Legal Question in Real Estate Law in Arizona
My ex-husband and I bought a house in Arizona in 2005 for $335K. Since then, we've divorced and the house is only worth $215K since the economy has weakened. In our divorce decree, he is responsible for all mortgage payments. My question is: Is there anyway to remove my name from the mortgage without financial penalty?
2 Answers from Attorneys
The only way to know is to ask the lender. Keep in mind, however, that despite the provisions of your divorce the lender is under no obligation to release you.
The loan was made to both of you, so the lender has the right to seek payment from both or either of you for the loan. Your divorce makes your ex responsible for the loan payments, however, the if he defaults, the lender can come after you, and it is up to you to collect from your ex. In general, the lender is not going to release you from the loan unless your ex is willing to refinance the loan.
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