opting out of home mortgage
Moving out of my home, due to separation, what must I do to get my name off the mortgage and give the house to my wife? I can not pay rent and half of the mortgage payment. I am willing to give up the house totally to her. Please advise, and thank you kindly.
1 Answer from Attorneys
Re: opting out of home mortgage
Greetings; To get your name off of a mortgage, generally only two things will accomplish this. 1) refinance the mortgage only in the other spouse's name. Usually this is not possible because they will not qualify for the mortgage alone. 2) Sell the home. Obviously this does not accomplish the goal of keeping the other spouse in the home. In years past, some banks had programs to remove one name for a fee. In this new (2009 and forward) banking environment, this is extremely unlikely. So, what is the short answer. You can not get you name off of it.
Thanks, atty. Trichler www.trichler.com