Legal Question in Real Estate Law in New Jersey

My wife and I are separated, not divorced. She wants her name off of our current mortgage. We have a 5/1 ARM due to adjust this Feb. I tried to refinance using only my information but was turned down.

I have an option to lock in a lower rate which requires her "okay", otherwise the rate will adjust to the current rate as of Feb. !, 2010.

I am sure she will be consulting a lawyer to try to force me to sell. Can she do this? What other things can I expect? She currently resides out of state.


Asked on 12/27/09, 6:43 pm

1 Answer from Attorneys

Robert Gleaner Robert A. Gleaner, P.C.

There are so many variables here that it is impossible to answer without knowing alot more detail. For instance, what is the reasonable likelihood that the house can be sold now. In this market, it may be close to impossible. And it is unlikely that the mortgage company will remove her from the mortgage. So it is in both of your interests to lower the rate now. Serious negotiation needs to be done quickly. And you are more likely to get a better result with a lawyer.

Keep in mind that this advice is given based on the little bit of information that you have provided in your question. My advice may change based on other information. Further, no one can rely on advice from an attorney who has not been retained. You cannot rely on this advice because we have not personally met and you have not retained me as an attorney. If you have not already done so, you should immediately meet with a Family Law attorney for a full consultation before you take any further steps. You may feel free to call me at 856-546-8010 to discuss this matter in more detail. If you do so, mention Law Guru and your first one hour of time will be free. Good luck! Rob Gleaner

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Answered on 1/01/10, 7:28 pm


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