Legal Question in Family Law in New Jersey
Release of financial obligation after divorce settlement
I was divorced several years ago. I purchased a new home and recently made application to refinance my current mortgage and was told that my name is still on the mortgage of my previous home - the one my ex still occupies, and that I am still obligated to re-pay that mortgage. In my divorce settlement I agreed to give the house to my ex for a small monetary settlement and stipulated that I was no longer responsible for the mortgage. How can I get my name removed from that mortgage without forcing my ex to re-finance? I would ask the attorney who ''represented'' me in the divorce, but as you can see, he was not very thorough.
3 Answers from Attorneys
Re: Release of financial obligation after divorce settlement
You will not be able to have your name "removed" from the mortgage. Your ex would have to refinance. On the other hand, most mortgage companies are only concerned about the obligation to pay. By establishing that you have no obligation, as per your divorce decree, that your ex is current, that he has been paying same on time and that there is adequate equity in the property to essentially assure that he will not default, you should be able to obtain a mortgage. This is usually the case. You must keep in mind, however, that this advice is based purely on the little bit of information that you have given to me. There certainly could be factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. If you have not retained an attorney, before you take any action, you should contact an attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. I will be happy to assist you. However, you need to call me at 856-546-8010. If you mention Law Guru, there will be no charge for your first consultation. Good luck! Rob Gleaner
Re: Release of financial obligation after divorce settlement
The simplist solution requires your wife to have adequate income that the current mortgagor will permit your name to be removed from the mortgage.
Otherwise she has to refinance, but this is the very best time to refinance. She probably will realize a saving from refinancing. 800 273 7933.
Re: Release of financial obligation after divorce settlement
Thank you for your inquiry.
In all likelihood a refinacne is necessary. But if things are civil beteween you and your ex, it should be a smooth procedure.
It would be my pleasure to speak to you about your situation. Accordingly, please feel free to contact my office at 732 246 0909 to discuss further.
Very truly yours,
Edward R. Weinstein
214 Highway 18
East Brunswick, NJ 08816
Phone: 732-246-0909
Fax: 732-246-2888
E-mail: [email protected]
Web Page: www.edwardweinstein.com
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