Me and my wife have both are names on a mortgage what do I after do to get my name off of it and give her the house.
Full Question:
Me and my wife have both are names on a mortgage what do I after do to get my name off of it and give her the house.
05/24/2007 |
Category: Divorce ยป Property Set... |
State: New Hampshire |
#5808
Answer:
The most common method in transferring a mortgage to another spouse's name only is through a refinance, although some lenders will permit a spouse to be taken off of the mortgage if there is sufficient equity in the house. A divorcing couple will have to complete an assumption agreement. Basically, the spouse who continues to live in the marital home will agree to assume any and all responsibility for any mortgage debt. The spouse who leaves the marital home will then be released of any financial responsibility of the mortgage.
Please see the form at the following link, which may be used to transfer the property to the wife:
Quitclaim Deed from Husband and Wife to Individual