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 today but who knows what will happen in the future and you don’t want to be on the hook for a mortgage for a property you no longer own.
If you're planning to sell in 2023, now is the best time to attend our Free Home Selling Workshops. If you want to attend a workshop, get in touch with us and we will notify you when they are scheduled. As always you can check KopaWorkshop.com to see dates and times of our in-person and online Free Home Selling Workshops. For years home sellers have told me they benefited from attending our events. Sign up at KopaSeminar.com.
The information on this page may have changed since we first published it. We give great real estate advice, but this page (and the rest of our site) is for informational use only and is no substitute for actual real estate, legal and financial advice. If you’d like to establish a Broker-client relationship, reach out to us and we’ll tell you how we can make it official. Sending us an email or reading this page alone doesn’t mean we represent you.
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