Need legal advice on my mortgage. Geting divorced. Thanks

[1MEANSTANG]

Ok guys. I need some help and advice.. I'm recently in the middle of a divorce. My wife and I are on good terms while splitting up and do not want to get lawyers involved. We do not have any kids eithier... I'm nervous about one thing.
She does not want the house. Obviously both our names are on the loan together. I called my finance company about my mortgage, and asked what it takes to remove my wifes name on the loan. They sent me some paper work to fill out. I spoke to 2 people and both stated that I do not need to get pre-approve for the loan if I am just removing her name. But all the paper work asked for pay stubs, w-9, and all past history. It looks like i'm filling this out again to see if I will be eligible to afford the house on my own. I know I can not. I will be getting a room mate to help with the bill or getting a second job.
My question is has anyone else gone through this, just taking their spouses name off of the loan? Another thing is of course do to the economy the house is worth less than what I owe in it. 2 years ago I refinanced also to pay off bills. So I am screwed if I try to sell. Which I do not want to do. I know the bank does not want the house or forclosure obviously. I'm just nervous they are going to refuse giving me the house. I still owe on the Mach and have some credit bills. I don't want some bank to say I can not keep it when I know I can with some extra help. My income to debt ratio they are going to say is too high. I know there are loan modification out there now. But must remove her name first..
Any advice and help would greatly appreciate it. Thanks to all guys..Happy New Year also.. I hope it starts off better than this for me..

[Murder Snake]

Like the ask Gary commercial, I am no lawyer, but in the divorce decree, can you guys agree that you will assume responsibility for the loan. I know that the bank won't recognize it, but it may make her feel better and they they (the bank) don't have to get involved. Also, remember, that the property is also in both names for the purchase so when you go to sell, you will need her to sign off unless she signs a Quit Claim Deed over to you.

[KEVINC66]

Originally Posted by LOOKnGO

If she works and helped with the payments, and now you are upside down in the mortgage. Why would you take on the whole negative. Do yourself a favor and let her have it. Just make sure to get your name off so they dont come looking for you. Now is the time to buy fresh into a home. You taking the dead horse is a suckers deal.

Your soon to be ex-wife either talked to someone(they usually do) about this or thought about this a little bit. On the surface, I agree with the highlighted post, its a suckers deal. I would agree to sell the house jointly with the ex, you both take the financial hit equally, also the credit card debt, if acquired while you were married also has to be shared jointly. The one thing I remember about a divorce, nobody wins, either emotionally or most important, financially.The latter will take years to recover from. If you take her name off the mortgage, that voids her from responsibility and most importantly, her credit rating won't take as big of a hit as yours will.On top of that, there's no equity in the house so you're not getting any financial advantage by keeping the house. I would hire a lawyer and go through this thing equally. One question I have for you, do you ever hear of married couples not using a lawyer during a divorce? Good luck man.

[1MEANSTANG]

Originally Posted by KEVINC66

Your soon to be ex-wife either talked to someone(they usually do) about this or thought about this a little bit. On the surface, I agree with the highlighted post, its a suckers deal. I would agree to sell the house jointly with the ex, you both take the financial hit equally, also the credit card debt, if acquired while you were married also has to be shared jointly. The one thing I remember about a divorce, nobody wins, either emotionally or most important, financially.The latter will take years to recover from. If you take her name off the mortgage, that voids her from responsibility and most importantly, her credit rating won't take as big of a hit as yours will.On top of that, there's no equity in the house so you're not getting any financial advantage by keeping the house. I would hire a lawyer and go through this thing equally. One question I have for you, do you ever hear of married couples not using a lawyer during a divorce? Good luck man.

Yeah, i know.. The thing is I really do not want to lose the house. And she already made up her **** mind she does not want it. I have money in savings with her and other stuff. Also i have a 95 civic i drive to work everyday and the title is in her name. she believes that if she gives me the house, she wants half the savings and the Civic. The negative equity does not even come close to what we have in savings and what the civic is worth. I really want to resolve this peacefully but afraid lawyers will get involved.
And if I try to sell, the negative equity now is like $36,000 dollars. I can't afford to sell that and take that big of a hit. I will not be able to afford another place while oweing the bank an extra $18,000. i'll be out on my ***. And i am not moving in with my parents at 33 years old...Happy F%##ING New Year to me..
Also if she gets away with it, she will only have her credit card payments and 1 car payment. I wil be the one left high and dry with no life getting a second job to try and make it. Why should I be the one suffering. She's the one who moved out. Not me. She should pay as well....

[jbrad88]

First of all. I am sorry you are going thru this at all.

Secondly, did you create this situation alone? No. If your state is community property then she is responsible for half the debt as well as entitled to half the property you aquired together during the time you were married.

If you can keep the house by renting a room then great. It would be better however, to take your losses now, even if it means living with Mom and Dad for a year to get back on your feet. If she is just as responsible for the financials then she should be held accountable for her half.

You need to worry about what is best financially for YOU right now. Not her.

Get a lawyer now...

I personally would take the hit and get clear. Tough lesson about managing money but in the long run you will be better off.

as always JMHO

[1MEANSTANG]

I think all you guys are right about getting a lawyer.. At first we were going to try and do it alone, but now I see the real picture.. No matter what it will suck. If I did not owe on the Mach1 still i would be ok. But 1 more year on it.
I would get a room mate to help out but the bank will only see what I make a year and my income, not rely on my word. If only i can get approved and than do a mortgage modification to lower my payment, than i would be set. But her name has to off of the loan first. And for that I am screwed.
Also if I sell it and take a hit who knows how long it will be before I get get another place. I do not want to rent. And to buy another house i will need 20% down. Since I am not a first time buyer I am not eligible for any financial help.. So that is out of the question... I'm Fu#%$ed eithier way I guess. Thank for all the advice guys.. I'm going to call a lawyer tomorrow...

[KEVINC66]

I'm going to call a lawyer tomorrow Good choice, like the other post said, cut your losses now and work at rebuilding your life. I've known quite a few people who went through divorce, usually no one wins. My Fiancee got the house during her divorce, even though it was'nt refinanced, she came out with $1200 after making $27,000 in payments in 3 years. She said, but I have all this $$$ in this house, this was 18 months ago. I made her realize that she could'nt afford the house payment($1000 per month) and her Ford Focus($442 per month) The one thing about her situation and maybe yours as well is the emotional part of losing your home. She made the right decision. Good luck man..........................................Kevin .

[np_mach1]

There is no way you give her half the savings and the car for your ownership of the home. Think about it. She gets no debt infact makes money and you take all of the debt... does that sound fair?

Half is half, so if she wants half the savings she gets half of the depreciated value of the home as well.

If the home increased in value she would want half of that if you sold or you kept it now wouldn't she.

[NTMAREMACH]

Originally Posted by John and Renae

First of all. I am sorry you are going thru this at all.

Secondly, did you create this situation alone? No. If your state is community property then she is responsible for half the debt as well as entitled to half the property you aquired together during the time you were married.

If you can keep the house by renting a room then great. It would be better however, to take your losses now, even if it means living with Mom and Dad for a year to get back on your feet. If she is just as responsible for the financials then she should be held accountable for her half.

You need to worry about what is best financially for YOU right now. Not her.

Get a lawyer now...

I personally would take the hit and get clear. Tough lesson about managing money but in the long run you will be better off.

as always JMHO

X's 2 on this advise. When you get yourself a Lawyer maybe you'll see the other side of your Ex. Take a deep breath and move on. Good Luck

[ponygt65]

Originally Posted by John and Renae

First of all. I am sorry you are going thru this at all.

Secondly, did you create this situation alone? No. If your state is community property then she is responsible for half the debt as well as entitled to half the property you aquired together during the time you were married.

If you can keep the house by renting a room then great. It would be better however, to take your losses now, even if it means living with Mom and Dad for a year to get back on your feet. If she is just as responsible for the financials then she should be held accountable for her half.

You need to worry about what is best financially for YOU right now. Not her.

Get a lawyer now...

I personally would take the hit and get clear. Tough lesson about managing money but in the long run you will be better off.

as always JMHO

Agreed.

I think an attorney would benefit you right now though. I wouldnt' start paying for one until you know for certain she is going to fight you on it. You guys may be able to resolve all of this without an expense of an attorney.

http://wiki.answers.com/Q/Is_Florida...property_state

Looks like Florida is a 'all or nothing' state when it comes to property so if you get the house you get the debt it appears. I'd clarify that though.