Over the last year I have received more calls from divorcing couples to talk about their options. Here is one thing they often get wrong.
In most cases when a couple is getting a divorce and they own a home with a mortgage it is in the name of both owners. Typically in a divorce the property goes to the husband or the wife. The person who isn’t keeping the property will sign a deed to remove them from the property.
The problem is the mortgage is still in both names and the mortgage company doesn’t recognize that deed removing you from the liability. The only way to remove yourself is by including in your divorce decree the other owner has to refinance the mortgage or the property should be sold.
Many divorces are amicable. Things may be amicable…
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