Legal Question in Credit and Debt Law in Florida
Property Question
Recently disvoice and my ex-wife was awarded the use of our home unil my youngest child reaches the age 18. (5 years for now) My name is still on the mortage and she is currently 30 day behind. My credit is affected due to her delinqt payments. Do I have any rights for resolving this issue and having my name removed. Can I force her to sell, before 5 year due date?
1 Answer from Attorneys
Re: Property Question
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Unfortunately, unless you go back to Court and convince the Judge that the Wife is creating this problem voluntarily or in violation of any Court order, it is doubtful that you can force her to do much of anything.
Lenders will generally not release any party from a mortgage once it has been given. The only way to have your name taken off the mortgage is to pay it off either by sale and payment or to refinance the existing mortgage.
I would try to convince your ex-wife that refinancing the property would be the smart way for her to resolve her financial problems. If she agrees to refinance, it will solve your problem. I just spoke with a lender today who told me that refinancing of homes due to divorces has accounted for over 50% of his business during this current slump.
Scott R. Jay, Esq.