After Your Divorce in El Paso

Getting Your Name Off of the Mortgage - Part 2

In order to get the husband's name off of the mortgage, the wife must call the mortgage lender's Assumption Department. She must start the process of assuming the mortgage all on her own. To do this, she has to qualify for the mortgage loan on her own.

This, of course, may not happen. After all, her household income just went down by the amount of the husband's paycheck (minus any child support and alimony).

If she does qualify to assume the mortgage, she will have to sign a whole new mortgage note and pay closing costs. Depending upon the amount of the new loan, these could exceed $1,000!

The wife decides that all of this is just too much trouble and too expensive for her to deal with. So, she just leaves the mortgage as it is. Of course, she makes some of the payments late. These late payments turn into negative marks in the husband's credit history as well as the wife's, because his name is still on the mortgage.

And what if she can't pay for the mortgage at all? What if she lets it "go back" to the bank (in other words, the bank forecloses)? Then the husband will have a foreclosure in his credit history!

And guess what? There is nothing - NOTHING that the husband can do about it. He cannot take her to court to force her to complete the assumption.

So, if a divorcing couple is thinking about a settlement in which one spouse gets the house, the other spouse needs to speak with his or lawyer about how to avoid this scenario.

Jim K. Jopling
Attorney at Law
747 East San Antonio, Suite 103
El Paso, Texas 79912

(915) 541-6099

Toll Free Facsimile:
(866) 864-6854