible for the debt.


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## 2nd_t!me iz_best (Feb 28, 2011)

me and my ex are keeping the house due to the housing market.
we have decided to let our daughter move in there and pay a lower rent and me and ex split the remainder of the mortgage payment for 2 years which is all in the divorce papers. after 2 years either daughter will buy the house or hopefully the housing has recouped a bit so it will be worth it to sell.
everything including how much we each pay and the split of any profits at the end of the agreement i made sure is in the divorce paper work.


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