Legal Question in Family Law in Maryland
My husband and I are separating. He wants to keep the house, but can't afford to refinance it under his name only. He wants to keep the current payment arrangement and asked if I would sign a letter relinquishing all interest/rights to the house, though my name is still on the mortgage. Can this be done? And because my name is still on the house, can I still be liable for any legal action even with signing this agreement.
3 Answers from Attorneys
The mortgage should be refinanced into his name only otherwise you will continue to bear legal risk associated with matters such as non-payment or premises liability. There are many other matters to address. Contact me at 410.750.2567 to discuss representation. Mistakes can be costly.
You were absolutely correct in posing the question. If your husbands wants to remain the house, he needs to refinance, otherwise, you remain liable for the mortgage payments. Also, before signing over the house, you should consider your equity interest in the house and other assets. You should obtain an attorney before you sign any agreements, relinquish your rights, or assume any debts.
Before you relinquish the house, you should consider the total value of all the marital assets and also the value of the house relative to the amount owed on the mortgage. Even if you both sign a letter stating he is solely responsible for the mortgage, the mortgage company can still come after you if he fails to make the payments -- the guarantee to pay the mortgage was made between you both and the mortgage company. Even if your husband releases you from that obligation, your mortgage company will not. Feel free to contact me if I can be of assistance. I do not charge for initial consultations.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
