Legal Question in Real Estate Law in Maryland
In my divorce settlement my ex and I were to sell the marital home, pay off the mortgage and split the proceeds. The way the housing market has declined there is no way we are going to get what we owe on the mortgage. My ex wants to continue to pay the mortgage and stay in the home. I on the other hand want to move on without any more obligation to this home. The payments to the mortgage company have continued to be made without fault. Can I have the mortgage company remove my name from the mortgage loan if I sign the house over to my ex?
2 Answers from Attorneys
If your divorce decree says that you are to sell the marital home, pay off the mortgage and split the proceeds, that's what you have to do. You cannot sign the house over to your ex. You cannot make other arrangements with the mortgage company. If you want to do something contrary to the divorce decree, you need to go back to Court and get an amended divorce decree.
Best of luck.********The above is for informational purposes only and does not create an attorney-client privilege.********
Your settlement document and decree should be reviewed by a Maryland attorney. Your procedural remedy will vary depending upon whether the settlement itself is incorporated and enrolled into judgment.
It is unlikely that the mortgage company will release a co-debtor especially in today's mortgage loan environment. Several alternatives exist to address this hurdle. You should not give away any interest that you have in the property without adequate compensation.
You did not mention whether children of the marriage are involved.
Contact me should you require legal assistance.
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