Legal Question in Real Estate Law in Florida
My husband is thinking about divorcing me. We currently have a mortgage in both of our names, as is the title to the house. He wants to refinance the house to get a lower rate, and our bank told him he should refinance the mortgage in his name only, so he wouldn't have to refinance it again, and pay fees again, if he decides to go through with the divorce.
Both he and the bank are telling me that if the mortgage is changed to his name only, but both are names are left on the title, then I won't stand to lose anything, except the responsibility of the mortgage.
Is this true?
I want to make sure I am not losing anything I currently have with both names on mortgage and both names on the title, if my name is taken off the mortgage.
If we do divorce, I want to be entitled to the same things I currently have by law.
Could I still be on the hook for the mortgage if he should default or go into bankruptcy, if we are still married when it is refinanced into his name only, if we then get a divorce?
2 Answers from Attorneys
As long as you are on title you are an owner. A removal of your name from the mortgage removes your responsibility to pay it. Upon divorce, you will both own an undivided share as "tenants in common".
You really should consult with an attorney as soon as possible. Some things to consider:
1.What is owed on the mortgage?
2. Banks will not let you out of a mortgage even because you are getting a divorce.
3. The typical option is to refinance and get bought out of the mortgage by having your spouse get a new mortgage and buy out the old mortgage.
You will remain on the hook for the mortgage unless your spouse buys you out.
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